Canadian property and casualty insurers should expect that the adoption of the new financial accounting standard, International Financial Reporting Standard 17, will take some work and investment. That said, any growing pains should give way to greater comparability with global jurisdictions and, in many cases, more helpful financial reporting.
The balancing act demanded of employees trying to meet the twin goals of efficiency and data safety makes the people side of data security critically important. Organizations must design security programs that implement a mix of solutions to address security awareness, enablement and protection in the workforce.
Reinsurance pricing has hit a low note. Global conditions continue to put downward pressure on rates, but forces are in place that could foster more effective and efficient response. Will innovation and partnerships both within and outside the industry allow reinsurers to hit a higher note in future?
Alice Keung, Economical Insurance’s chief transformation officer, says a key lesson learned from working in various sectors is the need to focus on the customer perspective.
So much technology; so many possibilities. Increasingly for the property and casualty insurance industry, however, it feels as though a greater ease is developing around technology and technological advances. No longer is technology seen in p&c insurance as the stereotypical…
Risk professionals are no strangers to change. But as technology continues to transform the risk landscape at top speed – sometimes in surprising ways – professionals will need to keep pace to remain current.
All hosts know there are several elements that need to be properly planned when hosting a social function: the company, the food, the music and, of course, the refreshments. With the anticipated legalization of recreational marijuana in Canada, however, could a social host face exposure if marijuana is provided and something unexpected happens?
Cyber risks should be on the radar of every type of business. Manufacturing has lagged other sectors in buying insurance, revealing vulnerabilities that have not, until recently, been fully appreciated, but could lead to enormous costs. Considering all vulnerabilities is essential to building towers of coverage that provide meaningful protection.
A bill of lading is the first document that everyone looks for whenever there is any cargo claim. That said, insurers are advised not to rely solely on such documents. Appropriate investigation of all aspects discussed by the various contracting parties, whether written or oral, is also critically important.
Ontario brokers and insurers need to know about upcoming changes to the definition of road-building machines. Certain machines will no longer be included in package, inland marine or other coverage forms, meaning they must now be registered/licensed and insured under an Ontario auto policy. Should an injury occur involving a machine that is not so insured, losses could exceed limits.
Determining where a company should put its digital dollars can be a challenge. Ultimately, mapping potential digital investments to strategic objectives can help an insurer prioritize investments and set a solid foundation for current and future developments.
A recent ruling by Alberta’s Court of Appeal, finding insurers are not guarantors of construction, could have an impact on insurers facing large claims for pre-existing deficiencies or long-standing building code infractions revealed by inspections after damage from an insured peril. Does the reasoning mean insurers in Alberta no longer need to pay for deficiencies never realistically contemplated as being part of the insured risk?