Canadian Underwriter

Topic Loss Trends

Unrecognizable male putting fuel dispenser in tank while refueling vehicle on self service gas station.
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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
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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
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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

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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,

Inflation affects small business clients
News ClaimsClaims Canada ArchiveCommercialConstructionInsurersLoss ControlLoss TrendsPropertySupply Chain

How inflation is affecting small business owners and carriers

June 16, 2023 by Jason Contant

Although inflation cooled to 4.4% in April from its high of 8.1% in June 2022, it’s still affecting small business owners and insurers, an executive at Hartford Steam Boiler told Canadian Underwriter. From a carrier perspective, claims costs are increasing

Melting ice cream to signify a softening market for commercial insurance
News BrokersCommercialEmerging RisksInsurersLoss ControlLoss TrendsTrusted Advisor

Is market segmentation helping to soften pricing?

June 14, 2023 by David Gambrill

A softening, but segmented, insurance market is allowing commercial lines brokers to leave some aspects of the years-long hard market behind. Improved pricing models are one key ingredient in the ‘stability’ now seen in commercial lines, brokers observed. Carriers are

Stick shift to represent shifting focus
News BrokersCommercialLoss ControlLoss TrendsOperationsRisk Managers

Why the hard market and COVID-19 shifted brokers’ focus

June 9, 2023 by David Gambrill

Commercial lines in Canada have changed in the aftermath of the pandemic. These days the monolithic ‘hard market’ has evolved into multiple markets differentiated by segmented pricing and best-in-class loss-control measures. And the commercial broker’s role has changed accordingly. After

Girl after shopping discovered the loss of her automobile. Angry woman talking about missing car on phone. Vehicle theft concept
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Auto insurers pay out record amount for auto theft

June 8, 2023 by David Gambrill

Supply chain issues are creating a hot domestic market for stolen vehicles, which in 2022 cost Canadian property and casualty auto insurers more than an estimated $1 billion — the most the industry has ever paid for auto theft in

Empty shopping malls still need to keep commercial insurance coverages up to date
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What downtown ghost towns mean for commercial coverage

June 2, 2023 by Philip Porado

Vaccines have blunted the worst edge of COVID-19, and that has employers urging workers to come back to pricey office space in Canada’s downtowns – if only once or twice a week. But a high percentage of office workers aren’t

Stressed business accountant
News EducationEmerging RisksInsurersLoss ControlLoss Trends

Do you know what’s a material change in IFRS 17?

May 26, 2023 by Jason Contant

IFRS 17 implementation has made it a lot harder to understand the material impact of an accounting change, a speaker told the Insurance Bureau of Canada’s recent Financial Affairs Symposium. “We all know the disclosures under IFRS 17 are way

Businesswoman calculating finances in an office
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OSFI to review earthquake risk and minimum capital tests 

May 25, 2023 by Jason Contant

Canada’s solvency regulator will take a closer look at earthquake risk and the minimum capital test (MCT) for P&C insurers, an executive from the Office of the Superintendent of Financial Institutions (OSFI) said during an industry event last week.  Earthquake