Canadian Underwriter

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Underwriting


High rise building construction in urban area.
News AdjustersClaimsCommercial LinesConstructionEngineeringInsuranceLegal

A new way for insurers to handle construction delays and cost overruns

March 17, 2022 Jonathan E. McNatty

Since 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

A hacker spying your data file
News BrokersClaimsCommercial LinesInsuranceMarkets / CoveragesRiskTechnology

“Antivirus on steroids:” One way to protect your clients from ransomware

March 16, 2022 by David Gambrill

To 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

Private and commercial vehicles drive down a scenic highway. The high bridge at the Pennsylvania Turnpike on the sunny spring day. Lehigh Valley, Poconos region, Pennsylvania, USA.
News Markets / Coverages

Inside Facility Association’s plan to harmonize commercial auto rates

March 14, 2022 by Alyssa DiSabatino

Facility 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

Road damaged by earthquake
News Claims CanadaClimate ChangeInsuranceReinsuranceRisk

What if the disaster models are wrong?

March 14, 2022 Canadian Underwriter Staff

For nearly a quarter century, the Office of the Superintendent of Financial Institutions (OSFI) has required Canadian P&C carriers to demonstrate capacity for handling major earthquakes, including so-called one-in-500 year events. Canada’s P&C industry is well capitalized and backed by

Water rushes through hydroelectric dam. A forest and mountains can be seen in the distance.
News Climate ChangeInsuranceRisk

New twist on underwriting flood risk: human-altered stream flows

March 11, 2022 by Alyssa DiSabatino

Human-altered stream flows, such as dams, canals or areas of heavy urbanization, are at a greater risk of flooding, new research finds. And this could potentially impact flood risk ratings, P&C industry experts say.  A study by researchers at the

Digital hand grenade
News AdjustersClaimsCommercial LinesInsuranceLegalLegislation / RegulationMarkets / CoveragesReinsuranceRisk

Insurers checking their war exclusions for cyberattacks

March 10, 2022 Philip Porado

While cyberattacks have increased since Russia invaded Ukraine and numerous countries responded with tighter sanctions, most of those attacks have been more basic distributed denial-of service attacks on both sides of the conflict, said a DBRS Morningstar commentary on cyber

Oil rig on the prairies.
News Climate ChangeCommercial LinesInsuranceReinsurance

Sanction-fueled oil demand could boost Alberta captives plan

March 9, 2022 Philip Porado

Sanctions on Russian oil and a major insurer’s recent announcement that it will depart oil sands coverage could spark additional interest in Alberta’s plans to allow captive insurers to domicile in the province. On Mar. 1, AIG said it had

Sculpture of Themis, mythological
News ClaimsClaims CanadaCommercial LinesInsuranceLegal

Where insurers are at with Canadian pandemic BI litigation

March 9, 2022 by David Gambrill

Canadian courts are dealing with pandemic business interruption (BI) cases at a glacial pace compared to those in the U.K. and the United States, prompting some legal observers to call for judicial reform. “As the pandemic extends into its third

Professional liability insurance policy on a table.
News ClaimsCommercial LinesInsuranceLegal

Court sides with insurer in $2.5-million professional liability case

February 28, 2022 by David Gambrill

Two creditor firms seeking to access insurance policy proceeds in a $2.5-million trust fund misappropriation case against a lawyer lost their bid to interpret the $500,000 sublimit as applying to each of their claims, instead of being an aggregate policy

Online shopping concept
News Insurance

Will brokers have a one-stop shop for MGAs?

February 23, 2022 by Jason Contant

The Canadian Association of Managing General Agents (CAMGA) is looking at using a technology platform that will make it easier for brokers to deal with MGAs. “CAMGA’s currently in the exploratory process of building a platform that will make it

Head with a bookshelf in front of black wall
News BrokersEmploymentInsurance

Brokers bemoan lack of seasoned underwriters

February 22, 2022 Gloria Cilliers

A major shortage of seasoned commercial underwriting staff is impacting broker relationships and productivity, some brokerages have reported. For an industry already struggling with a country-wide talent crunch exacerbated by the pandemic, renewed M&A activity and a hard market, brokers

Successful business woman leading a group and looking at the camera smiling
News Commercial LinesInsuranceLegal

Lawyers on boutique D&O: Don’t just take your broker’s word for it

February 16, 2022 by David Gambrill

For boutique D&O coverages, a law firm says companies should be bringing in a lawyer to look at the contract coverage and not just rely on the opinion of the insurance broker about coverage. This is particularly true in business