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Topic Emerging Risks

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What the new ‘foreign interference’ guidelines mean for insurers

February 6, 2024 by David Gambrill

Managing third-party risk and conducting thorough background checks are among several regulatory guidelines for banks and insurers looking to protect themselves against ‘foreign interference,’ as outlined in the Integrity and Security Guideline released by Canada’s solvency regulator last week. The

3D rendering of Hurricane Fiona over Nova Scotia
News CatastrophesClaimsClaims Canada ArchiveEmerging RisksEnvironmentalNova ScotiaPersonal HomeProperty

Do we need a Category 6 for hurricanes?

February 6, 2024 by Jason Contant

Two climate scientists are questioning whether the open-endedness of Category 5 hurricanes is sufficient to communicate the risk of hurricane property damage in a warming climate. Michael Wehner of Lawrence Berkeley National Laboratory (Berkeley Lab) and James Kossin of First

Burnt out trucks from a wildfire in Drayton Valley, Alta. in May 2023
News AlbertaCatastrophesClaimsClaims Canada ArchiveEmerging RisksEnvironmentalPersonal Home

Alberta fire chiefs want provincial wildfire plan released before season begins

February 1, 2024 by The Canadian Press

EDMONTON – Alberta’s fire chiefs are “urgently” asking the provincial government to explain how it’s getting ready for the upcoming wildfire season and to release its preparedness strategy.  “There is a growing concern among fire chiefs across the province of

A red toy car rests on top of columns of stacked coins, each coin increasing in size.
News Commercial AutoEmerging RisksInsurersPersonal Auto

How auto theft will affect insurance in 2024

January 30, 2024 by Alyssa DiSabatino

Although the industry is trying to pump the brakes on auto theft across Canada, the national crisis is bound to get worse before it gets better, industry sources predict.   It means higher premiums for consumers who are already feeling

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News Commercial AutoEmerging RisksInsurersLegalLoss TrendsPersonal Auto

Feds heed auto insurers’ call for auto theft summit

January 24, 2024 by David Gambrill

Canada’s federal government has answered the call by the nation’s auto insurers to promote a whole-of-society solution to a mounting auto theft crisis. A National Summit on Combatting Auto Theft will take place in Ottawa on Feb. 8, 2024, Public

Drug and medicine bills concept. Medical debt, health care and treatment cost from Covid-19 disease, hospital expense, broke bankrupt man carrying giant medicine debt burden after cure from COVID-19.
News Business InterruptionCatastrophesClaimsCommercialEmerging RisksInsurers

Does Canada need a pandemic backstop, too?

January 19, 2024 by David Gambrill

Canada’s P&C insurance industry “dodged a bullet” when the courts didn’t automatically read pandemic coverage into business interruption losses, an insurance executive said at the Insurance Institute of Canada’s Industry Trends & Predictions 2024 webinar yesterday. Phil Cook, chairman of

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Quantum computing: How could it be regulated?

January 16, 2024 by Jason Contant

Canadian financial services regulators have the emerging technology of quantum computing on their radar, but questions remain around its potential regulation. “Regulating quantum computing, especially in the context of the insurance industry, is complex due to the technology’s novelty and

The Red Sea conflict is delaying ships in the Port of Halifax.
News ClaimsClaims Canada ArchiveCommercialEmerging RisksNova ScotiaSupply Chain

Tremors from Red Sea conflict start to shake Canada, with dozens of ships delayed

January 15, 2024 by The Canadian Press

MONTREAL – Canadian shippers are starting to feel the strain of attacks on cargo vessels in the Red Sea, as container rates rise and boats are late to arrive.  Port data shows that two-thirds of the 43 ships slated to

Burnt out trucks from a wildfire in Drayton Valley, Alta. in May 2023
News AlbertaCatastrophesClaimsCommercialEmerging RisksEnvironmentalInsurersLoss TrendsPersonal AutoPersonal HomeProperty

Ten per cent of country’s insured losses in Alberta alone

January 12, 2024 by Alyssa DiSabatino

For all the smoke, fire and flood that happened across Canada this year, damage to property in Alberta alone exceeded $330 million, according to estimates from Catastrophe Indices and Quantification Inc. (CatIQ).  That’s nearly 10% of all insured losses across

Flood on a street in Nova Scotia
News BrokersCatastrophesClaimsCommercialEmerging RisksEnvironmentalInsurersLoss ControlPersonal Home

What’s at risk if the national flood insurance program stalls

January 10, 2024 by Alyssa DiSabatino

Insurers will need to be informed about their role in the national flood insurance program by Spring 2024 if it’s to be operational before the next federal election, an Insurance Bureau of Canada (IBC) executive tells Canadian Underwriter.   The

Close up of an industrial bricklayer installing bricks to build back on a construction site
News AlbertaB.C.BrokersCatastrophesClaims ProfessionalsCommercialCommercial AutoConstructionEmerging RisksEnvironmentalInsurersLoss ControlLoss TrendsNew BrunswickNewfoundland & LabradorNova ScotiaOntarioP.E.I.Personal AutoPersonal HomePropertyQuebec

Should insurers help customers build back better…or not at all?

January 4, 2024 by Philip Porado

Increased severity and frequency of NatCats has Canada’s P&C insurance ecosystem seeking ways to add resilience to the claims process. This includes build back better initiatives to encourage adding things like hurricane straps or hail-resistant shingling to roof rebuilds to

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News BrokersClaimsClaims ProfessionalsCommercialCommercial AutoCyberEmerging RisksInsurersPersonal AutoPersonal HomeRisk Managers

Introducing our 2024 Executive Outlook series

December 19, 2023 by David Gambrill

In the 1942 classic film Casablanca, Ilsa Lund, played by Ingrid Bergman, urges the piano player Sam to play the song “As time goes by.” It’s a favourite tune she shares with the lead man in the film, Rick Blaine,