Topic
Risk
Why the hard market and COVID-19 shifted brokers’ focus
June 9, 2023 David GambrillCommercial lines in Canada have changed in the aftermath of the pandemic. These days the monolithic ‘hard market’ has evolved into multiple markets differentiated by segmented pricing and best-in-class loss-control measures. And the commercial broker’s role has changed accordingly. After…
Feds looking to create national emergency response agency
June 9, 2023 Sarah Ritchie - THE CANADIAN PRESSOTTAWA – The federal government is looking at creating some kind of national disaster response agency in the face of an unusually intense and destructive start to the wildfire season across the country. At the moment, federal departments including Emergency…
What downtown ghost towns mean for commercial coverage
June 2, 2023 Philip PoradoVaccines have blunted the worst edge of COVID-19, and that has employers urging workers to come back to pricey office space in Canada’s downtowns – if only once or twice a week. But a high percentage of office workers aren’t…
Hurricane season has started. What can the industry expect?
June 1, 2023 by Alyssa DiSabatinoThe 2023 hurricane season is shaping up to be near normal as the current ocean temperatures (which fuel hurricane activity) and the El Niño patterns (which hinder it), are converging to neutralize one another, industry outlooks suggest. For the P&C…
Feds developing cybersecurity process for defence contractors
June 1, 2023 Sarah Ritchie - THE CANADIAN PRESSOTTAWA – The federal government says certain defence contracts will be subject to a mandatory cybersecurity certification process starting in the winter of 2024. Defence Minister Anita Anand made the announcement Wednesday morning at the Canadian Association of Defence and…
How hybrid work can increase broker E&O risk
May 31, 2023 David GambrillWorkplace flexibility, one feature of a hybrid workplace, has proven to be a selling point to attract younger brokers. But the hybrid office makes it difficult to supervise newly recruited brokers to make sure they’re doing things correctly, broker E&O…
OSFI to review earthquake risk and minimum capital tests
May 25, 2023 by Jason ContantCanada’s solvency regulator will take a closer look at earthquake risk and the minimum capital test (MCT) for P&C insurers, an executive from the Office of the Superintendent of Financial Institutions (OSFI) said during an industry event last week. Earthquake…
Does one-size-fits-all regulation work for the P&C industry?
May 23, 2023 by Alyssa DiSabatinoP&C insurance industry leaders called for bespoke, yet predictable, regulation at the Insurance Bureau of Canada Financial Affairs Symposium last week. When asked broadly about regulation, Celyeste Power, IBC president and CEO noted no two carriers are alike, and so…
Why D&O brokers are looking at risk mitigation
May 19, 2023 Philip PoradoAmid signs the recently easing directors and officers (D&O) coverage segment may gradually become a bit tougher, brokers and insurers will be taking a closer look at companies’ risk-mitigation procedures. When writing risks, Catherine Lanctot, senior vice president and national…
Aon reveals top risk exposure for Canadian companies in 2023
May 18, 2023 by David GambrillCanadian businesses are seeing a rise in the cost of their business interruption claims, causing BI to be one of their top risk concerns in 2023, according to a new report by Aon Canada. “The sources of business disruption for…
How insurers will handle new third-party risk-management guideline
May 18, 2023 by Alyssa DiSabatinoCanada’s financial solvency regulator’s new guideline for managing risks associated with third parties (including brokers) will require insurers to find a ‘balance point’ for compliance, one industry expert said. The Office of the Superintendent of Financial Institutions Guideline B-10: Third-Party…
Risk of shock to financial system down, but concerns linger: Bank of Canada survey
May 15, 2023 The Canadian PressOTTAWA – Risk management experts believe the likelihood of a shock that could impair the Canadian financial system has decreased since last year, but concern remains around geopolitical tensions, high inflation, unemployment and household debt burdens. The Bank of Canada’s…