Canadian Underwriter

Topic Emerging Risks

News BrokersEmerging Risks

Oddballs: Unusual insurance requests lurk in the shadows

October 20, 2021 by Brooke Smith

Had any insurance coverage requests for an alien abduction or a zombie attack lately? Maybe if you’re a broker in the U.S., but probably not here.   “I think in Canada, we don’t get as many ‘out there’ requests because our

Solar panel and wind turbine farm clean energy.
News CommercialEmerging RisksEnvironmentalInsurersLiability

Ignoring ESG means ‘significant’ D&O risk to insurers and business: AGCS

October 19, 2021 by Canadian Underwriter Staff

Businesses and insurers ignore environmental, social and governance (ESG) issues at their peril, an Allianz Global Corporate & Specialty (AGCS) report released this month suggests. “If an ESG issue is not handled or disclosed appropriately by the company or board,

BC Place
News Emerging RisksEnvironmentalPropertyQuebec

Montreal-made website uses AI to show impacts of climate change on any address

October 14, 2021 by Tara Deschamps - THE CANADIAN PRESS

TORONTO – Imagine Parliament Hill blanketed in orange skies, floodwaters climbing the sides of BC Place stadium or a thick layer of smog fogging the view of Halifax from Citadel Hill. These are all scenes depicted on a website published

News ClaimsCommercialEmerging RisksInsurersLegalLoss ControlLoss TrendsSupply Chain

The shifting trends in cargo theft

October 13, 2021 by Jason Contant

The COVID-19 pandemic has affected a number of P&C insurance industry segments from auto to business interruption, and cargo theft is no exception. Large events such as the pandemic will result in shifts to the methods and types of goods

News ClaimsCommercialCyberEmerging RisksInsurersLegalLoss TrendsMGAs

Double extortion: The new cyber threat

October 12, 2021 by Jason Contant

Your cyber clients may now be exposed to two risks in one, as the sophistication of ransomware attack patterns continue to increase. “There’s double extortion tactics which are just crippling organizations now,” said Greg Markell, president and CEO of Ridge

News Emerging RisksOntarioPersonal Home

Phasing out gas generation by 2030 would lead to blackouts, higher bills, report says

October 7, 2021 by The Canadian Press

TORONTO – Ontario’s electricity system operator says phasing out natural gas generation by 2030 would result in rotating blackouts and higher electricity bills. The Independent Electricity System Operator examined the idea after 31 municipal councils in the province called for

News CommercialCyberEmerging RisksTechnology

Here are your security blindspots in the new hybrid workplace

October 5, 2021 by Jason Contant

The hybrid workplace increases your client’s cyber risk exposure, as cybercriminals have spotted new opportunities with a distributed workforce and are determined to exploit soft spots associated with remote work, HP suggests. According to the HP Wolf Security Blurred Lines

News CommercialCyberEmerging RisksInsurersLiabilityMGAsOperationsRisk Managers

Canadian cyber MGA looking for carrier partners for international expansion

October 5, 2021 by Greg Meckbach

Canadian managing general agent BOXX Insurance Inc. is about to set up an office in Miami and is looking for carriers to underwrite its cyber coverages outside of Canada. Toronto-based BOXX announced last week it is expanding to the United

News Business InterruptionCommercialCyberEmerging RisksTechnology

Will cyber insurance rates double in the next couple years?

October 4, 2021 by Jason Contant

Prices in the cyber re/insurance market could rise sharply between 2021 and 2023, in some cases doubling from current levels, according to a report from S&P Global Ratings. “Depending on the region and [terms and conditions], policyholders could expect rate

News Emerging RisksEnvironmentalTechnology

Regulator expects more frequent volatility in financial sector

September 30, 2021 by Ian Bickis - THE CANADIAN PRESS

TORONTO – The head of Canada’s banking regulator warned Wednesday of the potential for increased volatility in the global financial system as risks, especially around climate change and digital finances, are on the rise. “My new responsibility requires that I

News ClaimsEmerging RisksInsurersLoss ControlLoss Trends

Is it time for a larger insolvency fund for Canadian P&C insurers?

September 28, 2021 by Jason Contant

Canada’s Property and Casualty Insurance Compensation Corporation (PACICC) is considering whether it needs to increase the size of its compensation fund in the event of a P&C insurer failure. PACICC’s board has asked management to complete a formal review of

Businessman Standing At Edge Of Cliff
News ClaimsCommercialCyberEmerging RisksMGAsSupply ChainTechnology

Which cyber risks lurk on the horizon?

September 23, 2021 by Canadian Underwriter Staff

As brokers grapple with an evolving cyber insurance market, one managing general agent is looking ahead to help the industry keep pace. George Bozanin, managing partner and head of business development with Coalition Insurance Canada, told Canadian Underwriter the post-pandemic