Canadian Underwriter

Topic Loss Trends

Distracted driver about to have a car accident
News ClaimsClaims ProfessionalsCommercial AutoInsurersLegalLiabilityLoss ControlLoss TrendsPersonal AutoTechnology

What’s to blame for distracted driving trends?

July 14, 2023 by Philip Porado

Brokers hear lots of stories about minor fender-benders that don’t lead to injuries. And some could even be seen as amusing – if they weren’t linked to financial losses for insurers. “We had an incident where someone was trying to

Restaurant manger and server consulting behind the bar
News BrokersBusiness InterruptionClaimsCommercialEmerging RisksHRInsurersLegalLiabilityLoss TrendsProperty

Has COVID-19 changed restaurant insurance forever?

July 13, 2023 by Jason Contant

Canada’s hospitality sector was particularly hard-hit by the COVID-19 pandemic, with government-mandated shutdowns and restrictions grinding the industry to a halt. Now, as restaurants return to pre-pandemic foot traffic and revenue levels, the need for insurance solutions and capacity is

Interest rates rising
News InsurersLoss Trends

Central bank raises key interest rate to 5%

July 12, 2023 by Nojoud Al Mallees - THE CANADIAN PRESS

OTTAWA – The Bank of Canada raised interest rates again on Wednesday, hitting the economy with even higher borrowing costs as new projections suggest it will take longer for inflation to fall back to two per cent. The central bank

Smaller accidents are increasingly likely to lead to cars being totalled out.
News AdjustersClaimsInsurersLoss ControlLoss TrendsPersonal Auto

Why auto insurers are more likely to declare cars totalled

July 7, 2023 by Philip Porado

Is that car worth repairing? Given ongoing supply chain disruption and high inflation rates, the answer for insurers may increasingly be ‘no.’ “We see significant increases in rental costs,” said Kumar Siva, senior vice president for third party administration services

Web bot scrapes data for cyber attacks.
News ClaimsCyberInsurersLegalLiabilityLoss ControlLoss TrendsOperationsTechnology

Can we predict where cyber claims might emerge?

July 4, 2023 by Philip Porado

Data culled from external scanning systems and other tech tools can help insurers improve underwriting by showing where cyber claims might emerge. But only if the companies develop methods for making proper use of that data, said a recent Gallagher

Christchurch cathedral in New Zealand following the 2011 earthquake.
News ClaimsEmerging RisksInsurersLoss ControlLoss TrendsPersonal HomeProperty

What Canadian insurers can learn from a New Zealand earthquake

June 30, 2023 by Philip Porado

Private property and casualty (P&C) insurers can’t be the sole providers of coverage for peak peril because they cannot efficiently assume extreme tail risk. That’s a key takeaway for Canada’s P&C insurers from a catastrophic 2011 earthquake in Christchurch, New

Cargo ships colliding
News ClaimsCommercialLegalLiabilityLoss ControlLoss TrendsTechnology

Who’s at fault when AI’s driving a cargo ship?

June 29, 2023 by Philip Porado

It’s 2035 and a maritime court has convened to determine who’s at fault when a seagoing vessel made an error in passage planning – a safety exercise that maps a voyage from start to finish, including harbour navigation and docking.

Unrecognizable male putting fuel dispenser in tank while refueling vehicle on self service gas station.
News Business InterruptionCatastrophesClaimsCommercialEmerging RisksInsurersLoss TrendsRisk ManagersSupply ChainTrending

Reserve uncertainty could sustain hard market: Swiss Re

June 26, 2023 by David Gambrill

Ongoing reserve uncertainty may reduce insurers’ risk appetite, thereby sustaining hard market conditions, according to a new report by Swiss Re. “Direct non-life insurers in advanced markets have on average released prior-year loss reserves, although the pace has been slowing

Turning off a giant faucet to represent loss control
News BrokersCommercialLoss ControlLoss TrendsSaskatchewan

What’s changing the way commercial brokers view loss control?

June 26, 2023 by David Gambrill

It’s possible the pandemic, combined with the P&C industry’s ongoing hard market, may have permanently altered how insurers assess their risk appetites. And brokers wise to this shift have adjusted their approach to advising clients accordingly. Given that insurers are

Industrial building destroyed by a hurricane, NatCat
News ClaimsClaims ProfessionalsClaims TechnologyCommercialCommercial AutoConstructionHRInsurersLoss ControlLoss TrendsPersonal AutoPersonal HomeProperty

How trade agreements could change claims adjusting in Canada

June 20, 2023 by Alyssa Di Sabatino

When a NatCat occurs in Canada, it’s common for U.S. adjusters to be on the scene — sometimes before Canadian adjusters, who are bound by provincial licensing restrictions. And while processes for getting either country’s adjusters on the scene are

Butterfly emerging from a cocoon to represent evolution in business models for insurance brokers
News BrokersCommercialEmerging RisksLoss ControlLoss TrendsOperationsRisk Managers

How commercial brokers have evolved into holistic risk advisors

June 20, 2023 by David Gambrill

With insurance underwriters now voicing preference for ‘best-in-class’ commercial risks, it’s fallen to brokers to educate their clients about how to reduce their losses. And that means commercial brokers are becoming more like holistic risk advisors, making recommendations to their

Businessman working and using tablet
News HRInsurersLoss ControlLoss TrendsManagementManitobaOperationsPersonal AutoTechnology

Insurer requests no change in overall auto rates

June 19, 2023 by Jason Contant

Despite cost overruns related to a new digital platform, Manitoba’s public auto insurer is requesting no change in the overall rates for the 2024/25 insurance year. If the province’s Public Utilities Board approves Manitoba Public Insurance’s (MPI) general rate application,