Canadian Underwriter

Topic Loss Trends

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News ClaimsClaims Canada ArchiveCommercialInsurersLoss ControlLoss TrendsMergers and AqcuisitionsOperationsTechnology

How the M&A environment will affect carriers’ business models

November 17, 2023 by Jason Contant

Canadian P&C insurance industry carriers and service providers will need to transform their business models to help control claims and operating costs in an M&A environment featuring competing demands for capital, speakers said Thursday at KPMG’s 2023 Insurance Conference in

Person getting hurt while riding an e-scooter
News ClaimsCommercialEmerging RisksInsurersLegalLiabilityLoss ControlLoss TrendsProperty

Whose insurer pays when e-scooter drivers crash?

November 17, 2023 by Philip Porado

News reports about drivers of stand-up e-scooters injuring pedestrians in several Canadian cities are raising questions about insurance coverage for the vehicles — and how injured pedestrians might recover damages. But what about the e-scooter drivers themselves? Can they recover

a car alone in a dimly lit parking lot
News AlbertaBrokersClaimsCommercial AutoEmerging RisksInsurersLoss TrendsOntarioPersonal AutoQuebec

The Top 10 stolen cars in Canada

November 14, 2023 by Alyssa DiSabatino

For the second year in a row, the Honda CR-V was the most stolen vehicle in Canada, according to Équité Association.  The auto insurance fraud prevention organization today announced its Top 10 Most Stolen Vehicles in Canada, which now includes

News BrokersCatastrophesCommercialCommercial AutoEmerging RisksEnvironmentalInsurersLoss TrendsPersonal AutoPersonal Home

How Intact’s third quarter results shaped up

November 9, 2023 by Alyssa DiSabatino

Intact saw premium growth in 2023 Q3, but its profitability took a hit because of inflation and the Canadian wildfires, the company reported. Intact saw single-digit premium growth in its personal and commercial lines in 2023 Q3, and predicts this

Hurricane aftermath
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How to tame increasingly ferocious NatCats

November 6, 2023 by David Gambrill

Escalating natural catastrophe losses are top of mind for specialty insurers in several different commercial lines, most notably property, said Jeff Coulson, director of claims for commercial specialty at Echelon Insurance. There were 15 declared Cats (events causing insured claims

Hurricane Fiona
News B.C.ClaimsInsurersLoss ControlLoss TrendsNew BrunswickNewfoundland & LabradorNova ScotiaOntarioP.E.I.Personal AutoPersonal HomePropertyQuebec

Coastal storms: Could U.S. scenario happen here?

November 1, 2023 by Philip Porado

Increasing intensity of hurricanes making landfall along the U.S. coastline, sparked largely by climate change, has resulted in significant insured losses for several years. And storms seem to be getting worse. That trend impacts insurability and, going forward, “property values

Ransom note to convey increase of cybercrime using ransomware
News ClaimsCommercialCommercial AutoCyberEmerging RisksInsurersLegalLiabilityLoss ControlLoss TrendsTechnology

What’s driving rising ransomware attacks

October 30, 2023 by Philip Porado

Ransomware attacks are increasing globally thanks to evolving cybercrime tactics that make it easier for thieves to transfer data from computers or other devices. “Cyber claims frequency has picked up again this year as ransomware groups continue to evolve their

Financial volatility
News CatastrophesClaimsClaims Canada ArchiveCommercialInsurersLoss ControlLoss TrendsProperty

Is it time for a new reinsurer to enter the market?

October 25, 2023 by Jason Contant

Canada’s hard market in reinsurance has some execs wondering if the time is ripe for a new reinsurer to enter the Canadian market. Until Jan. 1, 2023 renewal season, Aon Reinsurance Solutions president and CEO Matt Wolfe said he never

The insurance hard market can be a tough nut to crack
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How the hard market impacts public risk managers

October 25, 2023 by Alyssa Di Sabatino

Budgeting is where risk managers of publicly owned organizations feel the hard market the most. Public risk managers must often buy insurance for their entire region or branch while predicting what future losses may be. Like all risk managers, they

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News BrokersClaimsEmerging RisksInsurersLoss TrendsOntario

Why P&C execs predict 2024 will look similar to 2023

October 23, 2023 by David Gambrill

Thanks to economic instability due to inflation and geopolitical conflict, Canadian P&C insurers predict 2024 could look much like 2023, in terms of lingering hard market conditions. “If we look at the economy…I would say that each year, whatever happens

Aerial view a wetland stillwater surrounded by wildfire damage.
News AlbertaB.C.CatastrophesClaimsEmerging RisksInsurersLoss TrendsNew BrunswickNova ScotiaNWTProperty

P&C industry joins the $3-billion Cat club (again)

October 19, 2023 by David Gambrill

For the second year in a row, Canadian P&C insurers have become members of the unenviable $3-billion Cat club while paying out natural catastrophe damage losses. This year, damage losses were primarily so-called ‘secondary perils’ such as severe weather storms

Lightning strike during summer storms
News CatastrophesClaimsInsurersLoss TrendsOntario

Summer storms bring Cat damages past $3 billion

October 16, 2023 by Alyssa DiSabatino

A series of summer storms in Ontario caused over $340 million in insured losses, bringing this years’ to date catastrophe losses to over $3 billion, with another calendar quarter left.  Laura Twidle, president and CEO of Catastrophe Indices and Quantification