Damage from secondary perils such as thunderstorms in the first half of 2023 is of primary concern to reinsurers. A series of widespread thunderstorms hitting the U.S. accounted for 68% of global insured natural catastrophe losses in the first half of 2023, according to a report from Swiss Re. The reinsurer estimated global 2023 first-half […]
By David Gambrill | August 10, 2023
3 min read
Subrogation for third-party liability (TPL) in Saskatchewan doesn’t appear to have a significant impact on the cost of insurance for drivers in the province, a Saskatchewan Government Insurance (SGI) spokesperson suggested to Canadian Underwriter. In Saskatchewan, the public insurer subrogates for TPL, meaning coverage in impaired driving cases is extended to the injured third party […]
By Jason Contant | August 10, 2023
3 min read
Record hot ocean temperatures and a tardy El Nino are doubling the chances of a nasty Atlantic hurricane season this summer and fall, the National Oceanic and Atmospheric Administration said Thursday. With the Atlantic hurricane season already well above normal so far, NOAA increased how many storms to expect and how busy the season can […]
By Jason Contant | August 10, 2023
3 min read
Even as Canadian companies become more aware of their cyber risk, threat actors are hardly deterred, a new report shows. Canadian companies are paying nearly $7 million Cdn, per incident, in data breach costs. That’s the third highest in the world, according to the IBM’s 2023 Data Breach Report. The average cost of an […]
By Alyssa DiSabatino | August 10, 2023
2 min read
As Canadian farms increase in size, so too does the severity of fire losses in the agricultural sector, a farm insurance expert told Canadian Underwriter. In general, the number of farms in Canada is dropping, but they’re getting much larger. So, severity of losses increases just by the nature of the increased values and size […]
By Jason Contant | August 9, 2023
3 min read
A cooling trend with potential rain showers across much of British Columbia is expected to ease wildfire conditions for the next 36 to 48 hours, but hot, dry weather is set to return by the end of the week. The immediate forecast is welcome and will temporarily ease wildfire suppression efforts, BC Wildfire Service information […]
By Jason Contant | August 9, 2023
2 min read
A fidelity bond issued by Berkshire Hathaway does not cover the loss of an investment firm arising from a Ponzi scheme perpetrated by one of its underlying fund managers. The Ontario Superior Court decision will be appealed, counsel for the investment firm, SureFire Dividend Capture LP (SDC), told Canadian Underwriter Thursday. The complicated, $31-million case […]
By David Gambrill | August 9, 2023
4 min read
In the United States, the White House has floated the idea of a total ban on ransomware payments, a move that could change the role of a company’s chief information and security officer (CISO), says one expert on corporate information security. Such a ban would, “for the first time…elevate the cybersecurity conversation to the CEO, […]
By David Gambrill | August 8, 2023
3 min read
MONTREAL – Quebec provincial police say 22 people died in crashes on the province’s roads and trails over the past two weeks, marking a particularly deadly summer holiday period. Police say there were 13 fatal road accidents as well as four involving off-road vehicles during the two-week construction holiday, when construction workers and many other […]
By Jason Contant | August 8, 2023
1 min read
Ontario’s auto insurance regulator has used the phrase “systemic non-compliance” to describe how the province’s 12 largest auto insurance companies are approaching Ontario’s take-all-comers requirement. According to a Financial Services Regulatory Authority of Ontario (FSRA) report, released Friday, market behaviour in the province’s auto insurance industry has led to several negative impacts on consumers: Ontario’s […]
By Phil | August 4, 2023
3 min read