Québec businesses are more likely to prioritize business interruption and environmental risks than their counterparts in the rest of the country, according to a new report by Aviva. However, both Québec and the rest of Canada are equally keen on…
ST. JOHN’S, N.L. – Newfoundland and Labrador’s offshore oil regulator is laying charges in connection with a 2019 oil spill in the Hibernia field, which sits about 315 kilometres off the coast of St. John’s. The Canada-Newfoundland and Labrador Offshore…
Expect Canada’s solvency regulator to become more active in overseeing the P&C industry’s digital risks. “Insurers have become more digital with changes in business models and service delivery,” OSFI superintendent Peter Routledge said in prepared remarks to insurers attending the…
Fresh from emerging from a global pandemic, Canada’s P&C insurance industry is turning its mind toward the next item on its global risks list – the threat of an economic recession. Global economic recession topped the list of potential 2023…
In the wake of lifting of pandemic restrictions, digital transformation is becoming so extensive that organizations are having trouble getting a handle on their broadening cyber exposures. “As organizations grow and incorporate digital and cloud transformation into the fabric of…
Introducing Victor Canada’s new cyber assessment and consultation, a complimentary offering for Victor Errors & Omissions and Technology policyholders. An increase in the frequency and sophistication of cyberattacks has left many brokers wondering how best to help their clients manage…
Over the past 20 years, a transition from traditional risk management approaches to enterprise risk management (ERM) helped Canada’s property and casualty insurance industry post stronger performance and financial health, compared with many other industries. A recent Insurance Institute study…
With cybersecurity spending expected to exceed US$1 trillion, it’s clear more businesses than ever before are realizing the need to invest in their cyber defenses. “Yet throwing money at a problem is never the lone answer,” says Kevin Auger, department…
VICTORIA – British Columbia’s auditor general says Crown-owned BC Hydro can improve its management of potential fraud risks at the $16 billion Site C dam project. Michael Pickup says an audit found the Crown corporation has some elements of fraud…
Finding talent for the risk management sector is a little easier than it is for brokerages, a RIMS board director says. “There’s a lot of people who go into risk management who want to stay in risk management, so the…
Emergence of new risks alongside capacity restrictions across industry sectors makes it more important than ever for risk managers to strike the right balance between risk retention and risk transfer. Often, this leads to increased interest in alternative risk solutions…
The City of Revelstoke, B.C., has been found 35% contributorily negligent for not adhering to a recommendation contained in a 2011 risk management audit, which advised to maintain painted ‘No diving’ signs on a raft in Williamson Lake Park. “The…