Canadian Underwriter

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Underwriting


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News BrokersClaimsClaims CanadaInsurance

Auto insurance caught in a political cross-fire

April 20, 2022 by Alyssa DiSabatino

Alberta’s insurance industry saw a claims ratio of 77% for auto in 2020. While this is an improvement from 2016’s claims ratio of 87%, it still poses challenges for the industry, one industry rep notes.   Despite signs the province’s

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News BrokersInsuranceProfessional Development

Employee benefits in the new era of work

April 19, 2022 by Alyssa DiSabatino

About one-quarter of brokers say they are either likely or highly likely to leave the industry in the next three years, according to Canadian Underwriter’s National Broker Survey. One way to encourage brokers to stay would be to expand employee

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News BrokersClaimsClaims CanadaConstructionInsuranceMarkets / CoveragesRestoration

Proposal to end real estate bidding wars could affect P&C insurers

April 19, 2022 Philip Porado

Cracking down on factors contributing to home-price escalation is a major component of the Apr. 7 federal budget document. If successful, they could affect insurers’ ability to control reconstruction costs and other claims impacts for their insureds. Proposed budget actions

Multiracial workplace celebration.
News BrokersEmploymentInsuranceLegalLegislation / RegulationProfessional DevelopmentRisk

Not addressing diversity issues creates risk for brokers, survey finds

April 14, 2022 Phil Porado

Nearly all Canadian brokers agree addressing diversity, equity and inclusion (DEI) issues is linked to business success, according to a late 2021 Canadian Underwriter online survey of 208 brokers across Canada, made possible with the support of Sovereign Insurance. It

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News ClaimsInsuranceLegalMarkets / Coverages

‘Professional activities’ exclusions: Why insurers must almost always defend

April 13, 2022 by David Gambrill

Quebec’s Superior Court notes an insurer will almost always have a duty to defend an insured in disputes over policy exclusions for “professional activities.” “A review of the case law dealing with exclusion for ‘professional activities’ reveals that, in almost

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News AssociationsBrokersCommercial LinesEarnings / RatingsInsuranceLegalLegislation / RegulationProductsReinsurance

Does federal budget create new tax liability for P&C industry?

April 12, 2022 Greg Meckbach

A federal budget proposal to forbid insurers from using a contractual service margin as a deductible reserve for tax purposes could impose a one-time tax liability on the industry. International Financial Reporting Standard 17 (IFRS 17) will “substantially change the

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News BrokersClaimsInsuranceLegalMarkets / CoveragesRisk

More than eight in 10 Canadians admit they drive distracted

April 11, 2022 by Alyssa DiSabatino

Eighty-three per cent of Canadian drivers engage in at least one distracted driving behaviour, and this has only increased in the past year, finds a recent survey. But distracted driving doesn’t come without its costs.   Non-digital distractions lead the

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News BrokersEmploymentInsurance

Some brokers say they face workplace discrimination

April 8, 2022 Philip Porado

Canada likes to see itself as a leader in the areas of diversity, equity and inclusion (DEI). And while it may be ahead of certain countries, some Canadian brokerage industry employees said they have faced various forms of workplace discrimination.

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News AnnouncementsAssociationsCommercial LinesInsuranceProductsRisk

How the federal budget impacts P&C insurers

April 8, 2022 Philip Porado, with files from Melissa Shin and Rudy Mezzetta

As expected, 2022’s federal budget included a 1.5% bank and insurer surtax for taxable income over $100 million for taxation years that end after April 7. That means those companies will pay 16.5% on income above that threshold going forward.

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News BrokersClaimsEarnings / RatingsInsuranceMarkets / Coverages

How auto could be the force that eats into Canadian insurers’ results

April 8, 2022 by David Gambrill

With ROE levels in the Canadian P&C industry at a historic high of 17%, count Lloyds Canada among the list of insurance providers that caution the industry not to squander the hard-won gains of the hard market in a bid

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News CatastrophesClaimsClimate ChangeInsuranceMarkets / Coverages

What Canadians can expect of future hurricane seasons

April 7, 2022 by David Gambrill

Atlantic Canadians can expect to see more and increasingly intense hurricanes, as sea surface temperatures continue to warm up as a result of climate change. “Warmer sea surface temperatures fuel stronger hurricanes,” Swiss Re Canada CEO Monica Ningen observed during

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News Insurance

How profitable was Canada’s P&C industry last year?

April 7, 2022 by Jason Contant

Last year saw the lowest-ever combined ratio in the Canadian P&C insurance industry, making it the third most profitable year for Canada’s P&C insurance industry since 1975, according to the Property and Casualty Insurance Compensation Corporation (PACICC). “The 2021 industry