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Topic Emerging Risks

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Intact Centre, Insurance Bureau react to latest Liberal election promise

August 19, 2021 by Greg Meckbach

Wednesday’s Liberal election promise answers a call from Canada’s property and casualty insurance industry for a national standard for scoring properties on their resilience to weather-related disasters. In a speech in British Columbia Wednesday, Prime Minister Justin Trudeau promised a

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This insurer has ‘much more stringent underwriting criteria’ in cyber

August 18, 2021 by Greg Meckbach

Aggregation and systemic risk in cyber insurance means commercial carriers need to build up more capital for large widespread losses, suggests the CEO of a Bermuda insurer. Within cyber lines, Axis Capital Holdings Limited reduced its limits and increased deductibles,

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How insurers plan to advocate for climate adaptation in federal election

August 17, 2021 by Greg Meckbach

Adapting properties and communities to be more resilient to climate-related disasters should be a federal election issue, an Insurance Bureau of Canada official told Canadian Underwriter Monday. “We will be very active throughout the federal election in advocating for adaptation

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How does North America’s cyber risk compare to other regions?

August 16, 2021 by Jason Contant

If your client thinks they are more at risk of a cyberattack in the future, they may not be imagining things. According to a recent survey from global cybersecurity company Trend Micro, 80% of global organizations report they are more

Post-COVID return to the office
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Will 4th wave, mandatory vaccines spur more insurers to re-imagine the workplace?

August 16, 2021 by Canadian Underwriter Staff

With COVID-19 cases rising across Canada and several large employers — including the federal government — announcing they’ll require workers to be vaccinated, insurers and brokers may begin rethinking their return-to-office plans. Not long before the fourth wave hit, some

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How Lloyd’s insurers will react to capacity reductions in Canada

August 16, 2021 by Greg Meckbach

“Constant churn” helps restore some capacity withdrawn by syndicates, though not always at the same terms and conditions, Lloyd’s Canada’s new president suggests. “When capacity is scarce in one or more syndicates, other syndicates likely view this as an opportunity,”

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How Lloyd’s Canada says the industry can better prepare for the next time a pandemic causes business interruption

August 9, 2021 by Greg Meckbach

Lloyd’s is talking to Canadian government authorities about how business interruption risk, arising from a pandemic, can be transferred in the future. “In Canada, Lloyd’s has talked to the federal finance department and different provincial government regulators,” Lloyd’s Canada president

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Swiss Re predicts record-high global insurance premiums by end of 2022

August 6, 2021 by Canadian Underwriter Staff

As the world economy steadily recovers from the COVID-19 pandemic, Swiss Re forecasts that global insurance premiums will reach a never-before-seen U.S.$7 trillion by the end of 2022. According to the global reinsurer’s recent World Insurance Sigma report, the pandemic

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How Fairfax is reserving for COVID-19 business interruption reinsurance charges

August 4, 2021 by Greg Meckbach

The uncertainty around business interruption insurance coverage and the impact of a United Kingdom Supreme Court are among the reasons Toronto-based Fairfax Financial Holdings has put aside more than US$80 million this year in COVID-19 reserves. Fairfax reported July 29

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Doctors, lawyers want B.C. to track injuries after record heat wave

August 3, 2021 by Camille Bains - THE CANADIAN PRESS

VANCOUVER – Two groups focused on environmental issues are calling on the British Columbia government to come up with a plan to track “heat dome injuries” following record-setting temperatures that are also linked with 570 deaths in the province over

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The many shapes of recovery

August 1, 2021 by David Gambrill, Editor-in-Chief

Will the post-COVID recovery follow the shape of a V, U, W, or square-root symbol? It all depends on the insurance.

News Emerging RisksNova Scotia

N.S. politicians critiqued for vague response to threat of rising seas

July 29, 2021 by Michael Tutton - THE CANADIAN PRESS

HALIFAX – As Nova Scotia’s provincial election campaign has unfolded amid deadly heat waves in Western Canada and catastrophic flooding in Europe, the topic of preparing the province for its own potential weather disasters has been submerged by other issues.