Topic Emerging Risks
How many Canadian properties are at high risk of wildfire?
May 2, 2023 by Jason ContantApproximately 300,000 properties across Canada are at a high wildfire risk, with another million carrying a minor risk of being impacted by wildfires during the typical mortgage term, according to Vancouver-based software and data analytics company Minerva Intelligence Inc. Minerva…
Is political risk the next NatCat?
May 1, 2023 by Philip PoradoMuch like NatCat events, political risk losses tend to be low frequency but high severity, said a new Oxford Analytica survey, produced for WTW, on how global businesses are managing current political risks. “Political risk losses occur rarely but tend…
Brokers still worry about the hard market, but what’s next?
May 1, 2023 by Philip PoradoAlthough Canadian property and casualty (P&C) insurance brokers still call the hard market their greatest challenge, their overall level of concern is gradually waning. So found Canadian Underwriter’s 2023 National Broker Survey, in which more than 150 brokers nationwide expressed…
Is insurance sexy, or does it just have a certain something?
April 27, 2023 by Alyssa DiSabatinoOf all the adjectives you could use to describe the insurance sector, sexy may not be the first you’d think of. But the industry provides a “measure of certainty in a dangerous and uncertain world,” and that can be…
Hot spell hikes risks of flooding, avalanches and fire across British Columbia
April 27, 2023 by The Canadian PressVANCOUVER – As British Columbia heads into its first warm spell of the year, forecasters are warning the heat could raise avalanche and flood risks, while the danger of wildfires has already nudged up to a “moderate” rating in some…
The case for encrypting your clients’ cyber policies
April 26, 2023 by Alyssa DiSabatinoTo balance out loss ratios, cyber insurers have been rolling out new security requirements and best practices for policyholders, and one managing general agent (MGA) says the next logical step for consumer protection is encrypted cyber policies. If a cybercriminal…
Bank of Canada considered raising interest rates at its last meeting
April 26, 2023 by Nojoud Al Mallees - THE CANADIAN PRESSOTTAWA – The Bank of Canada considered raising interest rates earlier this month, as it feared being too slow to react to sticky inflation. In its summary of deliberations released Wednesday, the central bank says its governing council contemplated another…
How brokers can help curb distracted driving
April 26, 2023 by David GambrillEditor’s Note: This article has been updated show 83% would be motivated to stop distracted driving behaviours if offered an insurance discount, and has updated Paul Stone’s title. Brokers can help put a stop to distracted driving by making…
Auto insurers take note: Why this economic downturn is so unusual
April 25, 2023 by Jason ContantCanada’s sluggish economy might be headed for a ‘shallow downturn,’ but it’s unique in the sense there’s also pent-up demand for motor vehicles, said BMO Financial Group chief economist Douglas Porter during an industry event last week. “Anybody here who…
Oilsands emissions could be underestimated by current measuring methods, study says
April 24, 2023 by Bob Weber - THE CANADIAN PRESSNew federal research suggests greenhouse gas emissions from the Alberta oilsands may be significantly underestimated, adding to a growing pile of studies that say our understanding of what is going into the atmosphere is incomplete. In a paper published last…
Is Canada still heading toward a recession?
April 21, 2023 by Jason ContantCanada will likely not experience a recession in the traditional sense but rather a ‘shallow downturn,’ BMO Financial Group’s chief economist Douglas Porter said at an industry event Thursday. “I’m reluctant to call what we’re looking at in Canada a…
Flood backstop, check. Now, what’s the industry’s next agenda item?
April 21, 2023 by Alyssa DiSabatinoNow that Canada has introduced a commitment to a backstop for high-risk flood insurance, the next item for change should be an government earthquake backstop, a panellist noted at the the Insurance Institute of Canada’s Symposium in Toronto Wednesday. Arguably,…