Canadian Underwriter

Topic Loss Trends

Vector of a businessman with umbrella resisting protecting himself from a downpour of arrows
News Business InterruptionClaimsCommercialCyberLoss ControlLoss TrendsTechnology

How much shareholder value drops after a cyber breach

August 2, 2023 by Alyssa DiSabatino

Major cyber incidents disrupt more than a corporation’s operations. Shareholder value, a key measure of a company’s financial health, was shown to fall an average 9% in the year following an event, a recent Aon report showed. With that, C-suite clients

Flood on a street in Nova Scotia
News B.C.CatastrophesClaimsClaims Canada ArchiveEmerging RisksEnvironmentalLoss ControlLoss TrendsNova ScotiaProperty

Aging infrastructure struggling to keep up with storms, wildfires, changing climate

July 27, 2023 by Hina Alam - THE CANADIAN PRESS

FREDERICTON – The torrential rain that washed out roads, bridges and a key rail link in Nova Scotia on the weekend is being described as another sign that engineers cannot rely on past weather patterns to design infrastructure able to

Wooden grain storage elevator in Saskatchewan
News ClaimsClaims Canada ArchiveCommercialEnvironmentalLoss ControlLoss TrendsSaskatchewan

Prairie drought continues, forcing farmers to write off crops 

July 25, 2023 by Amanda Stephenson - THE CANADIAN PRESS

Saskatchewan farmers forced to write off drought-afflicted crops are being asked to consider ways to turn those crops into cattle feed instead.   The Agricultural Producers Association of Saskatchewan (APAS), an industry association, put out a plea recently to grain farmers

Hacker attacking a computer
News ClaimsClaims Canada ArchiveCommercialCyberLoss TrendsOperationsTechnology

Financial burden of cybercrime in Canada remains high: IBM report

July 24, 2023 by Amanda Stephenson - THE CANADIAN PRESS

CALGARY – Increased corporate awareness and a string of high-profile incidents have done little to reduce the financial burden of cybercrime in Canada, according to a new report. The average cost to companies of a cybersecurity breach in Canada as

Passing a baton to represent reinsurers passing rising costs to consumers.
News CommercialEmerging RisksInsurersLoss ControlLoss Trends

Will reinsurers pass rate increases to consumers?

July 20, 2023 by Alyssa Di Sabatino

Reinsurers reached a tipping point during their January renewal cycle that saw primary insurers bearing larger-than-usual rate increases. Which had the industry asking: How much of these reinsurance increases will make their way down to consumers? And do insurers have

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.