Canadian Underwriter

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CatIQ Connect

A farmer wearing a straw hat and a plaid shirt kneels with one hand holding his head and one hand reaching towards his corn crop
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Risk management outlooks crop up for farm insurers

July 20, 2022 by Alyssa DiSabatino

Farmers across Canada are being buffeted by a mix of drought conditions and hail damage in June and July, but insurers may be able to increase farmers’ risk management through drought and hail outlooks, experts explain.   Southern Ontario farmers

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News Climate Change

How reinsurers are helping banks to assess their climate risk

February 24, 2022 by Alyssa DiSabatino

After Canada’s solvency regulator said the financial sector must better respond to climate-related risks, one Munich Re executive says the global reinsurer is working closely with banks and other federally regulated financial institutions on their climate risk approach. Banks, he

News ClaimsClaims CanadaInsuranceReinsurance

These socioeconomic factors are driving up property claims

December 7, 2021 by Greg Meckbach

Urbanization, the increasing popularity of solar panels and a greater awareness of what is covered insurance are among the factors driving an escalation of insured property losses, a speaker suggested at last week’s CatIQ Connect conference. “Urbanization means that we

News Insurance

What can be done just seconds before an earthquake hits?

December 7, 2021 by Jason Contant

Natural Resources Canada (NRC) is developing an earthquake early warning system that will provide valuable time before an earthquake strikes to allow protective measures to be put in place for people and critical infrastructure. “It can provide anywhere between seconds

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News Insurance

How to convince your clients that buying insurance isn’t a waste of money 

June 15, 2021 by Jason Contant

One of the biggest challenges for the insurance industry is convincing policyholders that they haven’t wasted their money if they constantly pay premiums but don’t have a claim.  To overcome this challenge, insurers should help policyholders celebrate the fact that

News Insurance

How to be really customer-centric: Lessons from the global insurance market

June 11, 2021 by Jason Contant

Canada’s property and casualty insurance industry should look towards the global insurance market for some insights about how to increase take-up rates, particularly among marginalized and low-income people, speakers said Thursday at the CatIQ Connect virtual conference. In the global

News CatastrophesClaimsClimate ChangeInsurance

The hard part of managing wildfire risk

February 26, 2020 by Greg Meckbach

Your clients may be doing all the right things to manage their wildfire risk, but what about the property halfway down the street? “You can have four homes in a row that are perfectly maintained, just the way they are

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Do insurance pros have a duty to restore a client’s well-being after a loss?

February 20, 2020 by Adam Malik

Brokers are taught the principles of indemnity early in their training: Return the client to the same financial position they were in prior to the loss. But what about their clients’ mental well-being? Can the industry restore that to what

News CatastrophesClaimsInsurance

How the P&C industry can help move the needle on building a climate-resilient society

February 14, 2020 by Adam Malik

The clock is ticking on taking action when it comes to creating more climate-resilient homes, neighbourhoods and cities, a panel warned at a recent conference. When asked by moderator Glenn McGillivray, managing director of the Institute for Catastrophic Loss Reduction,

News Insurance

Why insurers aren’t getting much traction with Canadian businesses on climate change

February 13, 2020 by Adam Malik

Canadian industries have a silo-ed approach to preparing for climate change, which is working against the Canadian P&C insurance industry’s desire to address climate change loss exposures and manage catastrophes, a pair of experts told a recent conference. For example,

News Climate ChangeInsurance

Why P&C will need to lead the charge on climate change action

February 12, 2020 by Adam Malik

If recommendations from a report released last year on sustainable finance are going to succeed, the property and casualty insurance industry is going to play a key role in making it happen, said one expert. There is a lack of

News ClaimsClaims CanadaEngineeringInsurance

How much damage a toilet malfunction can cause

February 11, 2020 by Greg Meckbach

Your property client’s flood risk could arise from a weak link in the bathroom. Water damage claims of over $100,000 can result if the supply line feeding water to the toilet breaks, says metallurgist Paul Okrutney, founder of Toronto-based insurtech