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News InsuranceRiskTechnology

What companies prioritize over cybersecurity

April 1, 2022 Philip Porado

Even as instances of cyberattacks grow in North America and worldwide, business leaders in charge of cybersecurity appear to be putting other priorities first, according to a recent study from cybersecurity firm Trend Micro. It found that if push came

Two spheres, one red and one blue, of equal weight each on one side of a scale
News CatastrophesInsuranceRisk

Risk of flood loss is now on par with primary perils: Swiss Re

March 31, 2022 by Alyssa DiSabatino

Secondary peril events such as flooding are becoming just as big of a threat — or worse — to global property and casualty insurers than primary perils, Swiss Re Institute’s recent sigma study finds. “The loss potential from single flood

European Union sanctions Russia.
News AnnouncementsClaimsCommercial LinesEarnings / RatingsInsuranceMarkets / CoveragesProductsReinsurance

Ratings agency suspends commercial activities in Russia

March 30, 2022 Philip Porado

Getting ahead of a European Union-imposed Apr. 15 sanctions deadline, a major global credit ratings agency specializing in the insurance industry has suspended all commercial activities in Russia. AM Best said it’s also withdrawn all credit ratings on reinsurance companies

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News BrokersEmploymentInsuranceMarkets / Coverages

Brokers say stress may cause them to leave industry, survey finds

March 29, 2022 Philip Porado

Being 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

Ukraine war's eastern front.
News ClaimsCommercial LinesInsurance

How war in Ukraine may impact business loss claims

March 25, 2022 Philip Porado

Canada’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

Toll stations on an elevated bridge between the US and Canada.
News ClaimsCommercial LinesInsuranceReinsuranceRisk

Supply chain concerns overshadow logistics data hacks

March 24, 2022 Philip Porado

While 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

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News BrokersEmploymentInsuranceProfessional Development

One way for the P&C industry to train new young leaders

March 24, 2022 by Alyssa DiSabatino

The 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,

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News Insurance

How to deal with loss trends in new DCPD auto insurance scheme

March 23, 2022 by Jason Contant

Nova 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

Russian manufactured guided missile launcher with three rockets, oriented towards west, ready for deployment
News AdjustersBrokersClaimsCommercial LinesInsuranceMarkets / CoveragesProductsRisk

From nukes to export tangles, war shows need for custom covers

March 23, 2022 Philip Porado

Clients 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

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News Earnings / RatingsInsurance

What the federal Liberal-NDP deal means for P&C insurers

March 22, 2022 by Alyssa DiSabatino

Editor’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

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News BrokersInsurance

What can P&C insurance learn from racial bias in other financial services?

March 21, 2022 by Alyssa DiSabatino

Some 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

Digital documents being sorted.
News AnnouncementsAssociationsBrokersCommercial LinesInsuranceLegislation / RegulationProductsTechnology

Commercial data standards get green light

March 18, 2022 Canadian Underwriter Staff

Commercial 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