Table of Contents
Canadian Underwriter -
Business risks are becoming increasingly complex. Canadian companies must respond to growing challenges by adopting stronger internal controls, implementing a holistic approach to risk management and determining if business continuity plans are robust enough to adequately address any major interruption.
A mix of environmental, economic and sociological pieces make up a costly puzzle when it comes to water damage risk and the potential effect on Canadian property insurance pricing.
Preparing for Disaster
Understanding insurance industry conditions today can help Canada be better prepared moving forward. The cost of natural disaster is rising as the global risk landscape evolves. Policy-makers must re-evaluate how they mitigate the financial impact of disasters.
Home Equipment Breakdown
There have been great advances in the capability of home systems, everything from smart appliances to back-up generators and medical equipment. But no system is perfect. What is the best option to protect against any related breakdowns?
A Matter of Time
Earthquakes happen in Canada all the time, but most are either too slight to cause damage or occur in remote and sparsely populated areas. But it is only a matter of time before a really significant earthquake strikes one of the major concentrations of insured property found today in highly developed areas.
Understanding and managing operational risks will be key to success in 2014, suggests a new outlook from Aon Risk Solutions. Organizations are advised to test the strength of their existing programs and develop risk management practices to lower their total cost of risk.
For property and casualty insurers today, "risk" is a lot more than a four-letter word. By leveraging technology and focusing on the customer, and understanding of new and emerging risks can serve as a means for insurers to position themselves for growth going forward.
Canada's highest court has outlined a new summary judgment test. With the recent Hryniak decision, one may expect an increase in summary judgment motions brought and for judges to play a more expansive role. Ideally, that would mean more cases can be heard quicker and with less cost.
Resolving Dispute Resolution
The recently completed review of Ontario's auto dispute resolution system offers 28 recommendations, including the creation of a new tribunal to handle disputes involving the Statutory Accident Benefits Schedule (SABS).
Climate change is contributing to sea level rise, coupled with changing temperature and precipitation patterns. This has Canadian municipal risk managers grappling with challenges posed by more frequent and more severe disasters, including flood and damaging winds. While some officials focus on mitigation measures, such as improving drainage and building dikes, some experts suggest the best approach is to discourage development in high-risk areas, or at the very least, enforce building standards that reduce risk.
At the Crossroads
Bev Duthoit and Valerie Barber, co-chairs of the 2014 RIMS Canada Conference, say a changing risk landscape is now simply a business reality.