Canadian Underwriter

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Reinsurance


Person drowning in paperwork.
News BrokersEmploymentInsuranceMarkets / Coverages

Brokers say stress may cause them to leave industry, survey finds

March 29, 2022 Philip Porado

Being an insurance broker has always come with its share of stress but verbatim responses to Canadian Underwriter‘s 2022 National Broker Survey found specific mentions of its impact on work satisfaction. One respondent who indicated they were highly like to

Ukraine war's eastern front.
News ClaimsCommercial LinesInsurance

How war in Ukraine may impact business loss claims

March 25, 2022 Philip Porado

Canada’s insurers are in a bit of a holding pattern about how war in Ukraine may drive claims activity among businesses with ties to the region. Canadian Underwriter contacted numerous insurers and the consensus on any changes to claims and

Toll stations on an elevated bridge between the US and Canada.
News ClaimsCommercial LinesInsuranceReinsuranceRisk

Supply chain concerns overshadow logistics data hacks

March 24, 2022 Philip Porado

While the winter freedom convoy protests and bridge blockades highlighted Canada’s strained supply chains, insured business interruption events linked to logistics problems were common long before the pandemic. Insurers working with logistics clients note congested ports and a lack of

Closeup shot of two unrecognisable businesspeople walking up a staircase in the city
News BrokersEmploymentInsuranceProfessional Development

One way for the P&C industry to train new young leaders

March 24, 2022 by Alyssa DiSabatino

The P&C industry is struggling to find talent to fill the leadership skills gap, but a new program designed to get prospective executives to hit the ground running may be able to help with that. The New Leader Integration program,

High rise building construction in urban area.
News AdjustersClaimsCommercial LinesConstructionEngineeringInsuranceLegal

A new way for insurers to handle construction delays and cost overruns

March 17, 2022 Jonathan E. McNatty

Since 2016, the federal government’s slated nearly $100 billion to support development of transit extensions, shipping port improvements, affordable housing and more. When private-sector construction slowed in March 2020, federal infrastructure building quickly filled the gap. And, throughout 2021, both

Road damaged by earthquake
News Claims CanadaClimate ChangeInsuranceReinsuranceRisk

What if the disaster models are wrong?

March 14, 2022 Canadian Underwriter Staff

For nearly a quarter century, the Office of the Superintendent of Financial Institutions (OSFI) has required Canadian P&C carriers to demonstrate capacity for handling major earthquakes, including so-called one-in-500 year events. Canada’s P&C industry is well capitalized and backed by

Digital hand grenade
News AdjustersClaimsCommercial LinesInsuranceLegalLegislation / RegulationMarkets / CoveragesReinsuranceRisk

Insurers checking their war exclusions for cyberattacks

March 10, 2022 Philip Porado

While cyberattacks have increased since Russia invaded Ukraine and numerous countries responded with tighter sanctions, most of those attacks have been more basic distributed denial-of service attacks on both sides of the conflict, said a DBRS Morningstar commentary on cyber

Oil rig on the prairies.
News Climate ChangeCommercial LinesInsuranceReinsurance

Sanction-fueled oil demand could boost Alberta captives plan

March 9, 2022 Philip Porado

Sanctions on Russian oil and a major insurer’s recent announcement that it will depart oil sands coverage could spark additional interest in Alberta’s plans to allow captive insurers to domicile in the province. On Mar. 1, AIG said it had

A woman in business wear faces a man across the desk from her. She is pointing to a stack of papers with a pen.
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

Three wind power generators image representing the contribution of wind power generators in reducing carbon emission.
News Climate Change

A 2-step process for the P&C industry to meet Paris Climate Agreement targets

February 23, 2022 by Alyssa DiSabatino

Global reinsurer Munich Re’s CEO said we will not meet the Paris Climate Agreement targets without a “technological restructuring.” The executive explained what that might look like — and how to get insurers back on track towards meeting the targets

Place Jaques Cartier and City Hall of Montreal
News Insurance

Reinsurance broker opens Montreal office

February 17, 2022 Canadian Underwriter Staff

Global reinsurance broker Gallagher Re has set up a Montreal branch led by new executive vice president Isabelle LaPalme. She will lead Gallagher Re’s expansion into Quebec and the French-speaking insurance community. LaPalme will work closely with colleagues in Toronto

Sandra Lee, head of claims for Canada with AXA XL
News Insurance

Global (re)insurer appoints new head of claims for Canada

February 17, 2022 by Jason Contant

Global commercial insurer and reinsurer AXA XL has appointed Sandra Lee as head of claims for Canada. Lee served as leader for the local casualty claims team. She will now have oversight for all claims activity across property and casualty,