Topic Commercial
How quantum computing creates new risks, regulatory issues for insurers
March 14, 2024 by Jason ContantQuantum computing stands at the forefront of data processing technology and, although it remains an open question how it will be regulated, some form of guidelines will be needed. Quantum computers go well beyond a standard binary form of processing…
B.C. orchards and vineyards to get $70M to replant after disastrous weather
March 14, 2024 by The Canadian PressBRITISH COLUMBIA — Farmers in British Columbia will get an extra $70 million to replant and strengthen fruit orchards and vineyards after two years of weather-related disasters, says Premier David Eby. The commitment comes after a devastating cold snap in…
One emerging threat to your business clients’ supply chains
March 13, 2024 by Alyssa DiSabatinoGeopolitical conflict is wreaking havoc on your business clients’ supply chains, a new Marsh report finds. It’s required businesses to find better ways to mitigate or transfer specific risks before they develop into something of concern, according to Marsh…
Who’s responsible when construction projects go wrong
March 13, 2024 by By Dr. Yasser Korany, KSI EngineeringConstruction project delays can expose commercial insurers to significant claims costs. Canada’s property and casualty insurance market collected more than $748 million in direct written premiums for surety bonds in 2022, per Canada’s solvency regulator, the Office of the Superintendent…
Paid the claim? No need to re-appraise after limitation period, court says
March 12, 2024 by Alyssa DiSabatinoAn insurer that has already paid a claim doesn’t have to do a follow-up appraisal after the limitation period has expired, Ontario’s Superior Court of Justice has ruled. “An admission of liability to pay on the part of an insurer…
What quantum computing could mean for insurance
March 12, 2024 by Jason ContantWhat will the P&C insurance industry do when quantum computers “think,” and behave, more like humans? It’s not as far off as you think. Today, quantum computing is the preserve of national intelligence agencies and the world’s largest technology companies, such…
‘Clean slate’ to reshape B.C. wine industry, after climate-related catastrophes
March 11, 2024 by Brenna Owen - The Canadian PressThe heart of British Columbia’s wine industry is reeling after suffering a litany of climate-related hits, resulting in two years of crop losses in the southern Interior. Record-breaking heat. Wildfires and smoke that repeatedly contaminated grapes. A destructive cold snap…
B.C. health authority warns of possible privacy breach after police recover documents
March 8, 2024 by The Canadian PressAn RCMP investigation has revealed a possible privacy breach for thousands of employees who worked or work at a health authority in British Columbia’s Interior. Interior Health says police contacted them in January about finding a document during its investigation…
Edmonton City Hall attack supports terror charges: RCMP
March 7, 2024 by The Canadian PressMounties say they believe an attack on Edmonton City Hall in January was politically motivated, meaning it reaches the legal threshold for terrorism charges. Supt. Glenn Sells of the RCMP’s national security team said Tuesday that officers had seized an…
How Aviva Canada fared in 2023
March 7, 2024 by Jason ContantAviva Canada ended 2023 with an undiscounted combined operating ratio (COR) of 95.3% and double-digit growth in gross written premiums, despite challenging market conditions that included increased weather-related losses and heightened auto theft. The undiscounted ratio for 2023 was up…
Industry responds to FSRA’s plan for insurer MGA supervision
March 7, 2024 by Alyssa DiSabatinoPotential risks stemming from P&C insurers’ managing general agent (MGA) outsourcing practices have caught the eye of Ontario’s insurance regulator, and it’s looking for feedback from stakeholders on a supervision plan. Insurers and MGAs alike have begun to weigh…
Making embedded insurance more customer-centric
March 6, 2024 by Alyssa DiSabatinoNo two insurance policies are the same, and that extends to the way carriers deliver their embedded insurance models, one expert told the Insurance Canada Technology Forum. But before capitalizing on this latest digital sales opportunity, insurers must guarantee their…