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Canadian Underwriter - July 2015


Calm before the Storm?
Will climate change make Canada vulnerable to hurricanes? Industry's ability to observe tropical cyclone activity in the North Atlantic has certainly improved. Climate change could result in an increase in hurricane intensity, and should that occur, the geographical extent of the storms will be greater and the impacted area larger.

Shaky View
Hollywood disaster movies can help temporarily raise the level of earthquake risk awareness. But additional and concerted efforts are required - including around improved understanding of associated risks and available insurance cover - to achieve a permanent solution.

Positive Signs
Having identified British Columbia as a province with strong growth and profit potential, SGI CANADA is set to enter the marketplace this summer. While the focus in the short term will be to provide brokers in the interior with an additional market and capacity, the company will eventually offer products in higher earthquake regions.

Sussing out Risk
Data and analytics may offer the clues to help solve the mysteries of weather-related risk. In response to the explosion of third-party providers of data and analytics, many commercial insurers are reassessing their traditional methods for capturing information about potential risks.

Building Success, Building Protection
Public-private partnership (P3) agreements are emerging as the design, build, fund and operate model of choice in Canada. But while the model offers an opportunity to share risks and realize rewards, it demands careful consideration of potential exposures, including environmental risk, which are best addressed by tailored cover.

Beyond Fun and Games
Toronto is playing host to the Pan Am Games and the Parapan Am Games this summer. But what if something happened - a flood, a civil protest, a transportation shutdown? What could it mean for reinsurers and insurers if the Games are interrupted?

Recreational Waivers
Vendors of recreational activities, such as amateur athletics and extreme sports, can face legal actions in the event of accidents, including those resulting in injury. What are the issues around waivers in the recreational industry and what steps should be taken in support of a waiver defence?


Cover story

Water Logged
There is no getting away from water in Canada's property and casualty insurance industry. Protection is available for much of the damage that water can do on the residential side, but not all. Will the overland flooding options now becoming available help cap the flow or will leaks in coverage remain? And what might this evolving environment mean for insurers and reinsurers alike?


Closing the Divide
With advances in casualty catastrophe modelling and greater use of enterprise risk management, liability insurers are poised for a transformation in risk management, reinsurance focus and strategy. The shifting focus to real exposures of liability business is closing the divide that, until recently, has existed between the framework that supports property versus casualty exposures.


Customers First
Albert Poon, president of the Canadian Independent Adjusters' Association, says adjusters understand the importance of putting customers first.