Canadian Underwriter

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Why construction insurance rates are starting to climb

July 12, 2021 by Adam Malik

Canada’s lack of skilled workers means construction projects may not be hitting the mark in terms of quality and craftsmanship, leading to the greater likelihood of an insurance claim. It’s already happening, observes Darren Tasker, head of energy and construction

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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

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Risk managers’ takeaway from COVID-19: Yes, it can happen to us

April 23, 2021 by Adam Malik

The global COVID-19 pandemic has taught risk managers to be prepared for any threats, no matter how unlikely or far-fetched they may seem, industry experts said at a RIMS conference webinar panel. The risk of a pandemic has been on

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Insurers seek federal grants for homeowners to improve basement flood protection

April 21, 2021 by Greg Meckbach

The industry is pushing to make federal grants available for Canadian homeowners to reduce basement flood risk. In the fall of 2020, the federal government announced its Greener Homes initiative. When the program rolls out, the plan is to provide

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What insurers aren’t passing on to their clients

March 9, 2021 by Adam Malik

Canadian consumers are still foggy about the purpose and content of their home, auto and business insurance, and the onus is on the industry to help them understand, a pair of industry executives said during a recent webinar. Discussions with

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Would your client actually buy a pandemic risk product?

February 25, 2021 by Jason Contant

Even if insurance products were available for pandemic risk specifically, several businesses say they wouldn’t anticipate becoming more dependent on risk financing or insurance as a result, according to the results of a global survey from Aon. Few companies have

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What brokers are asking of their underwriters

February 12, 2021 by David Gambrill

In the midst of a hard market in several Canadian commercial insurance lines, several senior Canadian broker executives are urging underwriters not to substitute data and analytics entirely for their own good judgment about what constitutes a good or a

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Regulator’s pilot project to start scenario-testing for climate change risks

January 7, 2021 by David Gambrill

Canada’s solvency regulator has introduced a pilot project in 2021 to conduct scenario testing of the impact of various climate-related risks on financial institutions’ bottom lines. “The first step of the pilot project is to develop a Canada-relevant set of

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Overcoming AI’s bias: Models are only as good as the data you feed into them

January 6, 2021 by Adam Malik

If people intend to use data to help mitigate risk or save lives, that data must be trustworthy, says an artificial intelligence expert. Sean Griffin, CEO and co-founder of Disaster Tech, a disaster risk data firm, pointed out during CatIQ

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Expectations and relevancy: What’s at risk for the P&C industry

September 30, 2020 by Adam Malik

If the property and casualty insurance industry doesn’t “come to grips” with meeting client needs, the industry is at risk of losing relevancy in the marketplace, warned an industry consultant. Phil Cook, who is also chairman of Omega Insurance Holdings,

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Why the risk for small car drivers is growing

July 2, 2020 by Adam Malik

Small cars may be even more dangerous to drive these days just because they are sharing the road with an increasing number of larger vehicles, which have dominated new auto sales in recent years. The Insurance Institute of Highway Safety

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Opinion: COVID is nasty and impactful, but it’s not a Black Swan

May 19, 2020 Glenn McGillivray, Managing Director, Institute for Catastrophic Loss Reduction

Since the “black swan” metaphor was coined in the 2007 book of the same name, it has become fashionable to label virtually all low probability/high impact events black swans. But the danger of making an occurrence like the COVID-19 outbreak