Topic Emerging Risks
Inflation creates need for brokers to revisit coverage levels with their clients
June 3, 2022 by Philip PoradoBrokers are typically leading conversations about inflation-driven insurance value adjustments for commercial building owners and builders, said Bernard McNulty, chief agent and head of claims, Allianz Global Corporate Specialty. But, he added, clients also are contacting brokers to inquire about…
Why insureds might need parametric coverage alongside conventional policies
June 1, 2022 by Megan LinkinWhen Hurricane Ida made landfall on Aug. 29, 2021, a handful of parametric insurance policies in Swiss Re Corporate Solutions’ portfolio were affected and potentially triggered. By Sept. 1, all relevant data for determining if the hurricane’s winds met policy-defined…
War and other factors loom over shipping sector: report
May 27, 2022 by Philip PoradoWhile fewer total losses of cargo ships worldwide is good news for marine insurers, the number of shipping casualties rose during 2021, said Allianz Global Corporate & Specialty’s (AGCS) annual Safety & Shipping Review. Globally, 54 total vessel losses were…
Why COVID-19 created opportunities for risk managers
May 19, 2022 by Jason ContantRisk management professionals are gaining a voice in the executive ranks, partially because COVID-19’s helped raise the sector’s profile. “There is now a seat at that table where there never was before,” said Steve Pottle, chairman of the RIMS Canada…
Stock market volatility may spike E&O claims
May 17, 2022 by Michelle SchriverInvestors are taking a turbulent ride as global stock markets correct and increasingly run the risk of entering recession territory. And, with some advisors’ clients ‘at the edge,’ that raises a red flag for errors and omissions (E&O) claims against…
Where have all the good underwriters gone?
May 12, 2022 by Gloria CilliersFor years, insurers have poached commercial underwriters from one another amid M&A activity, an aging population and hard/soft markets. But that’s left the industry with less seasoned talent and slower investment in acquisition, training and retention. “Suddenly, more so than…
4 insurance industry trends to watch
May 11, 2022 by Tara KellyIn this third calendar year marked by the pandemic, emerging trends in data collection and security require insurance policy offerings to keep pace with client needs. We can count on innovation and technology to keep reshaping the insurance sector in…
Drones, phones and loss control: how inspections changed amid the pandemic
May 5, 2022 by Alyssa DiSabatinoLoss control strategies had to pivot amid the COVID-19 pandemic, and while many insurance carriers reverted to ‘Old School’ loss control inspections via the phone, some took it even further, industry experts share during a Canadian Underwriter webinar. The…
What disco-era stagflation means for insurers’ bottom lines
May 5, 2022 by Philip PoradoTight supply chains are taking a bite out of GDP numbers, stagnating economies across the globe while simultaneously pushing up prices. For anyone whose memories don’t stretch back to the 1970s, the counterintuitive combination of a stagnating economy and rising…
Federal government emissions dropping but reporting incomplete, audit concludes
May 3, 2022 by Mia Rabson - THE CANADIAN PRESSOTTAWA – Direct greenhouse gas emissions from federal departments are down almost 41 per cent in the last 17 years, hitting a target for 2025 well ahead of schedule. But in an audit of Ottawa’s “greening government” strategy, environment commissioner…
In the crosshairs: Why insurance remains a target for cybercriminals
April 27, 2022 by Jason ContantCybercriminals are now specifically searching for terms like ‘insurance’ when looking for data, a partner with Norton Rose Fulbright Canada LLP said during an industry event last week. “They’re not just looking for any data. They’re actually quite smarter,” says…
Sexual harassment: Grounds for dismissal, but not for denying severance
April 27, 2022 by David GambrillSlapping a woman on the buttocks in the workplace may be grounds for dismissal, but the threshold for terminating severance as a result of sexual harassment requires ‘wilful misconduct,’ the Ontario Court of Appeal has ruled. In essence, if the…