Canadian Underwriter

Topic Loss Trends

Waterfall in winter near Bancroft, Ontario
News ClaimsInsurersLiabilityLoss TrendsOntarioProperty

How to reduce escalating municipal insurance costs

February 4, 2022 by Jason Contant

Ontario’s Ministry of the Attorney General has established a ‘technical table’ to review issues surrounding rising municipal insurance costs, including joint and several liability. “Insurance costs for municipalities in Ontario have been rising, and the subject of much concern for

Concept of M&A integration
News InsurersLoss ControlLoss TrendsMergers and AqcuisitionsOperations

How Intact is faring with the RSA integration

February 3, 2022 by Jason Contant

Intact Financial Corporation’s integration of RSA plc is on track, with earnings slightly better than originally anticipated, the insurer’s chief executive officer reports. The deal increases Intact’s specialty lines presence in North America by close to 30%, Intact Financial Corporation

'Omicron variant' written on test tube
News CommercialLoss ControlLoss TrendsPropertySupply Chain

Omicron variant raises uncertainty as companies downgrade forecasts  

February 1, 2022 by Christopher Reynolds - THE CANADIAN PRESS

The highly transmissible Omicron variant has prompted companies in the manufacturing and resource sectors to downgrade their earnings forecasts amid ongoing uncertainty linked to the COVID-19 pandemic.   Cascades Inc., the Quebec-based packaging and tissue company, said Monday it expects fourth-quarter

Overview of Vaughan, Ontario
News ClaimsInsurersLoss TrendsOntarioPersonal Auto

Why did auto insurance rates go up in some Ontario communities?

January 31, 2022 by Jason Contant

While auto insurance premiums across Ontario dropped an average of 3.8% last year from 2020, certain areas saw single- or double-digit increases, according to a recent report from rate aggregator Ratesdotca. The cities of Nobleton, Schomberg, Orangeville and King City,

Magnifying glass looking at interest rates
News Emerging RisksInsurersLoss TrendsSupply Chain

Bank of Canada keeps key interest rate target on hold, but warns of looming hikes

January 26, 2022 by Jordan Press - THE CANADIAN PRESS

OTTAWA – The Bank of Canada is keeping its key interest rate target on hold at 0.25 per cent, but warning it won’t stay there for much longer. The trendsetting rate has been at its rock-bottom level since March 2020

News InsurersLoss TrendsSupply Chain

Annual inflation rate hits 30-year high, upping pressure on Bank of Canada

January 19, 2022 by Jordan Press - THE CANADIAN PRESS

OTTAWA – Headline inflation in Canada hit a 30-year high at the end 2021 with warnings from economists that the pace of price increases could rise even higher and stirring expectations of a central bank response before the month is

Condo with sunny blue sky background
News AlbertaB.C.ClaimsInsurersLoss TrendsPersonal Home

Signs for optimism in the condo insurance market?

January 18, 2022 by Jason Contant

Condo insurance premiums in Canada appear to be stabilizing following years of premium and deductible increases. “You should see some flattening, maybe some tapering, in some insurance rates in this sector in the near future for most good risks and

Motorist driving on closes Trans-Canada highway in Abbotsford, BC
News B.C.CatastrophesClaimsEnvironmentalInsurersLoss TrendsPersonal Home

Claims costs keep rising for B.C. catastrophes

January 18, 2022 by Jason Contant

British Columbia’s costliest severe weather event in provincial history just got more expensive. Catastrophe Indices and Quantification Inc. (CatIQ) confirmed to Canadian Underwriter Friday that the Canadian property and casualty insurance industry expects to pay out $515 million for claims

News AdjustersB.C.CatastrophesClaimsEnvironmentalInsurersLoss TrendsPersonal Auto

What Intact paid for Cats last quarter

January 12, 2022 by Jason Contant

Intact paid out an estimated $186 million for catastrophe losses in 2021 Q4, the company reported. “Approximately 55% of the catastrophe losses were in our Canada segment, with half in personal property,” IFC says in a press release. “This mostly

News CatastrophesClaimsCyberInsurersLoss TrendsPersonal AutoPersonal Home

What Canadian insurers paid for reinsurance in Jan. renewals

January 5, 2022 by David Gambrill

Reinsurance rate increases for catastrophes in Canadian property lines depended on whether the carriers’ portfolios took a hit last year, with 10% to 20% rate increases for catastrophe portfolios that took a loss, and 5% to 10% increases for those

News AdjustersB.C.ClaimsClaims Canada ArchiveClaims ProfessionalsCommercialInsurersLegalLiabilityLoss TrendsPersonal HomePropertyRisk ManagersSupply Chain

Strata owner not liable for common-area water damage

December 14, 2021 by Greg Meckbach

A strata corporation can’t recover $25,000 towards water damage repairs originating from a unit owner’s broken toilet water supply line, the British Columba civil resolution tribunal has ruled. On June 23, 2019, water leaked out of a strata lot. The

BC flooding
News B.C.CatastrophesClaimsCommercialEnvironmentalInsurersLoss TrendsPersonal HomeProperty

B.C. flooding is the costliest severe weather event in province’s history

December 10, 2021 by Jason Contant

It’s official — the massive flooding in southern British Columbia is the costliest severe weather event in the province’s history. In a press release issued late Thursday by Insurance Bureau of Canada (IBC), Catastrophe Indices and Quantification Inc. (CatIQ) said