Canadian Underwriter

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Reinsurance


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News CatastrophesInsuranceLegislation / RegulationReinsurance

OSFI softens stance in new reinsurance guidelines

February 14, 2022 by David Gambrill

OSFI has softened its stance on two of the Canadian P&C industry’s key concerns in the solvency regulator’s final published guidelines on Sound Reinsurance Practices and Procedures (B-3) and Property and Casualty Large Insurance Exposures and Investment Concentration (B-2). Revised

Paper and pulp mill
News ClaimsCommercial LinesConstructionInsuranceLegal

Insurers lose privilege bid after mill’s internal explosion investigation

February 11, 2022 by David Gambrill

Six insurance companies and a pulp and paper manufacturing company, Fortress Specialty Cellulose, have lost their bid to have a PowerPoint presentation about the cause of a commercial explosion protected under litigation privilege. In rejecting their argument, the Superior Court

News Insurance

Recent NatCats reveal need to boost construction standards

February 4, 2022 Greg Meckbach

Enforcing existing building codes, bringing in new construction standards and improving community planning are among the measures governments can take to mitigate the cost of property losses from natural catastrophes, industry watchers say. And arming consumers with better information about

Risk management concept
News Insurance

Captives can provide solutions for capacity limitations

January 20, 2022 Mike Lister

Emergence of new risks alongside capacity restrictions across industry sectors makes it more important than ever for risk managers to strike the right balance between risk retention and risk transfer. Often, this leads to increased interest in alternative risk solutions

News Insurance

Should PACICC purchase reinsurance?

January 13, 2022 by Jason Contant

Canadian P&C insurers have expressed mixed views about whether the Property and Casualty Insurance Compensation Corporation (PACICC) should purchase reinsurance to mitigate the impact of a natural catastrophe-triggered default of a member insurer. However, a PACICC industry consultation paper found

News ClaimsClaims CanadaCommercial LinesInsuranceLegalReinsuranceRestoration

Excess of loss case should be heard in Canada, not New York: court

January 10, 2022 by David Gambrill

Several excess insurers have lost their bid to have a lawsuit take place in New York instead of Ontario in a mining insurance case brought before the Ontario Superior Court of Justice. Nine of 22 excess insurers argued that the

News Insurance

Why cyber insurance companies are requiring businesses to use multi-factor authentication

January 6, 2022 by Alyssa DiSabatino

Canadian cyber insurance companies are now requiring businesses to offer multi-factor authentication (MFA) and have cybercrime/data breach response plans in place before qualifying for coverage.    Prudent, since cybercrimes and ransomware attacks are on the rise – Canadians have lost $4.9

News CatastrophesClaimsClimate ChangeCommercial LinesInsuranceReinsurance

What Canadian insurers paid for reinsurance in Jan. renewals

January 5, 2022 by David Gambrill

Reinsurance rate increases for catastrophes in Canadian property lines depended on whether the carriers’ portfolios took a hit last year, with 10% to 20% rate increases for catastrophe portfolios that took a loss, and 5% to 10% increases for those

News Insurance

Where the industry stands with OSFI’s redrafted reinsurance rules

November 4, 2021 by Jason Contant

When the Office of the Superintendent of Financial Institutions (OSFI) released its reinsurance discussion paper in 2018, it created quite a stir in Canada’s property and casualty insurance industry. The association representing Canadian P&C insurers, the Insurance Bureau of Canada

News InsuranceReinsurance

Four uninsurable cyber risks

November 2, 2021 by Greg Meckbach

Losses caused by cyber wars – and widespread outages of electricity and telecommunications – are essentially uninsurable, Munich Re experts suggest. “Historically, in property insurance, damages caused by war have been seen as uninsurable,” said Tim Zeilman, vice president and

News AdjustersCatastrophesClaimsClaims CanadaInsuranceRestoration

Barrie tornado will cost more than originally estimated

October 28, 2021 by Greg Meckbach

A bad storm system this past July will probably cost the industry about $100 million. On July 15, several tornadoes touched down in central Ontario. One caused irreparable damage to dozens of homes in Barrie, about 100 kilometres north of

News Insurance

Solar storms pose risks to Canada’s aging electric power grid

October 26, 2021 Philip Porado

The sun brings light, warmth … and solar flares that pose risks for aging power grids in Canada and worldwide, panellists told a recent Property and Casualty Insurance Compensation Corporation (PACICC) webinar on emerging risks. While routine blackouts generally happen