Segment
Claims
How ransomware claims are trending
September 20, 2023 by Jason ContantRansomware claims have transformed from mostly third-party liability claims into first-party liability, a cyber insurance expert tells Canadian Underwriter. “It used to be third-party liability; you were concerned about monitoring credit, and somebody sues you because of a hack,” said…
B.C. to introduce new disaster management laws to address preparedness, mitigation
September 20, 2023 The Canadian PressVANCOUVER – British Columbia’s emergency management minister said the province will be ready to introduce “in the coming weeks” new laws to govern responses to increasingly frequent natural disasters such as wildfires and flooding. Bowinn Ma told a gathering at…
What’s driving challenges in commercial property?
September 19, 2023 by Jason ContantChallenges in the Canadian commercial property insurance market continue to be a focal point throughout 2023, primarily driven by NatCat concerns and reinsurance costs, Aon said in its Fall 2023 Insurance Market Update Canada report. “The property market continues to…
New Brunswick premier vows comprehensive review after massive Port Saint John fire
September 19, 2023 The Canadian PressSAINT JOHN, N.B. – A joint task force investigation into last week’s major fire at a scrapyard in Saint John, N.B., will consider whether the recycling plant should continue operating at the city’s port, says Premier Blaine Higgs. Higgs made…
400+ wildfires continue to burn across B.C. as new evacuation orders issued
September 18, 2023 The Canadian PressWILLIAMS LAKE, B.C. – An evacuation order has been issued by Cariboo Regional District for 28 properties in the Horn Lake Area in central British Columbia. This comes as the BC Wildfire Service says fire behaviour on the nearby Hell…
Why insurers worry about clients’ crime coverage
September 15, 2023 Alyssa Di SabatinoAs clients tighten their purse strings in anticipation of an economic downturn, they are increasingly underinsured for their crime-related losses. Crime insurers are seeing an uptick in social engineering (i.e., phishing) claims, says Katherine Gauthier, vice president of specialty solutions…
Weather Network app still can’t send alerts days after cyberattack
September 15, 2023 Mia Rabson - THE CANADIAN PRESSOTTAWA – The Weather Network and MeteoMedia still can’t send weather alerts through push notifications from its app following a “malicious cyberattack” on Monday. But Pelmorex, the parent company of the two weather services, says the attack is not affecting…
UBI app offers quarterly price adjustments for drivers
September 14, 2023 by Jason ContantDefinity Financial Corporation has launched a usage-based insurance (UBI) product it describes as the first-ever to offer quarterly price adjustments based on recent driving scores. “We wanted to make sure drivers were able to benefit quickly from their safe driving…
Where brokers can find opportunity in a softer D&O market
September 13, 2023 David GambrillAfter several years of a hard market, P&C industry executives report a plateau of price increases in directors and officers (D&O) lines. As fears of pandemic-fuelled losses fade, D&O lines are becoming more profitable and that’s leading to some increased…
Province aware of dike problems before destructive flooding in 2021, documents show
September 13, 2023 Brenna Owen - THE CANADIAN PRESSOfficials with the British Columbia government and the City of Merritt were aware of significant problems with dikes for several years before a series of atmospheric rivers flooded the community, documents released through a freedom of information request show. The…
Which clients are cyber underwriters favouring?
September 11, 2023 David GambrillRecent loss ratio data suggests the hard market in cyber insurance has plateaued. In part, that’s due to underwriters being more discriminating about which risks they select for coverage. “Insurance companies have rightsized their books. They know which clients they…
B.C. sets up climate emergency task force amid wildfire crisis
September 11, 2023 The Canadian PressVANCOUVER – British Columbia Premier David Eby says he’s launching an expert task force into wildfires, drought and heat emergencies that have hammered the province. Eby, who’s in the B.C. Interior touring wildfire zones, says the province is still focused…