Canadian Underwriter

Topic Property

Sign on cannabis shop in a city
News CannabisClaimsCommercialInsurersMGAsProperty

The state of the cannabis insurance market in 2023 

May 30, 2023 by Jason Contant

Even though inflation cooled to 4.3% in March from a high of 8.1% last summer, its effect is still being felt on personal and commercial lines alike.  The cannabis insurance market is no exception. Carriers across the board are looking

Five-alarm blaze at former monastery in Quebec
News ClaimsClaims Canada ArchiveEnvironmentalPropertyQuebec

‘Immense sorrow:’ Major fire at Montreal heritage building that once housed monastery

May 26, 2023 by Sidhartha Banerjee - THE CANADIAN PRESS

MONTREAL – A major fire at a Montreal heritage building was still not under control Friday and authorities were not able to provide a firm timeline of how long it would take to extinguish the blaze. The fire broke out

Jumping over a shark to represent risk.
News BrokersClaimsCommercialCommercial AutoConstructionCyberEmerging RisksInsurersOperationsProperty

Why D&O brokers are looking at risk mitigation

May 19, 2023 by Philip Porado

Amid signs the recently easing directors and officers (D&O) coverage segment may gradually become a bit tougher, brokers and insurers will be taking a closer look at companies’ risk-mitigation procedures. When writing risks, Catherine Lanctot, senior vice president and national

Business man hand protect Chess King figure and Stopping Falling wooden Blocks or Dominoes. Business, Risk Management, Solution, economic regression, Insurance, strategy and Interruption Concepts
News Business InterruptionClaimsCommercialEmerging RisksInsurersLoss TrendsPropertyRisk Managers

Aon reveals top risk exposure for Canadian companies in 2023

May 18, 2023 by David Gambrill

Canadian businesses are seeing a rise in the cost of their business interruption claims, causing BI to be one of their top risk concerns in 2023, according to a new report by Aon Canada. “The sources of business disruption for

Vacant retail space at an abandoned shopping mall must still be insured
News BrokersClaimsCommercialEmerging RisksLoss ControlLoss TrendsProperty

Vacant retail and office space: How to advise clients on this post-pandemic trend

May 12, 2023 by Philip Porado

With office vacancy rates rising in many Canadian cities, brokers need to coach building owners on the need to manage their insurance obligations. A 2023 Q1 report from commercial real estate firm Coldwell Banker Richard Ellis (CBRE) Canada notes, “The

Vice pushing on both side of businessman to represent the hard insurance market
News BrokersCommercialCommercial AutoConstructionCyberEmerging RisksInsurersMergers and AqcuisitionsPropertyTechnologyTrusted Advisor

Brokers still worry about the hard market, but what’s next?

May 1, 2023 by Philip Porado

Although Canadian property and casualty (P&C) insurance brokers still call the hard market their greatest challenge, their overall level of concern is gradually waning. So found Canadian Underwriter’s 2023 National Broker Survey, in which more than 150 brokers nationwide expressed

Firefighters extinguishing an industrial fire at the fire station holding on to the hose spraying the fire at a storage tank.
News ClaimsCommercialInsurersLegalLiabilityPropertyQuebec

Insurer successfully defends city’s appeal over fire response times

April 28, 2023 by David Gambrill

Canada’s top court Thursday refused to hear an appeal in a case in which a Quebec municipality was found 25% liable for a fire that destroyed a commercial building when not enough firefighters were present after 10 minutes to fight

Condos along the Bow River in Calgary
News ClaimsClaims Canada ArchiveCommercialInsurersLegalLoss ControlLoss TrendsPropertyRisk Managers

Why condo corporations need an extra ‘financial cushion’ 

April 27, 2023 by Jason Contant

Canada’s national actuarial organization is recommending legislation that would require condo corporations to hold in their reserve funds a “financial cushion” above what’s required by a reserve fund study.  “That cushion protects corporations from adverse deviations from increased expenditures (among

Analyzing financial results
News ClaimsClaims Canada ArchiveCommercialCommercial AutoInsurersPersonal AutoPersonal HomeProperty

How the industry’s ROE is trending

April 26, 2023 by Jason Contant

The Canadian property and casualty insurance industry’s return on equity (ROE) last year dropped a few percentage points from the 17% to 18% level it was in 2021, but it’s still above the long-run average of 10.1%, a new industry

Severe flooding on the Ottawa River (for illustrative purposes only)
News ClaimsInsurersLegalPersonal HomePropertyQuebec

Insurer successfully defends flood exclusion in water damage endorsement

April 21, 2023 by David Gambrill

A Quebec home insurer successfully defended a flood exclusion to its policy’s water damage endorsement, on the basis that the insurer would not cover water damage that “occurs when a flood reaches the surface of the ground on the premises.”

Seismograph printing seismic activity records of a severe earthquake
News CatastrophesClaimsCommercialInsurersPersonal HomeProperty

PACICC urges feds to move on quake backstop

April 20, 2023 by David Gambrill

Canada’s insurance industry compensation fund for policyholders hopes the federal government’s 2023 budget commitment to a flood insurance program for high-risk properties will expedite discussions about the urgent need for a similar backstop for earthquake losses. “We will continue to

A leap of faith into 2023 for insurers seeking improved profits
News BrokersCatastrophesCommercialCommercial AutoConstructionPersonal AutoPersonal HomeProperty

Will Canada’s 2023 underwriting results track U.S. improvements?

April 19, 2023 by Philip Porado

Canadian insurers, like their U.S. counterparts, may see some better underwriting results this year. In the U.S., property and casualty (P&C) insurance industry underwriting results are likely to improve during 2023, in response to significant premium increases in underperforming automobile