Canadian Underwriter

Topic Emerging Risks

Businessman doing the books at a small business
News CommercialEmerging RisksLoss Control

Small businesses bullish on future growth despite recession concerns: KPMG survey

October 17, 2022 by Jason Contant

TORONTO – 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

Concept of blocking a cyberattack
News CyberEmerging RisksInsurers

Predictions for regulation in cyber market

October 14, 2022 by Alyssa DiSabatino

Regulators 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

Oilfield flange in Alberta
News Emerging RisksEnvironmentalInsurers

Munich Re to stop its backing for new oil and gas fields

October 11, 2022 by The Associated Press

BERLIN (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

A diverse business team caught in red tape
News Emerging RisksInsurersLegalOperations

Regulating business culture. A “solution in search of a problem?”

October 4, 2022 by David Gambrill

In 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

Interest rate hike represented by arrow being shot skyward
News ClaimsEmerging RisksInsurersManagementOperations

How changing bond yields can help insurers fill their coffers

September 30, 2022 by Canadian Underwriter Staff

Bond 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

Construction sites are coping with higher materials costs
News ClaimsCommercialConstructionEmerging RisksInsurersLegalLoss ControlLoss Trends

How a building owner should respond when a contractor’s hit by inflation

September 29, 2022 by Derek Sayers

How 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

Exclamation mark on a yellow background
News EducationEmerging RisksHROperationsRisk Managers

Why risk managers are feeling a sense of urgency

September 29, 2022 by Jason Contant

The 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

A row of silver chain links connected in the middle by one red and one blue chain
News BrokersBusiness InterruptionEmerging RisksInsurersLoss ControlLoss TrendsOperationsRisk Managers

Why your clients’ companies need to start ‘friendshoring’ their supply chains

September 28, 2022 by Alyssa DiSabatino

Supply 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

Form containing fraudulent data
News ClaimsEmerging RisksPersonal AutoPersonal HomePropertyTrusted Advisor

Is Canada’s insurance industry becoming an online fraud target?

September 26, 2022 by Canadian Underwriter Staff

Canada’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

Percentage signs going up the stairs to represent climbing interest rates
News ClaimsCommercialCommercial AutoConstructionCyberEmerging RisksManagementPersonal AutoPersonal Home

How rising interest rates impact insurers’ investment decisions

September 23, 2022 by Philip Porado

Recent 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

Heavy rain in Halifax ahead of Hurricane Fiona's landfall
News ClaimsEmerging RisksEnvironmentalLoss ControlNew BrunswickNewfoundland & LabradorNova ScotiaP.E.I.Personal HomeProperty

Hurricane risk: What the future holds for Canada

September 23, 2022 by Jason Contant

Canada will be increasingly at risk for more frequent and severe hurricanes going forward due to climate change, Swiss Re told Canadian Underwriter in an interview Friday. “Sea surface temperatures [are] rising, which means storms will be able to travel

Arrival of a strong storm with lightning and rain. These weather conditions are typical of the Brazilian summer.
News Emerging RisksInsurers

Global climate disclosure standards will take time and money, P&C industry warned

September 22, 2022 by David Gambrill

Canada’s solvency regulator is seeking to harmonize climate risk disclosures with international standards, which some Canadian P&C insurers are viewing as akin to a climate-related IFRS 17 initiative. Some contend OSFI’s forthcoming guidance on harmonizing companies’ climate-related risk disclosures with