Canadian Underwriter

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Consumers

Beach chair and umbrella in the sun.
News BrokersClaimsInsurance

Do younger Canadians planning vacations value travel insurance?

February 2, 2023 Canadian Underwriter Staff

Making up for the inability to travel during the pandemic is top of mind for 70% of Canadian millennials, who told an Allianz Global Assistance survey conducted by Ipsos they’ll be taking a vacation this year. Of those saying they’ll

Customers buying a car and having a conversation with a sales assistant
News InsuranceMarkets / Coverages

January auto sales up 7.5% from previous year

February 2, 2023 The Canadian Press

TORONTO – DesRosiers Automotive Consultants Inc. (DAC) says light vehicle sales in Canada in January were up 7.5 per cent compared with the first month of 2022.   The automotive industry research firm estimates 98,259 new light vehicles were sold by

Two groups of wooden blocks being consolidated into one group
News BrokersInsuranceMarkets / CoveragesMergers and Aqcuisitions

Which insurers can expect to be consolidated

January 23, 2023 by Alyssa DiSabatino

Middle market and non-specialty insurers will be the central targets of consolidators into 2024, and some may even withdraw entirely from the P&C insurance market, suggested Phil Cook, P&C consultant and chairman of Omega Insurance Holdings Inc. at the Insurance

Fire alarm mounted on wall. In case of fire, pull
News ClaimsInsuranceLegalRestorationRisk

$500,000+ payment ordered for uninsured B.C. tenants

January 20, 2023 Philip Porado

A 2017 apartment fire that a B.C. Supreme Court judge ruled was ‘foreseeable’ led to an order to pay more than $500,000 to the building-owner plaintiff. In his decision in Langara Gardens Holdings Ltd. v. Chen (2023 BCSC 58), B.C.

Driver focused on the road
News InsuranceLegislation / RegulationMarkets / CoveragesRisk

Should race be used as a rating factor for auto insurance?

January 20, 2023 by Jason Contant

The Financial Services Regulatory Authority of Ontario (FSRA) is trying to determine how auto insurance rating factors affect vulnerable groups given the general lack of data, a senior executive at the regulator said during an industry event Thursday. Brian Sullivan,

Businessman places wooden block on top of a tower of blocks which have 2023 through to 2020 written on them. hard market stabilized
News BrokersInsuranceMarkets / Coverages

Will the P&C hard market stabilize or soften in 2023?

January 20, 2023 by Alyssa DiSabatino

The P&C hard market isn’t going to soften anytime soon, but it will stabilize, suggested Phil Cook, P&C consultant and chairman of Omega Insurance Holdings Inc. at the Insurance Institute of Canada’s Industry Trends & Predictions: 2023 webinar.  Why? The industry’s

Fallen tree damage to the roof of a house
News AdjustersClaimsCommercial LinesConstructionInsuranceRestoration

How adjusters can benefit from putting consumers in control of their claims

January 19, 2023 Jason Contant

When severe weather events take place, not everything can be fixed overnight. There are only so many contractors and thousands of homes will likely need repairs ranging from major to minor. “It comes down to triaging and putting the insured

Houses along the shores of Lake Erie following December's 'bomb cyclone'
News BrokersCatastrophesClaimsClimate ChangeInsuranceRisk

Why Ontario should worry about worsening weather

January 19, 2023 by Alyssa DiSabatino

Final numbers for 2022 show another year of NatCats reaching over $3 billion in insured damages (and, at $3.1 billion, the third highest total NatCat losses in Canadian history).  Those figures don’t just point to more insured damages losses for

Lower shot of a businessman in a white button up shirt and red tie stopping a set of wooden dominoes with his hand
News BrokersCatastrophesClaimsCommercial LinesInsuranceRisk

What are Canada’s major business risks for 2023?

January 17, 2023 by Alyssa DiSabatino

Cyber incidents are the new top business concern for Canadian companies in 2023, according to the Allianz Risk Barometer 2023.   The top three risks in Canada are cyber incidents (35%), the skilled workforce shortage (33%) and climate change (29%),

man wearing a white hardhat and yellow safety vest is onlooking a large blue shipping container on a truck
News BrokersClaimsCommercial LinesInsuranceRisk

How much cargo theft rose in 2022

January 16, 2023 by Alyssa DiSabatino

Cargo theft across Canada and the U.S. rose by 15% in 2022 from the previous year, equal to 1778 recorded theft incidents, a cargo theft recording firm reports. And cargo insurers should be aware of an emerging threat: fictitious cargo

Lighthouse in a hurricane
News CatastrophesClaimsCommercial LinesConstructionInsuranceMarkets / CoveragesReinsurance

What’s driving reinsurer underwriting margins in 2023?

January 16, 2023 Philip Porado

Underwriting margins for reinsurers will likely grow by an average four percentage points during 2023, said a new report from Fitch Ratings. Key factors for the increases are significant price rises, tighter terms and conditions, as well as the withdrawal

House fire destroys building
News ClaimsInsuranceRisk

Where Ontario’s 2022 fire-related deaths ranked

January 13, 2023 Philip Porado

Ontario’s 133 fire-related deaths during 2022 were the highest in more than 20 years, the province’s Fire Marshal Jon Pegg said in a Jan. 3 tweet. In comparison, 2021 saw 124 fire-related deaths. There were 115 fire-related deaths in 2020