Topic Emerging Risks
Institutional investors increasingly likely to divest on ESG grounds
December 6, 2021 by Canadian Underwriter StaffLike insurers, Canada’s institutional investors are examining how environmental, social and governance (ESG) factors weigh into their operational decisions. A new EY report on global institutional investors that includes Canada showed 74% are more likely to divest from companies with…
Can we blame climate change for B.C. ‘atmospheric river?’
December 2, 2021 by Greg MeckbachWe can’t say for sure that climate change has caused the heavy rainfall and severe floods and landslides currently affecting British Columbia, but global warming is making disasters like this more likely, a Swiss Re speaker suggested Thursday. “Warmer air…
Why cyber risk is frustrating for some insurers
November 25, 2021 by Greg MeckbachCyber insurers are taking a “multi-pronged” approach to ensure they can actually make money off the product. More carriers are expanding their offerings to include cyber, more commercial clients are buying cyber coverage and more insurance buyers are aware of…
What OSFI’s insurance head says about return-to-work
November 19, 2021 by Greg MeckbachStaff retention, professional development and the risk of worker isolation are among the factors the industry needs to think about when deciding on an approach to working remote or in the office. “As the pandemic eases and restrictions are lifted,…
Why D&O insurers need to focus on the ‘S’ in ESG
November 9, 2021 by Jason ContantThe ‘S’ pillar of environmental, social, and governance (ESG) practices should be an increasingly important area of focus for D&O insurers, a specialist insurance provider said recently. While ESG is clearly a hot topic, the environmental and governance pillars have…
B.C. auditor calls for better fraud risk measures at public sector organizations
November 3, 2021 by Dirk Meissner - THE CANADIAN PRESSVICTORIA – Public sector organizations in British Columbia must do more to strengthen their fraud risk assessment and management practices, says auditor general Michael Pickup. A survey of 140 public sector organizations, including ministries, Crown corporations and post-secondary institutions, found…
Four uninsurable cyber risks
November 2, 2021 by Greg MeckbachLosses caused by cyber wars – and widespread outages of electricity and telecommunications – are essentially uninsurable, Munich Re experts suggest. “Historically, in property insurance, damages caused by war have been seen as uninsurable,” said Tim Zeilman, vice president and…
Solar storms pose risks to Canada’s aging electric power grid
October 26, 2021 by Philip PoradoThe sun brings light, warmth … and solar flares that pose risks for aging power grids in Canada and worldwide, panellists told a recent Property and Casualty Insurance Compensation Corporation (PACICC) webinar on emerging risks. While routine blackouts generally happen…
Black swan events can provide clues to assessing and managing exposures
October 25, 2021 by Brooke SmithBlack swans are normally seen as improbable events (the dot-com bubble or 2008 meltdown) affecting the financial industry. But organizations must also consider the black swans that could be swimming among their many risk exposures. “It’s reasonable to expect a…
Oddballs: Unusual insurance requests lurk in the shadows
October 20, 2021 by Brooke SmithHad 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…
Ignoring ESG means ‘significant’ D&O risk to insurers and business: AGCS
October 19, 2021 by Canadian Underwriter StaffBusinesses 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,…
Montreal-made website uses AI to show impacts of climate change on any address
October 14, 2021 by Tara Deschamps - THE CANADIAN PRESSTORONTO – 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…