Topic
Risk
From nukes to export tangles, war shows need for custom covers
March 23, 2022 Philip PoradoClients needing war, political violence or terrorism insurance may need to seek bespoke covers, noted a recent Ukraine technical update from claims manager Crawford. “The purpose of a political violence policy is to dovetail with the commercial property policy and…
B.C.’s auditor general says more work needed to assess risk of fraud in public sector
March 17, 2022 The Canadian PressVICTORIA – British Columbia’s auditor general says the government’s framework to manage fraud in the public service is well underway, but it’s not fully developed. Michael Pickup says in a news release that fraud risk management in the province is…
‘Antivirus on steroids’ — one way to protect your clients from ransomware
March 16, 2022 by David GambrillTo help clients detect their cyber exposures, insurers are recommending ‘powerful’ preventative measures such as endpoint detection responses (EDR) — dubbed ‘antivirus on steroids.’ Used in combination with multi-factor authentication, EDR is deemed superior to traditional anti-virus software because the…
How insurers are rethinking ransom coverage
March 15, 2022 Jason ContantRansomware has long been a thorn in the side for insurers, particularly in recent years. And, although the market will continue to see rate changes in reaction to ransomware losses over the next year, “insurers will be equally focused on…
What if the disaster models are wrong?
March 14, 2022 Canadian Underwriter StaffFor nearly a quarter century, the Office of the Superintendent of Financial Institutions (OSFI) has required Canadian P&C carriers to demonstrate capacity for handling major earthquakes, including so-called one-in-500 year events. Canada’s P&C industry is well capitalized and backed by…
New twist on underwriting flood risk: human-altered stream flows
March 11, 2022 by Alyssa DiSabatinoHuman-altered stream flows, such as dams, canals or areas of heavy urbanization, are at a greater risk of flooding, new research finds. And this could potentially impact flood risk ratings, P&C industry experts say. A study by researchers at the…
Insurers checking their war exclusions for cyberattacks
March 10, 2022 Philip PoradoWhile cyberattacks have increased since Russia invaded Ukraine and numerous countries responded with tighter sanctions, most of those attacks have been more basic distributed denial-of service attacks on both sides of the conflict, said a DBRS Morningstar commentary on cyber…
Aviva reveals Top 5 risks facing Canadian businesses
March 10, 2022 by Alyssa DiSabatinoPublic health events proved to be the top threat across the board for Canadian businesses in 2021 – and most businesses plan to review their insurance policies in the next year, new research shows. Cybersecurity incidents, the health and mental well-being…
AXA XL hires two energy business underwriters
March 3, 2022 Canadian Underwriter StaffAXA XL has named Kate Zhou as senior underwriter and Ian Lui as underwriter for its Canada energy business. Both are based in Toronto. Zhou will report to Jennifer Arezes, head of property, construction and energy in Canada, who called…
Zurich Resilience Solutions in Canada adds new executive talent
March 2, 2022 by David GambrillZurich Canada is growing Zurich Resilience Solutions (ZRS) in Canada, adding Scott Thomas to the team as the head of ZRS for Canada and Chris Snider as head of sales and distribution. “This investment in ZRS Canada talent is an exciting step on our journey…
How inflation could prolong the hard market
February 25, 2022 by David GambrillInflation could prolong the hard market in Canada’s property and casualty lines, brokers caution. RMS Canada reports that inflation will hit 5% in 2022 before approaching 3% by the year’s end. “Persistent inflation is primarily due to supply constraints and…
How much did the average Canadian risk manager earn in 2021?
February 1, 2022 by Alyssa DiSabatinoCanadian risk managers experienced an average 18.8% salary increase in 2021 from two years prior — and women Canadian risk professionals saw an even bigger jump — according to a recent Risk Management Society (RIMS) survey. The 2021 Risk…