Topic Emerging Risks
How to keep cyber criminals from capitalizing on company culture
March 26, 2024 by Alyssa DiSabatinoHumans continue to be the weakest links when it comes to corporate cyber security, but companies looking to reduce phishing or ransomware attempts must first address their company culture, one expert tells Canadian Underwriter. Over the past two to…
B.C.’s plan for flood mapping and building back better
March 22, 2024 by Alyssa DiSabatinoA new report by the Government of British Columbia details its commitment to developing a provincially coordinated floodplain mapping program, and sheds light on how and where it intends to rebuild communities after a flood. More specifically, the report, From…
Time to protect Canadians from ‘forever chemicals,’ experts say
March 22, 2024 by Mia Rabson – The Canadian PressOTTAWA – Nearly a year after Health Canada issued a draft recommendation to designate an entire class of chemicals as toxic, environmental experts say it’s time to actually do something about it. There are now more than 10,000 variations of…
How Canada’s winter weather predicts 2024 Cat claims
March 21, 2024 by Alyssa DiSabatinoThis winter clocked in as Canada’s warmest winter ever, and adjusters are already sounding the alarm that a winter with no or little snow could mean more wildfire claims over the rest of the year. Snowpack in winter is one…
OSFI responds to industry’s concerns re: climate risk reporting
March 20, 2024 by David GambrillCanada’s solvency regulator has tweaked its climate risk reporting guidelines in response to input from the property and casualty insurance industry. In several ways, OSFI has responded positively to concerns expressed by P&C insurers over how climate change-related risk and…
Brokers: how to advise rideshare drivers on their deductibles
March 15, 2024 by Philip PoradoDrivers working for rideshare and delivery companies must be careful when setting deductibles on personal auto coverage. And they need to make sure their personal insurers know they’re doing rideshare work and carry the appropriate endorsements. A lot of drivers…
How winter storms tally this year compared to last
March 15, 2024 by Alyssa DiSabatinoMaritimers were digging out for days after historic levels of snowfall dropped atop Nova Scotia and P.E.I. in early February. The multi-day storm produced nearly 5 feet of snow in Cape Breton, N.S. Then about two weeks later, Nova Scotians…
Quebec lender ending new mortgages in flood zones. Is insurance next?
March 15, 2024 by Morgan Lowrie - The Canadian PressQUEBEC — Nearly five years after floods raced through hundreds of Quebec communities and forced thousands from their homes, a major lender’s decision to stop issuing new mortgages in flood zones is the latest challenge for cities trying to adapt…
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…
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…
Night once brought firefighting reprieve, but no longer, Canadian study shows
March 13, 2024 by Brenna Owen - The Canadian PressBRITISH COLUMBIA — The darkness of night has traditionally signalled reprieve for wildland firefighters, but a new Canadian study shows that’s changing, and drought is the driving force. The availability of bone-dry fuels is the key mechanism promoting extreme fire…
Federal disaster aid for Fraser Valley floods, landslides taking too long: B.C. MP
March 12, 2024 by Mia Rabson - The Canadian PressThe federal government estimates it will need to pay almost $3.4 billion for its share of the disaster recovery bills for flooding and landslides that devastated British Columbia’s Fraser Valley in November 2021. But more than two years after that…