Topic Emerging Risks
Cyber insurance: Most frequent and costly claims revealed
November 24, 2020 by Jason ContantExternal attacks on companies result in the most expensive cyber insurance losses, but internal failures like employee mistakes and technical problems are the most frequent generator of claims by number (albeit with a lower financial impact), a new report says.…
Loblaw to test autonomous delivery vehicles in Greater Toronto Area in January
November 23, 2020 by The Canadian PressTORONTO – Loblaw Companies Ltd. has signed a partnership deal with technology company Gatik to test autonomous delivery vehicles in Toronto starting in January. Under the multi-year agreement, Gatik will transport goods from an automated picking facility to retail locations…
Bank of Canada and OSFI team up for pilot project on climate change risk
November 18, 2020 by Jordan Press - THE CANADIAN PRESSOTTAWA – Canada’s top central banker is making a plea for the country to more quickly address the impacts of climate change to avoid any economic ripple effects on households and businesses. Tiff Macklem made the case in a speech…
Lessons for the industry from pandemic business interruption coverage disputes
November 10, 2020 by Greg MeckbachMassive business interruption losses resulting from COVID-19 have encouraged discussion about how governments can work with the property and casualty insurance industry to handle global disasters such as future pandemics, the CEO of an Ontario mutual suggests. “Public and private…
How long will the haul be for Canada and the pandemic?
November 9, 2020 by Adam MalikA second wave of the COVID-19 pandemic is gripping parts of Canada and it will likely be well into next year until we come out of it, an expert predicts. And the longer things drag on, the worse it bodes…
Settlement reached over patent dispute between snowmobile rivals
November 3, 2020 by The Canadian PressVALCOURT, Que. – Bombardier Recreational Products Inc. and Arctic Cat say they have reached a global settlement to ongoing intellectual property disputes between the two makers of snowmachines. Under terms of the confidential settlement agreement, two active court cases in…
How much premium it would take for P&C insurers to absorb global BI pandemic losses
November 2, 2020 by Jason ContantProperty and casualty insurers would need to collect business interruption policy premiums for 150 years to make up for projected global output losses in 2020 related to the COVID-19 pandemic, the Geneva Association found in a recent study. “P&C insurers…
How much Northbridge could pay out in COVID claims
November 2, 2020 by Greg MeckbachLong-term care facilities accounted for a good chunk of the US$25.5 million in COVID-19 losses that Northbridge reported in the three months ending Sept. 30, officials with parent company Fairfax Financial Holdings Ltd. suggested this past Friday. Toronto-based Fairfax released…
IBC talking to feds about future pandemic risk transfer
November 2, 2020 by Greg MeckbachThe Insurance Bureau of Canada is starting to look for a national approach to transferring pandemic risk, Ontario brokers have learned. “IBC is in the early stages of exploring what a pandemic risk transfer mechanism would look like with the…
How IBC plans to help restaurants find insurance
October 29, 2020 by Greg MeckbachClients in the hospitality sector who cannot find affordable coverage can now go directly to the Insurance Bureau of Canada for help. IBC has hired a risk manager to help commercial clients improve their risk profile, said Jordan Brennan, IBC’s…
Moving through the pandemic: Intact exec to offer his view of what’s next
October 29, 2020 by Adam MalikDelivering value for customers and digital strategy will be two headliners in Intact’s “10-year strategic roadmap,” which will integrate some learnings from the crisis, the carrier told Canadian Underwriter recently. “We anticipate that consumers will engage digitally to a greater…
Aviva boss wants more trust placed on science
October 28, 2020 by Adam MalikTrusting science to help address climate change, and rebuilding more resilient communities after natural catastrophes are uppermost in the mind of Aviva Canada’s leader these days. “Scientists can tell us more than ever before about catastrophic storms, including precisely when…