Canadian Underwriter

Topic Emerging Risks

Smoke stacks from a factory releasing emissions
News CommercialEmerging RisksEnvironmental

Federal government emissions dropping but reporting incomplete, audit concludes

May 3, 2022 by Mia Rabson - THE CANADIAN PRESS

OTTAWA – Direct greenhouse gas emissions from federal departments are down almost 41 per cent in the last 17 years, hitting a target for 2025 well ahead of schedule. But in an audit of Ottawa’s “greening government” strategy, environment commissioner

Businessman buys data from a hacker
News ClaimsCommercialCyberEmerging RisksHRInsurersLegalTechnology

In the crosshairs: Why insurance remains a target for cybercriminals

April 27, 2022 by Jason Contant

Cybercriminals are now specifically searching for terms like ‘insurance’ when looking for data, a partner with Norton Rose Fulbright Canada LLP said during an industry event last week. “They’re not just looking for any data. They’re actually quite smarter,” says

Close-up of a young woman making a stop gesture. Focus on foreground
News ClaimsCommercialEmerging RisksHRInsurersLegalLiability

Sexual harassment: Grounds for dismissal, but not for denying severance

April 27, 2022 by David Gambrill

Slapping a woman on the buttocks in the workplace may be grounds for dismissal, but the threshold for terminating severance as a result of sexual harassment requires ‘wilful misconduct,’ the Ontario Court of Appeal has ruled. In essence, if the

Documents about fraud risk management
News B.C.CommercialEmerging RisksLoss ControlPropertyRisk Managers

Fraud risk management at B.C.’s $16 billion Site C dam project can improve: auditor

April 27, 2022 by Jason Contant

VICTORIA – British Columbia’s auditor general says Crown-owned BC Hydro can improve its management of potential fraud risks at the $16 billion Site C dam project. Michael Pickup says an audit found the Crown corporation has some elements of fraud

Business people connect gears together at meeting table.
News ClaimsCyberEmerging RisksInsurersLiabilityRisk Managers

Partnership approach needed in current cyber risk landscape

April 25, 2022 by Alyssa DiSabatino

As the cyber landscape and ransom attacks evolve, the onus is on insureds to protect themselves just as much as it is on insurers to provide coverage, says a webinar panellist.  “The archaic method of underwriting risk has shifted dramatically

Open coffee jar with ground coffee
News CommercialCommercial AutoEmerging RisksInsurersLoss TrendsMGAsOperationsPersonal AutoPersonal Home

Despite “aggressive growth goals,” insurers cautioned to keep their powder dry

April 25, 2022 by David Gambrill

Although the industry achieved a highwater mark financial result in 2021, industry executives are cautioning insurers to keep their powder dry and not reduce pricing drastically to grow market share. “I just look through the windscreen, all the things coming

Bank of Canada governor Tiff Macklem
News Emerging RisksInsurersLoss ControlTrending

Bank of Canada governor says he won’t ‘rule anything out’ on rates

April 22, 2022 by Adena Ali - THE CANADIAN PRESS

TORONTO – On a day when the Federal Reserve spooked markets with its tough talk on interest rates, Bank of Canada governor Tiff Macklem says he won’t “rule anything out” when it comes to the central bank’s own interest rate

Computer security concept
News ClaimsClaims ProfessionalsCyberEmerging RisksInsurersLoss ControlLoss TrendsMGAsRisk ManagersTechnology

Why multi-factor authentication isn’t the cure-all for your client’s cyber woes

April 21, 2022 by Jason Contant

Staying one step ahead of cybercriminals seems to be a never-ending battle for insurers and insureds, cyber experts said during an industry event Wednesday. “The problem is, as we increase our cyber hygiene and become better insureds, the criminals adapt

Multiracial workplace celebration.
News Emerging RisksHRInsurersLegalLiability

Not addressing diversity issues creates risk for brokers, survey finds

April 14, 2022 by Phil Porado

Nearly all Canadian brokers agree addressing diversity, equity and inclusion (DEI) issues is linked to business success, according to a late 2021 Canadian Underwriter online survey of 208 brokers across Canada, made possible with the support of Sovereign Insurance. It

Caution Sign - Higher Interest Rates Ahead
News Emerging RisksInsurersOperations

What higher interest rates mean for the P&C industry

April 14, 2022 by David Gambrill

When the Bank of Canada hiked interest rates a full half point on Wednesday, at first blush, it seemed Canada’s P&C industry might benefit from the inflation-curbing measure by garnering greater returns on their investments. But it’s not that straightforward,

A woman in business wear sits across from another woman and a man. They are all engaged in conversation.
News BrokersEmerging RisksInsurersLiabilityManagementOperations

When can a broker fire a client?

April 13, 2022 by Alyssa DiSabatino

On top of selling insurance, brokers are also tasked with managing client relationships. But what happens when a client doesn’t mesh with their broker?   “Sometimes it just doesn’t work out,” says Jack Mazakian, vice president of Advocis Broker Services. “You’re

Giant waves break near the lighthouse at Peggy's Cove, Nova Scotia.
News CatastrophesClaimsEmerging RisksInsurersLoss TrendsNew BrunswickNewfoundland & LabradorNova ScotiaP.E.I.Personal AutoPersonal HomeProperty

What Canadians can expect of future hurricane seasons

April 7, 2022 by David Gambrill

Atlantic Canadians can expect to see more and increasingly intense hurricanes, as sea surface temperatures continue to warm up as a result of climate change. “Warmer sea surface temperatures fuel stronger hurricanes,” Swiss Re Canada CEO Monica Ningen observed during