Canadian Underwriter

Topic Loss Trends

Surf washes over a beach on Nova Scotia's Atlantic coast.
News CatastrophesEnvironmentalInsurersLegalLoss TrendsNova ScotiaPersonal Home

P&C industry’s input on coastal protection

April 6, 2022 by Alyssa DiSabatino

Nova Scotia community and industry stakeholders have shared their input on the Coastal Protection Act, and an Insurance Bureau of Canada representative says the financial case for supporting the act is clear. Passed in 2019, the legislation aims to restrict

Two spheres, one red and one blue, of equal weight each on one side of a scale
News CatastrophesEnvironmentalInsurersLoss Trends

Risk of flood loss is now on par with primary perils: Swiss Re

March 31, 2022 by Alyssa DiSabatino

Secondary peril events such as flooding are becoming just as big of a threat — or worse — to global property and casualty insurers than primary perils, Swiss Re Institute’s recent sigma study finds. “The loss potential from single flood

Ukraine war's eastern front.
News Business InterruptionClaimsCommercialEmerging RisksLoss ControlLoss TrendsSupply Chain

How war in Ukraine may impact business loss claims

March 25, 2022 by Philip Porado

Canada’s insurers are in a bit of a holding pattern about how war in Ukraine may drive claims activity among businesses with ties to the region. Canadian Underwriter contacted numerous insurers and the consensus on any changes to claims and

Toll stations on an elevated bridge between the US and Canada.
News CommercialCommercial AutoCyberLiabilityLoss ControlLoss TrendsRisk Managers

Supply chain concerns overshadow logistics data hacks

March 24, 2022 by Philip Porado

While the winter freedom convoy protests and bridge blockades highlighted Canada’s strained supply chains, insured business interruption events linked to logistics problems were common long before the pandemic. Insurers working with logistics clients note congested ports and a lack of

Picture of taxi row
News ClaimsCommercial AutoLoss TrendsNova Scotia

How to deal with loss trends in new DCPD auto insurance scheme

March 23, 2022 by Jason Contant

Nova Scotia Utility and Review Board (NSURB) has approved Facility Association’s (FA) overall rate increase of 11.1% as well as a proposed revision of its risk classification system for taxis. In doing so, the board had some words of advice

A hacker spying your data file
News BrokersClaimsCyberInsurersLoss ControlLoss TrendsRisk ManagersTechnology

“Antivirus on steroids:” One way to protect your clients from ransomware

March 16, 2022 by David Gambrill

To help clients detect their cyber exposures, insurers are recommending ‘powerful’ preventative measures such as endpoint detection responses (EDR) — dubbed ‘antivirus on steroids.’ Used in combination with multi-factor authentication, EDR is deemed superior to traditional anti-virus software because the

Digital skull and crossbones implying ransomware.
News CommercialCyberEmerging RisksInsurersLiabilityLoss ControlLoss TrendsRisk Managers

How insurers are rethinking ransom coverage

March 15, 2022 by Jason Contant

Ransomware has long been a thorn in the side for insurers, particularly in recent years. And, although the market will continue to see rate changes in reaction to ransomware losses over the next year, “insurers will be equally focused on

Road damaged by earthquake
News Emerging RisksEnvironmentalLoss ControlLoss TrendsOpinionRisk Managers

What if the disaster models are wrong?

March 14, 2022 by Canadian Underwriter Staff

For nearly a quarter century, the Office of the Superintendent of Financial Institutions (OSFI) has required Canadian P&C carriers to demonstrate capacity for handling major earthquakes, including so-called one-in-500 year events. Canada’s P&C industry is well capitalized and backed by

Hand Showing Cannabis Leaf Against Sky With Sunlight
News CannabisClaimsCommercialLoss Trends

Why cannabis companies are seeing lower D&O rates

February 22, 2022 by Jason Contant

Pricing for cannabis-related directors and officers (D&O) insurance is trending downward, but only relative to the rest of the market, said an insurance brokerage executive. “When cannabis was first legalized in Canada, you had a handful of carriers that [offered]

Concept of improved financial results
News CommercialInsurersLoss TrendsPersonal AutoPersonal Home

How far Intact’s specialty reach has expanded

February 15, 2022 by Jason Contant

Intact Financial Corporation CEO Charles Brindamour says Canada’s largest P&C insurer has established a “truly global platform” that can now reach 70% of the global specialty solutions market with the expertise it has on board. “The thing that I like

Graph representing Canadian economy
News BrokersCommercialCyberEmerging RisksInsurersLiabilityLoss Trends

Challenging market conditions remain for these two lines in Canada

February 10, 2022 by Jason Contant

Market conditions for cyber and directors’ and officers’ (D&O) lines of business remain challenging in Canada, according to Aon plc’s latest quarterly Global Market Insights Report. Aon’s report for the fourth quarter of 2021, released Wednesday, emphasizes how new forms

Improved financial results
News InsurersLoss TrendsMergers and AqcuisitionsOperations

Why Intact beat its own expectations in recent quarters

February 9, 2022 by Jason Contant

Intact Financial Corporation expects its combined ratio to marginally improve in Canada as it continues to beat its own financial result expectations, the insurer’s chief financial officer says during an earnings call. Canada’s largest insurer saw operating direct premiums written