Topic Emerging Risks
Why claims frequency is trending for electric vehicles
May 16, 2023 by Jason ContantRepairable claims frequency for electric vehicles (EVs) in Canada and the U.S. continues to increase slightly with each passing quarter, albeit very slowly, according to a new report from Mitchell, an Enlyte company. EV repairable claims frequency increased 2.41% in…
Private investment needed to ramp up climate adaptation in infrastructure: report
May 16, 2023 by The Canadian PressA new report by the Canadian Climate Institute says private capital is needed to invest in climate adaptation infrastructure as extreme weather events like fires and floods become more acute by the year. The report co-authored by insurance firm The…
Risk of shock to financial system down, but concerns linger: Bank of Canada survey
May 15, 2023 by The Canadian PressOTTAWA – Risk management experts believe the likelihood of a shock that could impair the Canadian financial system has decreased since last year, but concern remains around geopolitical tensions, high inflation, unemployment and household debt burdens. The Bank of Canada’s…
Why standard coverage for unions doesn’t cut it
May 15, 2023 by Alyssa DiSabatinoUnions and corporations operate differently, and that means a union needs more tailored insurance coverage when an aggrieved member takes legal action, lest they find themselves underinsured, one expert told Canadian Underwriter. Standard policies typically exclude important coverages for unions,…
National disaster report highlights industry loss potential
May 12, 2023 by Alyssa DiSabatinoA major earthquake in British Columbia or the Ontario-Quebec region could become the costliest natural disasters Canada has seen, a new government of Canada report warns. Of pertinence to the industry, as insured damages for a severe earthquake could broach…
Vacant retail and office space: How to advise clients on this post-pandemic trend
May 12, 2023 by Philip PoradoWith office vacancy rates rising in many Canadian cities, brokers need to coach building owners on the need to manage their insurance obligations. A 2023 Q1 report from commercial real estate firm Coldwell Banker Richard Ellis (CBRE) Canada notes, “The…
Growth? Maybe. Why carriers aren’t promising a soft market yet
May 11, 2023 by Alyssa DiSabatinoBeyond the obvious threats of inflation and a possible economic downturn later in 2023, a confluence of other issues is triggering duress for brokers and insurers, which has carriers cautioning the hard market isn’t over yet. Taken together, these factors…
Don’t let clients cheap out on cyber coverage
May 10, 2023 by Philip PoradoAs high-profile ransomware attacks continue to grab headlines, insurers providing directors and officers (D&O) coverage are concerned private company boards might not be managing cyber risk. “Are they allocating enough funds to cybersecurity? Are they going to have a lawsuit…
Tips for advising commercial clients during economic downturns
May 9, 2023 by Alyssa Di SabatinoInflation and the looming threat of an economic downturn would seem like a one-two punch that would make commercial clients think about ways to skimp on insurance. But it isn’t necessarily so. “Insurance is not a discretionary spend for most companies,”…
What your business clients need to know about generative AI risks
May 4, 2023 by David GambrillCommercial brokers and insurers should alert their business clients to new liability risks around intellectual property (IP), copyright and licensing associated with using generative artificial intelligence (AI) technologies like ChatGPT, Dall-E and Bard. “Generative AI is a type of artificial…
Aviva reveals Number 1 risk facing Canadian businesses
May 3, 2023 by Jason ContantEconomic uncertainty remains the Number 1 risk facing Canadian businesses, according to Aviva Canada’s second annual Risk Insights Report. Based on a survey of nearly 1,500 Canadian business leaders, the report found one in three businesses stated they were “very…
Why MGAs are here to stay
May 2, 2023 by Alyssa DiSabatinoHard markets have historically offered a tremendous opportunity for growth for managing general agents (MGAs), but industry experts say they will be here to stay even when the market softens. Unlike primary insurers, MGAs provide capacity in specialized areas of…