Canadian Underwriter

Topic Property

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

Inflation remains a concern for Canadian insurance brokers
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Why brokers still need to protect clients from inflation

April 18, 2023 by Alyssa Di Sabatino

Canada’s inflation rate eased to 4.3% in March, Statistics Canada reported on April 18. That’s down nearly a percentage point from February’s 5.2% and solidly below inflation’s 8.1% peak in summer 2022. And, with inflation beginning to cool, P&C insurance

Canada braces for an economic downturn
News BrokersBusiness InterruptionCommercialCommercial AutoLiabilityProperty

Brokers braced for tough conversations when the economy slips

April 14, 2023 by Alyssa Di Sabatino

Most economists are still calling for some degree of economic downturn later in 2023. That makes the road ahead uncertain for commercial companies, and many can be expected to seek ways to tighten their belts. For some, cost-cutting measures may

Business team success and partnership
News BrokersCommercialManagementMergers and AqcuisitionsOntarioOperationsPersonal AutoPersonal HomeProperty

McDougall merges with 100-year-old brokerage

April 5, 2023 by Jason Contant

McDougall Insurance has merged with 100-year-old brokerage Rayburn Insurance Brokers Ltd., a fourth-generation family-owned business located in Tweed, Ont.  Rayburn Insurance has been in business since 1922. The brokerage serves Tweed, Northbrook and surrounding areas, offering home, auto, commercial, farm,

Hand holding magnifying glass and looking at house model with row of coin money, house selection, real estate concept.
News ClaimsInsurersLegalOntarioProperty

Intact policyholder conflates ACV with replacement cost value

April 4, 2023 by David Gambrill

Intact recently won an appraisal dispute with an insured who originally claimed more than four times the market value of his business property after a fire, prompting the court to find the insured was conflating actual cash value (ACV) of

Flooded Calgary Stampede grandstand
News CatastrophesClaimsEnvironmentalPersonal HomeProperty

What Canada’s national flood insurance program could look like

March 31, 2023 by Jason Contant

Canada’s upcoming national flood insurance program will likely take characteristics from flood models in both France and Britain, Insurance Brokers Association of Canada (IBAC) CEO Peter Braid told Canadian Underwriter in an interview. In its 2023 budget, the federal government