Topic Emerging Risks
How ‘take-home COVID’ can impact employers’ liability
January 13, 2021 by Greg MeckbachCOVID-19 can cause a commercial general liability claim if a commercial client is sued by the family member of a worker who has caught the disease at work and then infected family members, insurance law experts suggest. “Take-home COVID” is…
How COVID-19 vaccine side effects impact liability risk
January 12, 2021 by Greg MeckbachSome people could suffer side effects from a COVID-19 immunization, but the vaccine manufacturers have a number of protections that minimize their liability risk, Canadian lawyers suggest. Prime Minister Justin Trudeau was quoted last week by The Canadian Press as…
Bank and insurer dividend hikes, share buybacks won’t return during lockdown: OSFI
January 11, 2021 by The Canadian PressTORONTO – The superintendent of one of Canada’s financial regulators won’t consider allowing banks and insurers to hike dividends, offer share buybacks or increase executive compensation until COVID-19 lockdowns have subsided. Jeremy Rudin from the Office of the Superintendent of…
Overcoming AI’s bias: Models are only as good as the data you feed into them
January 6, 2021 by Adam MalikIf people intend to use data to help mitigate risk or save lives, that data must be trustworthy, says an artificial intelligence expert. Sean Griffin, CEO and co-founder of Disaster Tech, a disaster risk data firm, pointed out during CatIQ…
The difference between pandemic BI coverage and pushing a bus off a cliff
January 5, 2021 by Greg MeckbachCommercial clients who bought insurance covering a disease outbreak within 25 miles of their premises did not buy coverage for business interruption from a pandemic on a national scale, insurance company lawyers are telling the United Kingdom Supreme Court. Worldwide,…
Government travel controversies expose need for risk management plans, experts say
January 5, 2021 by Brett Bundale - THE CANADIAN PRESSThe backlash against Canadian politicians who travelled to warmer climes over the holidays despite public health warnings to stay home is a wake-up call that organizations need clear risk management plans, experts say. The fallout of ignoring travel restrictions could…
Britain’s regulator challenges ruling in favour of insurers over pandemic BI coverage
January 4, 2021 by Greg MeckbachThe appearance of the word “event” in a “disease radius” clause in business interruption insurance contract could be instrumental in determining whether the client is covered during a pandemic. In a ruling released Sept. 15, the High Court of England…
Investors look with optimism to ‘year of the vaccine’, expect major growth in 2021
December 23, 2020 by Ross Marowits - THE CANADIAN PRESSTORONTO – On Jan. 1, investors celebrating Bay Street’s best returns since the global financial crisis couldn’t have known what kind of year they were about to face. The year on stock exchanges was marked by swift and frequent changes…
B.C. lacks plans for rising seas, flooding: coastal adaptation researcher
December 21, 2020 by Brenna Owen - THE CANADIAN PRESSVANCOUVER – Parts of British Columbia could see massive losses if the province doesn’t start planning for flooding as ocean waters rise and storms surge due to climate change, says a researcher at the University of B.C. in Vancouver. B.C.…
What brokers need to do to place hospitality coverage
December 16, 2020 by Greg MeckbachWhen it comes to the hospitality sector, insurers’ risk appetites are constantly changing and underwriters are especially concerned about clients who get most of their revenue from alcohol, a managing general agent reports. “A broker has to spend a lot…
Taming Social Inflation
December 16, 2020 by Adam Malik, Managing EditorSocial inflation essentially describes insurers’ increasing legal costs. Why insurers are pinning this primarily on the rise of litigation funding
What’s keeping insurance CEOs up at night
December 15, 2020 by Adam MalikAbout 10 months into the global COVID-19 pandemic, insurance leaders are less confident about growing their business and are increasingly concerned about the cratering economy, an insurance industry observer told a recent virtual conference. Even so, they’re showing more confidence…