Canadian Underwriter

Topic Emerging Risks

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News Emerging RisksInsurers

Behind the upcoming hard market in global reinsurance

July 6, 2022 by David Gambrill

Globally, insurance companies’ premiums are on the rise. Inflation and wartime sanctions are cited as two (among other) major factors in why global reinsurers are sliding into a harder market status as of recent July 1, 2022, renewals, according to

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News CommercialEmerging RisksLoss TrendsSupply ChainTrending

Bank of Canada surveys suggest business and consumer inflation expectations up

July 4, 2022 by Craig Wong - THE CANADIAN PRESS

OTTAWA – A pair of new reports from the Bank of Canada point to rising inflation expectations by Canadian businesses and consumers. In its business outlook survey released Monday, the central bank said businesses’ expectations for near-term inflation have increased,

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News ClaimsEmerging RisksLegalLiabilityPersonal AutoTechnology

U.S. regulator upgrades Tesla Autopilot crash analysis

June 30, 2022 by Philip Porado

A National Highway Traffic Safety Administration (NHTSA) preliminary analysis (PA) into Tesla’s Autopilot system was upgraded to an engineering analysis (EA) earlier this month. The EA will “extend the existing crash analysis, evaluate additional data sets [and] perform vehicle evaluations,”

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News Emerging RisksInsurers

Some cities rethinking Canada Day parades amid rising insurance costs

June 29, 2022 by Morgan Lowrie - THE CANADIAN PRESS

MONTREAL – Canada Day celebrations are making a return after two years of scaled-down festivities because of the COVID-19 pandemic, but some Canadians hoping to catch a traditional parade may be out of luck. Several cities say the rising cost

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News CyberEmerging RisksInsurersOperationsRisk ManagersTechnology

What the regulator’s focus on digital risk means for you

June 27, 2022 by David Gambrill

Expect Canada’s solvency regulator to become more active in overseeing the P&C industry’s digital risks. “Insurers have become more digital with changes in business models and service delivery,” OSFI superintendent Peter Routledge said in prepared remarks to insurers attending the

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News ClaimsClaims Canada ArchiveClaims ProfessionalsEmerging RisksInsurersLegalLiabilityPersonal AutoPersonal HomePropertyRisk ManagersTrending

Will rocketing consumer prices spark social inflation?

June 24, 2022 by Philip Porado

While consumers are paying close attention to inflation’s impact on their wallets, insurers should be keeping an eye on social inflation – and recognize the two are often linked. “There’s quite a distinction between the impact of what I would

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News Emerging RisksLicensingMGAsOperations

Regulator to engage MGA sector on emerging risks

June 22, 2022 by Jason Contant

Canadian Insurance Services Regulatory Organizations (CISRO) will soon be engaging Canada’s national MGA association to find out the emerging risks for the sector, the regulator said during a recent industry event. “Later this year, CISRO will be engaging CAMGA [Canadian

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News ClaimsCommercial AutoEmerging RisksInsurersLoss TrendsPersonal Auto

Will the oil shock slow auto insurers’ post-pandemic loss ratios?

June 21, 2022 by David Gambrill

Insurers have been sounding the alarm about their auto claims ratios returning to normal post-pandemic, but expect the oil shock to temper that expectation somewhat, P&C industry execs predict. The war in Ukraine and consequent embargo on Russian oil have

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News BrokersCommercialEmerging RisksInsurersRisk ManagersSupply Chain

P&C industry fastening its seatbelt for risk of global recession

June 20, 2022 by David Gambrill

Fresh from emerging from a global pandemic, Canada’s P&C insurance industry is turning its mind toward the next item on its global risks list – the threat of an economic recession. Global economic recession topped the list of potential 2023

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News CatastrophesClaimsClaims ProfessionalsCommercialCommercial AutoConstructionCyberEmerging RisksLoss ControlLoss TrendsProperty

How to help your clients prepare for civil unrest

June 16, 2022 by Philip Porado

Strikes, riots and violent protests sparked by inflation pose risks to companies, both in terms of physical damage to buildings and other assets, as well as income loss due to business interruption and an inability to access premises, said a

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News ClaimsCommercialCyberEmerging RisksInsurersLiabilityLoss ControlLoss TrendsTechnology

How do you insure artificial intelligence?

June 15, 2022 by Alyssa DiSabatino

Picture this. Your client is manufacturing a car that includes software to apply the brakes automatically when approaching slow traffic. No doubt, this software has some built-in artificial intelligence (AI) elements. When insuring a vehicle manufacturer, it’s not too difficult

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News BrokersClaimsCommercialEmerging RisksInsurersManagementPersonal AutoPersonal Home

Why you can expect to be in the hard market a year from now

June 15, 2022 by Alyssa DiSabatino

Inflationary pressure will prolong the hard market for at least another year if not longer, 90% of more than 200 respondents predicted in a Canadian Underwriter webinar poll. Only 10% of respondents were optimistic the hard market would not be