After a shaky start, earthquake is steadily gaining profile among stakeholders from governments to policyholders about the risk and the importance of having plans in place. Nowhere in Canada is awareness higher than on the west coast of British Columbia, which abuts the ring of fire. But even there, a shift in thinking is under way as to what areas could produce the largest insured losses should a quake occur.
Ransomware is not new, but attacks are transforming in step with changing motivations. Businesses are advised to have in place precautions to thwart attacks when possible, complemented by cyber insurance should attackers manage to break through.
A New Brunswick court recently addressed a rarely litigated exclusion in liability policies, which are meant to ensure an insured’s intentional conduct does not attract coverage. The ruling, plus an earlier one in British Columbia, show that although a plaintiff may allege the insured’s conduct was intentional, the analysis must go further.
Wetlands are increasingly seen as an unexpected gift — one with the potential to keep on giving — in Canada’s continuing efforts to reduce costs from urban and rural flooding. The only proviso is that stakeholders, including municipal governments, need to support protective approaches that allow these valuable areas to remain as is.
Outsourcing looks poised to become even more popular for many organizations in many different sectors. Arguments for its use seem to be rightly moving down the well-trodden path of cost reduction to a place where quality, performance and — likely most important — customer service is the main focus. But what risks can moving out potentially bring in?
Can a single catastrophic event turn the reinsurance market? With the influx of capital, excess capacity and competition for business high – perhaps as high as it has ever been – is the notion that an event can right the…
Exploring the use of technology and reaching out to like-minded groups will be top of mind for Monica Kuzyk, the incoming president of the Canadian Independent Adjusters’ Association.
While reinsurance industry players must remain alert to what sometimes seems an endless stream of change, that focus should not distract them from taking timely action on lessons that have already been learned.
Businesses have plenty of stored data on their systems, some of it not currently being used and unlikely to be used in future. This information could prove fertile ground for hacking and potentially expensive breaches. A well-conceived purge may be necessary in order to ensure stored data does not turn toxic.
The Alberta government reports it is currently implementing most of the 31 recommendations contained in two commissioned reports exploring what worked and what did not in the wake of the massive Fort McMurray wildfire. And while Canada’s most costly natural disaster ever will not necessarily change how reinsurers here conduct business, there are rumblings of its potential impact on pricing.
Canadian onshore wind development faces a number of major threats — many the same as those globally, but some unique to the country. Throwing caution to the wind is not advised. Instead, keeping abreast of the latest technological developments and adopting measures to transfer risk are imperative to maintaining safe and profitable operations.
The lack of policy coverage understanding by consumers represents a major threat to home insurers’ reputations. Educating consumers now, in advance of damaging perils like flooding, could
encourage policyholder understanding and discourage dissatisfaction with insurers should such an event occur.