Vendors of underwriting models need to be transparent about the models’ limitations so underwriters and actuaries can understand where these limits could come into play, a speaker said last week at the CatIQ Connect conference in Toronto. Every single data…
Intermediate and senior underwriting positions are opening up across the industry. That has firms looking for ways to cultivate junior underwriters into successive roles. The issue, though, is that learning curves can be steep for new hires. Up-and-coming underwriters are…
Nicholas Hudescu is a rarity in the insurance industry. The 23-year-old attended Wilfrid Laurier University, earning a Bachelor of Business Administration degree specializing in insurance and risk management. While there, he joined the student-run Laurier Insurance and Risk Association (LIRA)…
While much of the P&C insurance industry is seeing large-scale attrition as industry veterans near retirement, one specialty underwriting firm has built a team comprised mostly of employees in their mid- to-late twenties. For TruStar Underwriting, a specialty Managing General…
Long-haul trucking (LHT) insurance isn’t just for cargo and trailers — coverage must extend beyond the roadway. When underwriters consider long-haul trucking risks, they should examine broader business criteria such as a fleet’s age and size, vehicle class, the distance…
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…
Controls and underwriting actions that cyber insurers took over the course of 2020 and 2021 started paying off last year, a cybersecurity expert told Canadian Underwriter recently. “I think the cyber insurance industry in general had a much better year…
Historically good underwriting combined with historically bad investment results have made the Canadian P&C industry’s 2022 Q3 financial results unique, per the latest quarterly report from the Property and Casualty Insurance Compensation Corporation (PACICC). The decline in investment returns is…
New exclusions and strict requirements to obtain cyber insurance have dramatically improved the sophistication of underwriting processes, but one large consulting and advisory firm is questioning whether this is the right approach for the market to take. “[Chief information security…
It’s not your imagination, COVID-19 really did throw a wrench into the insurance industry’s ability to hire and retain talent, says a new Deloitte report on the state of Canada’s P&C industry. It found industry demand for people with the…
Ontario’s Superior Court upheld a $100,000 sublimit in an Atradius credit insurance policy dispute, in which the receiver for the bankrupt Eagle Travel Plaza, BDO Canada, claimed the full policy limit of $5.94 million. Before it went bankrupt in 2019,…
Data analysis may be held up as the gold standard for making sound business decisions. But a recent study suggests gut instinct — when backed up by simple decision aids — may actually be better in situations of high uncertainty.…