Topic Loss Trends
What’s to blame for distracted driving trends?
July 14, 2023 by Philip PoradoBrokers 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…
Has COVID-19 changed restaurant insurance forever?
July 13, 2023 by Jason ContantCanada’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…
Central bank raises key interest rate to 5%
July 12, 2023 by Nojoud Al Mallees - THE CANADIAN PRESSOTTAWA – 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…
Why auto insurers are more likely to declare cars totalled
July 7, 2023 by Philip PoradoIs 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…
Can we predict where cyber claims might emerge?
July 4, 2023 by Philip PoradoData 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…
What Canadian insurers can learn from a New Zealand earthquake
June 30, 2023 by Philip PoradoPrivate 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…
Who’s at fault when AI’s driving a cargo ship?
June 29, 2023 by Philip PoradoIt’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.…
Reserve uncertainty could sustain hard market: Swiss Re
June 26, 2023 by David GambrillOngoing 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…
What’s changing the way commercial brokers view loss control?
June 26, 2023 by David GambrillIt’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…
How trade agreements could change claims adjusting in Canada
June 20, 2023 by Alyssa Di SabatinoWhen 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…
How commercial brokers have evolved into holistic risk advisors
June 20, 2023 by David GambrillWith 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…
Insurer requests no change in overall auto rates
June 19, 2023 by Jason ContantDespite 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,…