Canadian Underwriter

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Risk Management


A life preserver floating in the water with a mini earth resting inside of it.
News InsuranceLegislation / RegulationRisk

OSFI posts new guidance on climate risk stress testing

May 26, 2022 by Alyssa DiSabatino

The Office of the Superintendent of Financial Institution’s (OSFI) newly released draft of Climate Risk Management may mean P&C insurers will have to include climate scenario analysis as a part of their stress testing — and it may require insurers to

Mechanic working on the underside of a vehicle
News Insurance

Auto insurance: How to handle acid spill claims

May 26, 2022 by Jason Contant

Insurers would be well-advised to have experts and claim-handling protocols on hand to identify unique claim situations such as the two sulphuric acid spills in Trail, B.C. several years ago, two forensic engineers say. On Apr. 10 and May 23,

Tree damage following derecho
News Insurance

Emergency alerts when severe weather happens can be improved: Environment Minister

May 26, 2022 Mia Rabson - THE CANADIAN PRESS

OTTAWA – Emergency weather alerts that are broadcast over the mobile network should be improved to make sure they are getting to the right people at the right time, Environment Minister Steven Guilbeault said Wednesday. Guilbeault is in Germany for

Delta flooding after hurricane.
News AdjustersBrokersCatastrophesClaimsClaims CanadaClimate ChangeCommercial LinesEngineeringInsuranceMarkets / CoveragesReinsuranceRestorationRisk

How to speed up claims response for NatCats

May 25, 2022 Yasser Korany, Mario Delorme and Mazen Habash

Extreme weather events have become common, some bringing unprecedented levels of destruction to structures and facilities, overwhelming owners, property managers and insurers. In response, nearly all major insurers have created centralized Cat units dedicated to handling claims arising from extreme

Open hood on a modern car
News Insurance

Ford recalls vehicles including nearly 3,000 SUVs in Canada over fire risk

May 20, 2022 The Associated Press

DETROIT – Ford has issued three recalls of more than 350,000 vehicles in North America, including nearly 3,000 in Canada and 39,000 in the U.S. due to a risk the engines could catch fire. Transport Canada said in a recall

Rock climber getting a helping hand.
News InsuranceRisk

Why COVID-19 created opportunities for risk managers

May 19, 2022 Jason Contant

Risk management professionals are gaining a voice in the executive ranks, partially because COVID-19’s helped raise the sector’s profile. “There is now a seat at that table where there never was before,” said Steve Pottle, chairman of the RIMS Canada

Map of Canada
News CatastrophesClaimsCommercial LinesConstructionInsuranceMarkets / CoveragesRisk

5 key trends in the Canadian P&C market, according to Aon

May 18, 2022 Canadian Underwriter Staff

P&C insurers are actively managing how they deploy their global capacity for cyber insurance, and the underwriting process for that sector continues to gain rigor, said Aon’s quarterly global markets insights report. Although the frequency of cyber claims remained relatively

Stock market trading screen showing sell-off.
News BrokersClaimsClaims CanadaCommercial LinesInsuranceLegalRisk

Stock market volatility may spike E&O claims

May 17, 2022 Michelle Schriver

Investors are taking a turbulent ride as global stock markets correct and increasingly run the risk of entering recession territory. And, with some advisors’ clients ‘at the edge,’ that raises a red flag for errors and omissions (E&O) claims against

Queen's Park, home of Ontario's provincial legislature.
News AnnouncementsBrokersEmploymentInsuranceLegislation / RegulationMarkets / Coverages

Ontario Liberals eye auto insurance rates and towing sector

May 13, 2022 Philip Porado

Ontario Liberals want to bring down auto insurance rates but not via percentage targets, as envisioned by the New Democrats. “We will also work tirelessly to bring down auto insurance rates,” said Ontario Liberal Party press secretary Andrea Ernesaks. She noted that will

Gathering the data for underwriting a risk.
News BrokersCommercial LinesEmploymentInsuranceMarkets / CoveragesMergers and AqcuisitionsMGAsRisk

Where have all the good underwriters gone?

May 12, 2022 Gloria Cilliers

For years, insurers have poached commercial underwriters from one another amid M&A activity, an aging population and hard/soft markets. But that’s left the industry with less seasoned talent and slower investment in acquisition, training and retention. “Suddenly, more so than

A barren farm field
News Insurance

The window of opportunity to address increasing drought and expanding drylands is vanishing

May 10, 2022 The Canadian Press

By Margot Hurlbert, Canada Research Chair, Climate Change, Energy and Sustainability, University of Regina – THE CONVERSATION This article was originally published on The Conversation, an independent and nonprofit source of news, analysis and commentary from academic experts. Disclosure information

A container ship passes beneath a suspension bridge as it departs for Europe.
News InsuranceMarkets / CoveragesRisk

Could the P&C industry have anticipated current supply chain issues?

May 9, 2022 by Alyssa DiSabatino

Pandemic-related supply chain interruptions have been contributing factors to rising commercial client exposures, and this outcome could have been anticipated, say panellists in a Canadian Underwriter webinar. “When you think about firms who have offshored, whether it be processing, or