Industry

How insurers and brokers are adapting to cyber-pricing shifts

MGAs and insurers continue to report increased severity and frequency of cyber claims. In fact, in-house data shows cyber claims have been increasing for years, said Lindsey Nelson, cyber development leader at CFC Underwriting. Simultaneously, the take-up of cyber insurance is also seeing an increase. But given the overall unprofitability of the line, how are […]

By Phil | March 22, 2022

2 min read

Top 5 wild and wacky insurance fraud claims

Saskatchewan Government Insurance (SGI) saved approximately $6 million in 2021 from “hundreds of people” attempting to make fraudulent claims, the public insurer reported last week. “SGI’s Special Investigations Unit (SIU) investigates wild and wacky insurance claims, many of which turn out not to be true,” the government insurer said in a press release. SGI’s Top […]

By Jason Contant | March 22, 2022

3 min read

Say what you want about the hard market, it’s working

The hard market may be the biggest challenge facing the broker channel, according to Canadian Underwriter‘s 2022 National Broker Survey, but statistics show it’s vastly improved the P&C industry’s financial health. Canada’s property and casualty insurance industry reported an underwriting profit of almost $7.6 billion in 2021, according to statements released today by the Office […]

By David Gambrill | March 22, 2022

2 min read

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

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 for P&C insurers. However, the exact structure of the surtax has yet to be clarified. […]

By Alyssa DiSabatino | March 22, 2022

3 min read