Topic Supply Chain
P&C industry fastening its seatbelt for risk of global recession
June 20, 2022 by David GambrillFresh from emerging from a global pandemic, Canada’s P&C insurance industry is turning its mind toward the next item on its global risks list – the threat of an economic recession. Global economic recession topped the list of potential 2023…
Key enterprises could face penalties under federal bill to bolster cybersecurity
June 14, 2022 by Jim Bronskill - THE CANADIAN PRESSOTTAWA – Key enterprises in the banking, telecommunications and transportation industries would be among those required to bolster cybersecurity and report digital attacks – or possibly face penalties – under a federal bill introduced Tuesday. The legislation is intended to…
Why adjusters are feeling squeezed during Cat response
June 3, 2022 by Alyssa DiSabatinoAs NatCats increase in frequency, getting adjusters to the scene of a claim has been “tougher than it’s been in years past.” Claims experts blame economic strain and inflationary pressures, as well as to the ongoing war for talent. Following…
Auto sales fall 8.5% in May from a year earlier as supply challenges persists
June 3, 2022 by The Canadian PressTORONTO – DesRosiers Automotive Consultants (DAC) says Canadian auto sales were down 8.5 per cent in May compared with a year earlier as supply challenges persist. The consultancy estimates 140,725 new light vehicles were sold in the month, in line…
War and other factors loom over shipping sector: report
May 27, 2022 by Philip PoradoWhile fewer total losses of cargo ships worldwide is good news for marine insurers, the number of shipping casualties rose during 2021, said Allianz Global Corporate & Specialty’s (AGCS) annual Safety & Shipping Review. Globally, 54 total vessel losses were…
Brokers beware: High inflation may catch up to claims valuation software
May 20, 2022 by Philip PoradoValuation models in software systems used by insurers to calculate replacement and restoration costs for commercial structures must be checked more often when inflation’s running high. That’s because costs for labour, lumber, drywall, concrete and other construction materials can jump…
Ford recalls vehicles including nearly 3,000 SUVs in Canada over fire risk
May 20, 2022 by The Associated PressDETROIT – Ford has issued three recalls of more than 350,000 vehicles in North America, including nearly 3,000 in Canada and 39,000 in the U.S. due to a risk the engines could catch fire. Transport Canada said in a recall…
Inflation rate up slightly in April to 6.8 per cent: Statistics Canada
May 18, 2022 by The Canadian PressOTTAWA – The cost of nearly everything at the grocery store continued to climb higher to push the annual inflation rate up in April. Statistics Canada said Wednesday that its consumer price index for April rose 6.8 per cent compared…
Could the P&C industry have anticipated current supply chain issues?
May 9, 2022 by Alyssa DiSabatinoPandemic-related supply chain interruptions have been contributing factors to rising commercial client exposures, and this outcome could have been anticipated, say panellists in a Canadian Underwriter webinar. “When you think about firms who have offshored, whether it be processing, or…
Proposal to end real estate bidding wars could affect P&C insurers
April 19, 2022 by Philip PoradoCracking down on factors contributing to home-price escalation is a major component of the Apr. 7 federal budget document. If successful, they could affect insurers’ ability to control reconstruction costs and other claims impacts for their insureds. Proposed budget actions…
Key challenges facing your construction industry clients
April 6, 2022 by Jason ContantAn ongoing labour shortage, exacerbated by the COVID-19 pandemic, is one of the key issues facing the construction industry in general, says the head of risk control with Travelers Canada. “I think the biggest prolonged challenge that comes around, seems…
Businesses bracing for high inflation to stick around over next two years: survey
April 4, 2022 by Adena Ali - THE CANADIAN PRESSThe Bank of Canada said Monday that Canadian businesses expect average inflation to remain elevated over the next two years, but see interest rate moves and better supply chains cooling things off longer term. The central bank’s latest Business Outlook…