Canadian Underwriter

Segment
Risk Management


A small Canadian flag is staked out on top of a map of Canada
News CatastrophesClimate ChangeInsuranceMarkets / CoveragesRisk

Canada’s most-exposed flood regions

June 10, 2022 by Alyssa DiSabatino

Quebec has the highest historical average annual loss (AAL) for flood faced by any region across the country, at $861.3 million, but Yukon’s average annual loss per residential address (RA) stands at $925, well above Quebec’s $229 loss per residence.

Five small wooden toy block houses are surrounded by murky brown water, up to their windows.
News CatastrophesInsuranceLegislation / RegulationMarkets / CoveragesReinsurance

Which model will Canada’s national flood insurance program follow?

June 9, 2022 by Alyssa DiSabatino

After undergoing actuarial review, two possible flood insurance models are the “most promising” for private-public engagement within the upcoming national flood insurance program, a federal government official suggests.   One model is based on a pool for high-risk homeowners, among

Firefighter trying to put out a house on fire
News Insurance

Province, StatsCan partner on fire prevention pilot

June 9, 2022 The Canadian Press

VICTORIA – Firefighters in British Columbia will soon have access to information to help identify neighbourhoods where the risk of home fires is greatest in an effort to prevent more needless deaths, says the province’s fire commissioner. The commissioner’s office

A tornado twists across a darkened sky, in a rural field of wheat.
News CatastrophesClimate ChangeInsuranceMarkets / Coverages

Is wind the new water?

June 8, 2022 by Alyssa DiSabatino

When a storm hits, it’s no surprise that extreme wind can be a significant driver of insured losses — but wind may actually edge out water as the industry’s costliest weather event, said one industry expert.   “From 2008 to

Thermometer and hot summer sun
News Insurance

B.C. report calls for co-ordinated heat alert system to prevent future deaths

June 8, 2022 Dirk Meissner - THE CANADIAN PRESS

VICTORIA – British Columbia is better prepared to withstand a hot weather emergency like that which caused more than 600 deaths last summer, but more must be done to protect people and communities, says the chief medical officer at the

House being lifted away by balloon.
News BrokersClaimsCommercial LinesConstructionInsuranceMarkets / CoveragesReinsuranceRisk

Remember 1970s stagflation? Why insurers should pay attention to the World Bank

June 7, 2022 Philip Porado

Lingering impacts of COVID-19 and Russia’s invasion of Ukraine have magnified a global economic slowdown and raised the risk of stagflation – in which long-term, feeble growth combines with high inflation – the World Bank says in its latest prospects

Cars on a robotic assembly line in a commercial facility.
News BrokersCommercial LinesConstructionInsuranceMarkets / CoveragesProductsRisk

Inflation creates need for brokers to revisit coverage levels with their clients

June 3, 2022 Philip Porado

Brokers are typically leading conversations about inflation-driven insurance value adjustments for commercial building owners and builders, said Bernard McNulty, chief agent and head of claims, Allianz Global Corporate Specialty. But, he added, clients also are contacting brokers to inquire about

Flooded warehouse full of floating cardboard boxes
News AdjustersCatastrophesClaimsClaims CanadaClimate ChangeInsuranceMarkets / CoveragesProductsRestoration

Why insureds might need parametric coverage alongside conventional policies

June 1, 2022 Megan Linkin

When Hurricane Ida made landfall on Aug. 29, 2021, a handful of parametric insurance policies in Swiss Re Corporate Solutions’ portfolio were affected and potentially triggered. By Sept. 1, all relevant data for determining if the hurricane’s winds met policy-defined

Stressed out broker drinking too much coffee.
News BrokersCommercial LinesInsuranceLegalMergers and Aqcuisitions

How brokers can help small business clients replace escrow agreements

May 31, 2022 Jason Contant

M&A insurance can help small and medium-sized enterprises (SMEs) avoid the need for an escrow agreement, but many small business owners aren’t aware of this possible solution. Escrow agreements are commonly found in M&A deals in the SME segment (deals

Container ship, heavily loaded, at sea.
News CatastrophesClaimsClaims CanadaClimate ChangeCommercial LinesEngineeringInsuranceMarkets / CoveragesReinsuranceRestorationRisk

War and other factors loom over shipping sector: report

May 27, 2022 Philip Porado

While fewer total losses of cargo ships worldwide is good news for marine insurers, the number of shipping casualties rose during 2021, said Allianz Global Corporate & Specialty’s (AGCS) annual Safety & Shipping Review. Globally, 54 total vessel losses were

sleeping woman in autonomous car. Driverless car. Self-Driving car. UGV (unmanned ground vehicle).
News ClaimsInsuranceLegalLegislation / Regulation

Regulations for insuring self-driving cars required sooner rather than later, lawyers say

May 27, 2022 by David Gambrill

Canada is not ready to insure even partially automated vehicles (AVs), but the move towards fully-automated vehicles could be here by as early as 2026, warn lawyers at Borden Ladner Gervais LLP. Provincial legislatures will therefore need to update their

Control to dial risk up or down.
News AssociationsBrokersInsuranceRisk

How better risk controls have helped Canada’s P&C industry thrive

May 26, 2022 Philip Porado

Over the past 20 years, a transition from traditional risk management approaches to enterprise risk management (ERM) helped Canada’s property and casualty insurance industry post stronger performance and financial health, compared with many other industries. A recent Insurance Institute study