Topic Emerging Risks
Fraud risk management at B.C.’s $16 billion Site C dam project can improve: auditor
April 27, 2022 by Jason ContantVICTORIA – British Columbia’s auditor general says Crown-owned BC Hydro can improve its management of potential fraud risks at the $16 billion Site C dam project. Michael Pickup says an audit found the Crown corporation has some elements of fraud…
Partnership approach needed in current cyber risk landscape
April 25, 2022 by Alyssa DiSabatinoAs the cyber landscape and ransom attacks evolve, the onus is on insureds to protect themselves just as much as it is on insurers to provide coverage, says a webinar panellist. “The archaic method of underwriting risk has shifted dramatically…
Despite “aggressive growth goals,” insurers cautioned to keep their powder dry
April 25, 2022 by David GambrillAlthough the industry achieved a highwater mark financial result in 2021, industry executives are cautioning insurers to keep their powder dry and not reduce pricing drastically to grow market share. “I just look through the windscreen, all the things coming…
Bank of Canada governor says he won’t ‘rule anything out’ on rates
April 22, 2022 by Adena Ali - THE CANADIAN PRESSTORONTO – On a day when the Federal Reserve spooked markets with its tough talk on interest rates, Bank of Canada governor Tiff Macklem says he won’t “rule anything out” when it comes to the central bank’s own interest rate…
Why multi-factor authentication isn’t the cure-all for your client’s cyber woes
April 21, 2022 by Jason ContantStaying one step ahead of cybercriminals seems to be a never-ending battle for insurers and insureds, cyber experts said during an industry event Wednesday. “The problem is, as we increase our cyber hygiene and become better insureds, the criminals adapt…
Not addressing diversity issues creates risk for brokers, survey finds
April 14, 2022 by Phil PoradoNearly all Canadian brokers agree addressing diversity, equity and inclusion (DEI) issues is linked to business success, according to a late 2021 Canadian Underwriter online survey of 208 brokers across Canada, made possible with the support of Sovereign Insurance. It…
What higher interest rates mean for the P&C industry
April 14, 2022 by David GambrillWhen the Bank of Canada hiked interest rates a full half point on Wednesday, at first blush, it seemed Canada’s P&C industry might benefit from the inflation-curbing measure by garnering greater returns on their investments. But it’s not that straightforward,…
When can a broker fire a client?
April 13, 2022 by Alyssa DiSabatinoOn top of selling insurance, brokers are also tasked with managing client relationships. But what happens when a client doesn’t mesh with their broker? “Sometimes it just doesn’t work out,” says Jack Mazakian, vice president of Advocis Broker Services. “You’re…
What Canadians can expect of future hurricane seasons
April 7, 2022 by David GambrillAtlantic Canadians can expect to see more and increasingly intense hurricanes, as sea surface temperatures continue to warm up as a result of climate change. “Warmer sea surface temperatures fuel stronger hurricanes,” Swiss Re Canada CEO Monica Ningen observed during…
Do clients really want brokers to be risk advisors, too?
April 7, 2022 by Alyssa DiSabatinoAlthough 30% of commercial lines clients say they want to hear more from their broker about emerging threats to their business, there may be dissonance between their words and their actions, say broker experts. Commercial lines consumers in Canadian…
Exiting the commercial hard market may be prolonged: Insurers
April 5, 2022 by David GambrillCanada’s P&C insurers are exposed to historically-high inflation rates, which may prolong the hard market in commercial lines, Canada’s association of home, auto and business warns. “On the commercial side, I think this inflation is either going to prolong the…
Post-pandemic trends in auto insurance
April 4, 2022 by Alyssa DiSabatinoWhile it may be too early to tell how the end of provincial COVID-19 restrictions are influencing auto insurance claims, industry experts are bracing for higher claims severity, a return to pre-pandemic levels of traffic, higher auto rates due to…