Topic Property
Which peril might bankrupt the Canadian P&C industry?
June 28, 2023 by Canadian Underwriter StaffOttawa’s effort to build policy around flood risk in the face of climate change is important, but it overlooks a peril that could be far more catastrophic for Canadian P&C insurers, Alister Campbell, president and CEO of Property and Casualty…
Large Canadian brokerage now operating coast to coast
June 28, 2023 by Jason ContantEditor’s Note: An original version of this article incorrectly identified Western Financial Group as Westland. Canadian Underwriter apologizes for the error. Western Financial Group now operates coast to coast following its full acquisition of Huestis Insurance and Associates Ltd.…
Despite easing inflation, P&C insurers face challenges
June 27, 2023 by Philip PoradoCanada’s May inflation rate slipped to an annualized 3.4%, Statistics Canada said Tuesday. That’s the lowest rate in two years and solidly below the 4.4% annual rate posted in April. It’s also in line with the Bank of Canada’s efforts…
How trade agreements could change claims adjusting in Canada
June 20, 2023 by Alyssa Di SabatinoWhen 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…
How inflation is affecting small business owners and carriers
June 16, 2023 by Jason ContantAlthough 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…
How carriers get real-time info on property (and other) risk exposures
June 15, 2023 by Jason ContantCarriers in the small business space are increasingly turning to technology to understand exposure changes and help insureds manage their own risk, an expert said recently. By relying on things like sensor technology, carriers can get real-time information on changes…
Here’s what adjuster capacity is like for Canada’s wildfires
June 12, 2023 by Alyssa DiSabatinoFirefighters and other first responders have been stretched thin while battling an unprecedented wildfire season in Canada, and such may be the case for claims adjuster capacity as well. Across the industry, it’s a mixed bag of how quickly adjusters…
Province to launch restricted licence for incidental insurance
June 6, 2023 by David GambrillB.C.’s broker regulator, the Insurance Council of B.C., is now consulting on a proposed new restricted licensing framework to regulate the sale of incidental insurance, the council announced in late May. The regulator’s initiative follows the province’s Bill 37, which…
BrokerLink buys Burlington brokerage
June 6, 2023 by Philip PoradoFor the sixth time so far in 2023, BrokerLink has grown its market share through M&A, this time with the acquisition of Burlington, Ont.-based T.K. WoodMar Insurance & Financial Group. WoodMar has offered commercial (business owner, liability and commercial vehicle),…
How a shared-risk approach to tech can keep mutual insurers competitive
June 5, 2023 by Matthew ScottCanada’s mutual insurance industry has been around for as long as the country itself and has innovated over that time. Now it’s driving digital transformation to enable new capabilities, improve service and keep pace with market competition. These changes come…
What downtown ghost towns mean for commercial coverage
June 2, 2023 by Philip PoradoVaccines 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…
The state of the cannabis insurance market in 2023
May 30, 2023 by Jason ContantEven 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…