Canadian Underwriter

Topic Property

Bombed out building in Ukraine painted in flag's colours.
News Claims ProfessionalsConstructionCyberInsurersLiabilityLoss ControlLoss TrendsPropertyRisk Managers

Ukraine war insured losses could outstrip 9-11

April 20, 2022 by Philip Porado

When adjusters are finally able to assess the damage stemming from the war in Ukraine, costs may exceed the Sept. 11, 2001 terror attacks as the largest industry-wide insured loss, across all classes of business, in history, said a specialty

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News AdjustersBrokersClaimsClaims ProfessionalsClaims TechnologyConstructionPersonal HomePropertySupply Chain

Proposal to end real estate bidding wars could affect P&C insurers

April 19, 2022 by Philip Porado

Cracking down on factors contributing to home-price escalation is a major component of the Apr. 7 federal budget document. If successful, they could affect insurers’ ability to control reconstruction costs and other claims impacts for their insureds. Proposed budget actions

Auto accident damage at intersection.
News AlbertaB.C.BrokersClaimsCommercial AutoInsurersLegalLiabilityLicensingLoss ControlLoss TrendsManitobaNew BrunswickNewfoundland & LabradorNova ScotiaNunavutNWTOntarioP.E.I.Personal AutoPropertyQuebecSaskatchewanYukon

A car crashes in Ontario: Why Canadian auto insurers pay attention

April 13, 2022 by Daniel Strigberger

People love to visit Ontario. Unfortunately, some of them get into car accidents. Why should a visitor’s auto insurer care about accidents in Ontario? Because when a non-resident is involved in an auto accident in the province, their insurers will

Assortment of Used Cables in Different Types and purposes on second hand market, peripheral equipment"nVideo Audio Cable USB and Bundled Top view From Above. Tech
News ClaimsClaims ProfessionalsInsurersLegalLiabilityPersonal HomePropertyQuebec

‘Professional activities’ exclusions: Why insurers must almost always defend

April 13, 2022 by David Gambrill

Quebec’s Superior Court notes an insurer will almost always have a duty to defend an insured in disputes over policy exclusions for “professional activities.” “A review of the case law dealing with exclusion for ‘professional activities’ reveals that, in almost

Papers headed with Tax Liability and glasses on a table
News Commercial AutoConstructionCyberLegalLoss ControlOperationsPersonal AutoPersonal HomeProperty

Does federal budget create new tax liability for P&C industry?

April 12, 2022 by Greg Meckbach

A federal budget proposal to forbid insurers from using a contractual service margin as a deductible reserve for tax purposes could impose a one-time tax liability on the industry. International Financial Reporting Standard 17 (IFRS 17) will “substantially change the

Peace tower in Ottawa with Canadian flag.
News ClaimsInsurersLiabilityPersonal AutoPersonal HomeProperty

How the federal budget impacts P&C insurers

April 8, 2022 by Philip Porado, with files from Melissa Shin and Rudy Mezzetta

As expected, 2022’s federal budget included a 1.5% bank and insurer surtax for taxable income over $100 million for taxation years that end after April 7. That means those companies will pay 16.5% on income above that threshold going forward.

Giant waves break near the lighthouse at Peggy's Cove, Nova Scotia.
News CatastrophesClaimsEmerging RisksInsurersLoss TrendsNew BrunswickNewfoundland & LabradorNova ScotiaP.E.I.Personal AutoPersonal HomeProperty

What Canadians can expect of future hurricane seasons

April 7, 2022 by David Gambrill

Atlantic Canadians can expect to see more and increasingly intense hurricanes, as sea surface temperatures continue to warm up as a result of climate change. “Warmer sea surface temperatures fuel stronger hurricanes,” Swiss Re Canada CEO Monica Ningen observed during

Highway with speeding traffic at sunset.
News Commercial AutoLoss TrendsOntarioPersonal AutoProperty

Will faster highway speeds lead to more claims?

April 7, 2022 by Philip Porado and Alyssa DiSabatino

Starting Apr. 22, Ontario drivers will be able to take six sections of highway, primarily in the southern part of the province, at 110 km/h. Highway segments where speeds will permanently rise from 100 km/h to 110 km/h are: Queen

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News ClaimsCommercialCyberInsurersLiabilityLoss TrendsPersonal AutoPersonal HomeProperty

How profitable was Canada’s P&C industry last year?

April 7, 2022 by Jason Contant

Last year saw the lowest-ever combined ratio in the Canadian P&C insurance industry, making it the third most profitable year for Canada’s P&C insurance industry since 1975, according to the Property and Casualty Insurance Compensation Corporation (PACICC). “The 2021 industry

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News BrokersClaimsInsurersPersonal AutoPersonal HomeProperty

Why these four P&C rating factors may be racially biased

April 5, 2022 by Alyssa DiSabatino

Four commonly used rating factors in personal lines insurance — credit-based insurance scores, geographic location, homeownership, and motor vehicle records — may be affected by racially biased policies and practices, a new research paper finds. Research by the Casualty Actuarial

Data moving across a company
News CommercialCommercial AutoInsurersOperationsPersonal AutoPersonal HomeProperty

CSIO calls APIs for policy inquiries ‘foundational’

April 4, 2022 by Canadian Underwriter Staff

Recent publication of API standards for policy inquiries for personal auto, habitational, individually rated commercial automobile (IRCA) and commercial general liability (CGL) are the foundational use cases to begin improving carrier and broker connectivity communications. “These 24 policy inquiry use

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News Claims ProfessionalsClaims TechnologyCommercialCyberLiabilityLoss ControlPropertyTechnologyTrending

What companies prioritize over cybersecurity

April 1, 2022 by Philip Porado

Even as instances of cyberattacks grow in North America and worldwide, business leaders in charge of cybersecurity appear to be putting other priorities first, according to a recent study from cybersecurity firm Trend Micro. It found that if push came