Canadian Underwriter

Topic Emerging Risks

Cybersecurity concept
News CommercialCyberEmerging RisksLegalTechnology

Feds developing cybersecurity process for defence contractors  

June 1, 2023 by Sarah Ritchie - THE CANADIAN PRESS

OTTAWA – The federal government says certain defence contracts will be subject to a mandatory cybersecurity certification process starting in the winter of 2024.   Defence Minister Anita Anand made the announcement Wednesday morning at the Canadian Association of Defence and

Working from home or playing with the dog?
News BrokersClaimsCommercialEmerging RisksHRLegalLiabilityManagementOperationsTrusted Advisor

How hybrid work can increase broker E&O risk

May 31, 2023 by David Gambrill

Workplace flexibility, one feature of a hybrid workplace, has proven to be a selling point to attract younger brokers. But the hybrid office makes it difficult to supervise newly recruited brokers to make sure they’re doing things correctly, broker E&O

Stressed business accountant
News EducationEmerging RisksInsurersLoss ControlLoss Trends

Do you know what’s a material change in IFRS 17?

May 26, 2023 by Jason Contant

IFRS 17 implementation has made it a lot harder to understand the material impact of an accounting change, a speaker told the Insurance Bureau of Canada’s recent Financial Affairs Symposium. “We all know the disclosures under IFRS 17 are way

Businesswoman calculating finances in an office
News Emerging RisksInsurersLegalLoss ControlLoss Trends

OSFI to review earthquake risk and minimum capital tests 

May 25, 2023 by Jason Contant

Canada’s solvency regulator will take a closer look at earthquake risk and the minimum capital test (MCT) for P&C insurers, an executive from the Office of the Superintendent of Financial Institutions (OSFI) said during an industry event last week.  Earthquake

Accounting and bookkeeping
News Emerging RisksHRInsurersLegalLoss ControlLoss TrendsManagementTrending

How insurers are handling IFRS 17 reporting requirements

May 23, 2023 by Jason Contant

This is the first quarter insurers are reporting financial results under IFRS 17, but insurers remain focused on familiar, pre-IFRS 17 business metrics, a KPMG Canada partner said during Insurance Bureau of Canada’s (IBC) 26th Financial Affairs Symposium. “While we

One Size Fits All Clothing Label
News CommercialEmerging RisksInsurersManagement

Does one-size-fits-all regulation work for the P&C industry?

May 23, 2023 by Alyssa DiSabatino

P&C insurance industry leaders called for bespoke, yet predictable, regulation at the Insurance Bureau of Canada Financial Affairs Symposium last week. When asked broadly about regulation, Celyeste Power, IBC president and CEO noted no two carriers are alike, and so

Jumping over a shark to represent risk.
News BrokersClaimsCommercialCommercial AutoConstructionCyberEmerging RisksInsurersOperationsProperty

Why D&O brokers are looking at risk mitigation

May 19, 2023 by Philip Porado

Amid signs the recently easing directors and officers (D&O) coverage segment may gradually become a bit tougher, brokers and insurers will be taking a closer look at companies’ risk-mitigation procedures. When writing risks, Catherine Lanctot, senior vice president and national

Smoke from wildfires in Alberta blankets Calgary
News AlbertaB.C.CatastrophesClaimsEmerging RisksEnvironmentalOntarioTrending

Emissions from wildfires hit record high as climate change drives fire threat

May 19, 2023 by The Canadian Press

OTTAWA – Emissions from wildfires hit a new record in 2021 as the blazes that raged in Western Canada and Ontario produced more greenhouse gases than the oil and gas sector and heavy industry combined. Canada’s forests are relied on

Business man hand protect Chess King figure and Stopping Falling wooden Blocks or Dominoes. Business, Risk Management, Solution, economic regression, Insurance, strategy and Interruption Concepts
News Business InterruptionClaimsCommercialEmerging RisksInsurersLoss TrendsPropertyRisk Managers

Aon reveals top risk exposure for Canadian companies in 2023

May 18, 2023 by David Gambrill

Canadian businesses are seeing a rise in the cost of their business interruption claims, causing BI to be one of their top risk concerns in 2023, according to a new report by Aon Canada. “The sources of business disruption for

Third party person icons interconnected by arrows
News BrokersCommercialEmerging RisksInsurersManagementMGAs

How insurers will handle new third-party risk-management guideline

May 18, 2023 by Alyssa DiSabatino

Canada’s financial solvency regulator’s new guideline for managing risks associated with third parties (including brokers) will require insurers to find a ‘balance point’ for compliance, one industry expert said.  The Office of the Superintendent of Financial Institutions Guideline B-10: Third-Party

The Fraser Valley in B.C. after flooding on Nov. 21, 2021
News B.C.BrokersCatastrophesClaimsEmerging RisksEnvironmentalInsurers

Flood warning for part of northwest B.C., other rivers rising as heat grips province

May 17, 2023 by The Canadian Press

VANCOUVER — A flood watch covered the Skeena region of northwestern British Columbia Tuesday as unseasonably warm temperatures swelled rivers in many areas of the province. B.C.’s River Forecast Centre posted the warning for the Skeena and Bulkley rivers and

Accident involving bicyclist
News ClaimsEmerging RisksPersonal AutoTechnology

Why SUVs are more dangerous to cyclists than cars

May 17, 2023 by Jason Contant

SUVs cause more severe injuries — particularly head injuries — than cars when they hit bicyclists, likely because the large vehicles’ tall front ends strike cyclists higher on their bodies, new research has found. “SUVs tend to knock riders down, where