Often described by Canadian property and casualty risk professionals as ‘uncertain,’ ‘volatile,’ and even just plain ‘weird,’ the post-pandemic era now has a name — we’re in a poly-crisis. “Here’s a short definition of what poly-crisis means — it comes…
Three-quarters of brokers believe their organizations must address diversity to be a successful business. Yet, this number is waning — from 91% in 2022 to 84% in 2023, and to 75% in 2024, according to a recent Canadian Underwriter survey.…
Mandatory entry-level training (MELT) for new commercial truck drivers needs to be implemented across Canada, and trucking companies must follow this up with mentorship and onboarding programs, a new report commissioned by the Insurance Bureau of Canada recommends. Plus, safety…
The global voluntary carbon market (VCM) is expected to show “hockey stick growth” over the next few decades, representing a dramatic opportunity for the insurance industry. “Look at the cyber market now in insurance — it’s the new big thing,”…
British Columbia’s premier says a training and education centre for wildfire fighters will be established in response to recommendations by a task force that looked into last year’s catastrophic wildfires. David Eby says the centre at Thompson Rivers University in…
Canada is not immune to social divisions resulting in damage caused by political protests, and insurance companies can do three things to prepare for political risk, says a new report published by the Insurance Institute of Canada. First, insurance companies…
Toronto police announced the recovery of 48 stolen vehicles and the arrests of seven people Wednesday as they detailed their latest attempt to crack down on the growing issue of auto theft in the region. Investigators said information gathered during…
A new report by the Government of British Columbia details its commitment to developing a provincially coordinated floodplain mapping program, and sheds light on how and where it intends to rebuild communities after a flood. More specifically, the report, From…
The Town of Strathmore recently finalized its hazard reduction burn plan, which aims to reduce the risk of grass and wildfires in the local region. According to the town, the plan aims to assess grassland fuels on the landscape within…
Canada’s upcoming national flood insurance program needs to specify exclusions, phase in risk-based premiums, and provide incentives for flood resilience measures, the Canadian Climate Institute (CCI) says in a recent blog. A low-cost flood insurance program should drive safer decisions…
This winter clocked in as Canada’s warmest winter ever, and adjusters are already sounding the alarm that a winter with no or little snow could mean more wildfire claims over the rest of the year. Snowpack in winter is one…
Canada’s solvency regulator has tweaked its climate risk reporting guidelines in response to input from the property and casualty insurance industry. In several ways, OSFI has responded positively to concerns expressed by P&C insurers over how climate change-related risk and…