Segment
Underwriting
Brokers say stress may cause them to leave industry, survey finds
March 29, 2022 Philip PoradoBeing 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…
How war in Ukraine may impact business loss claims
March 25, 2022 Philip PoradoCanada’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…
Supply chain concerns overshadow logistics data hacks
March 24, 2022 Philip PoradoWhile 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…
One way for the P&C industry to train new young leaders
March 24, 2022 by Alyssa DiSabatinoThe 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,…
How to deal with loss trends in new DCPD auto insurance scheme
March 23, 2022 by Jason ContantNova Scotia Utility and Review Board (NSURB) has approved Facility Association’s (FA) overall rate increase of 11.1% as well as a proposed revision of its risk classification system for taxis. In doing so, the board had some words of advice…
From nukes to export tangles, war shows need for custom covers
March 23, 2022 Philip PoradoClients needing war, political violence or terrorism insurance may need to seek bespoke covers, noted a recent Ukraine technical update from claims manager Crawford. “The purpose of a political violence policy is to dovetail with the commercial property policy and…
What the federal Liberal-NDP deal means for P&C insurers
March 22, 2022 by Alyssa DiSabatinoEditor’s Note: This story has been updated to include information from Insurance Bureau of Canada. The Liberal party’s campaign promise to include a higher surtax on the financial sector is one step closer to being implemented, which means higher taxes…
What can P&C insurance learn from racial bias in other financial services?
March 21, 2022 by Alyssa DiSabatinoSome financial services have begun to implement solutions to determine if there’s racial bias in lending and credit rating practices – and it may be applicable to the P&C industry. New research by the Casualty Actuarial Society looks to address the…
Commercial data standards get green light
March 18, 2022 Canadian Underwriter StaffCommercial insurance brokers are a step closer to having standards for policy inquiries on certain auto and general liability coverage. The Centre for Study of Insurance Operations (CSIO) said its Innovation and Emerging Technology (INNOTECH) API working groups have published…
A new way for insurers to handle construction delays and cost overruns
March 17, 2022 Jonathan E. McNattySince 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…
‘Antivirus on steroids’ — one way to protect your clients from ransomware
March 16, 2022 by David GambrillTo help clients detect their cyber exposures, insurers are recommending ‘powerful’ preventative measures such as endpoint detection responses (EDR) — dubbed ‘antivirus on steroids.’ Used in combination with multi-factor authentication, EDR is deemed superior to traditional anti-virus software because the…
Inside Facility Association’s plan to harmonize commercial auto rates
March 14, 2022 by Alyssa DiSabatinoFacility Association will introduce a harmonized rating program for commercial and non-private passenger vehicles, which will help automate the rating process and put the brakes on truck operators trying to game the system, according to FA President and CEO Saskia…