Topic Emerging Risks
How ESG affects the entire insurance supply chain
October 20, 2022 by Jason ContantImplementing environmental, social and governance (ESG) strategies will create a ripple effect impacting the entire insurance supply chain and billions of dollars in investments, said George Longo, president and CEO of MGA Excess Underwriting. “The ripple effect is going to…
Mining industry digs into alternative methods as risks rise
October 20, 2022 by Ian Bickis - THE CANADIAN PRESSIn the North, some mines risk leaking acid if the permafrost melts, while across Canada heavier rainfall will add strain to tailings dams and a lack of it could throw operations. While no strangers to extreme weather, the growing risks…
Small businesses bullish on future growth despite recession concerns: KPMG survey
October 17, 2022 by Jason ContantTORONTO – A new KPMG survey has found Canada’s small and medium-sized businesses are banking on strong growth in the next three years, even as a possible economic downturn remains top of mind in the near term. The survey of…
Predictions for regulation in cyber market
October 14, 2022 by Alyssa DiSabatinoRegulators and governments can work with the insurance industry to develop the cyber product through data sharing and consumer education, said Celyeste Power, IBC’s executive vice president of strategic initiatives and advocacy during a Canadian Underwriter webinar. “We think governments and regulators…
Munich Re to stop its backing for new oil and gas fields
October 11, 2022 by The Associated PressBERLIN (AP) – Munich Re, one of the world’s biggest insurance companies, said Thursday that it will stop backing new oil and gas fields beginning next April. The company said it will also no longer invest in or insure new…
Regulating business culture. A “solution in search of a problem?”
October 4, 2022 by David GambrillIn what lawyers are calling a “solution in search of a problem,” Canada’s solvency regulator is seeking input from the Canadian property and casualty insurance industry on how to regulate business culture. “I feel like this culture conversation in Canada…
How changing bond yields can help insurers fill their coffers
September 30, 2022 by Canadian Underwriter StaffBond investments make up a large percentage of insurance companies’ investment portfolios. And bond investors have faced challenges throughout 2022, with rising yields causing returns to lag at historic levels, Michael Cook, vice president, client relations & LDI client portfolio…
How a building owner should respond when a contractor’s hit by inflation
September 29, 2022 by Derek SayersHow can you prevent construction claims stemming from disputes over project costs that rise due to inflation? For construction project owners, the simplest way to control escalating costs may appear to be sticking to the contract price. The contractor bid…
Why risk managers are feeling a sense of urgency
September 29, 2022 by Jason ContantThe COVID-19 pandemic has changed the business and risk landscape dramatically over the past couple of years and created a sense of urgency to spread risk knowledge and education, the new CEO of RIMS said in an interview with Canadian…
Why your clients’ companies need to start ‘friendshoring’ their supply chains
September 28, 2022 by Alyssa DiSabatinoSupply chain disruptions can be circumvented if businesses start to engage in ‘friendshoring,’ one risk expert told the RIMS Canada Conference in Halifax. “Friendshoring is a polite way of saying the only people you can have in your supply chains…
Is Canada’s insurance industry becoming an online fraud target?
September 26, 2022 by Canadian Underwriter StaffCanada’s insurance industry saw the highest increase in digital fraud attempts—up 125% between Q2 2021 and Q2 2022—of all industries in the country that were screened as part of a quarterly study from credit-reporting firm TransUnion. The only Canadian industries…
How rising interest rates impact insurers’ investment decisions
September 23, 2022 by Philip PoradoRecent interest rate hikes aimed at curbing inflation, and the potential for more rate hikes next year, has the insurance industry keeping an eye on its investment returns. But while the transition from a low-interest-rate environment to a higher-rate environment…