Canadian Underwriter

Topic Environmental

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Regulator’s pilot project to start scenario-testing for climate change risks

January 7, 2021 by David Gambrill

Canada’s solvency regulator has introduced a pilot project in 2021 to conduct scenario testing of the impact of various climate-related risks on financial institutions’ bottom lines. “The first step of the pilot project is to develop a Canada-relevant set of

News ClaimsClaims TechnologyCommercialEmerging RisksEnvironmentalInsurersLoss TrendsPropertyRisk ManagersTechnology

Overcoming AI’s bias: Models are only as good as the data you feed into them

January 6, 2021 by Adam Malik

If people intend to use data to help mitigate risk or save lives, that data must be trustworthy, says an artificial intelligence expert. Sean Griffin, CEO and co-founder of Disaster Tech, a disaster risk data firm, pointed out during CatIQ

News B.C.ClaimsEmerging RisksEnvironmental

B.C. lacks plans for rising seas, flooding: coastal adaptation researcher

December 21, 2020 by Brenna Owen - THE CANADIAN PRESS

VANCOUVER – Parts of British Columbia could see massive losses if the province doesn’t start planning for flooding as ocean waters rise and storms surge due to climate change, says a researcher at the University of B.C. in Vancouver. B.C.

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Western broker: Don’t chop off the head of oil industry

December 9, 2020 by Greg Meckbach

Although the impact of carbon emissions on climate is a major concern for carriers, western Canadian brokers are concerned about efforts to reduce Canada’s reliance on oil and gas. “Oil and gas is not going away any time soon, and

News CommercialEmerging RisksEnvironmentalInsurersLoss ControlMergers and Aqcuisitions

Investors increasingly asking about insurers’ environmental practices: CFOs

December 2, 2020 by Jason Contant

Investors are increasingly asking insurers about environmental, social and corporate governance (ESG) practices and how they are being managed, Intact Financial Corporation’s senior vice president and chief financial officer, Louis Marcotte, said recently. “In some cases, when we meet investors,

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Aviva CEO sides with science against fruitless conjecture around climate risk

November 27, 2020 by Adam Malik

Aviva Canada CEO Jason Storah has no time for arguing about the validity of climate change and the threats facing the planet that are affecting the insurance industry. Instead of debates about climate change based on speculation and conjecture, he’d

News Emerging RisksEnvironmentalRisk Managers

Bank of Canada and OSFI team up for pilot project on climate change risk

November 18, 2020 by Jordan Press - THE CANADIAN PRESS

OTTAWA – Canada’s top central banker is making a plea for the country to more quickly address the impacts of climate change to avoid any economic ripple effects on households and businesses. Tiff Macklem made the case in a speech

News ClaimsCommercialEnvironmentalLiabilityNewfoundland & Labrador

45,000 litres of oil spilled at Churchill Falls hydroelectric station in Labrador

November 13, 2020 by The Canadian Press

CHURCHILL FALLS, N.L. – Nalcor Energy says about 45,000 litres of oil spilled at the Churchill Falls hydroelectric plant switchyard in Labrador. In a news release Thursday, the Newfoundland and Labrador energy corporation says the oil spilled from a transformer

News Emerging RisksEnvironmentalInsurers

Moving through the pandemic: Intact exec to offer his view of what’s next

October 29, 2020 by Adam Malik

Delivering value for customers and digital strategy will be two headliners in Intact’s “10-year strategic roadmap,” which will integrate some learnings from the crisis, the carrier told Canadian Underwriter recently. “We anticipate that consumers will engage digitally to a greater

News ClaimsEmerging RisksEnvironmentalInsurers

Aviva boss wants more trust placed on science

October 28, 2020 by Adam Malik

Trusting science to help address climate change, and rebuilding more resilient communities after natural catastrophes are uppermost in the mind of Aviva Canada’s leader these days. “Scientists can tell us more than ever before about catastrophic storms, including precisely when

News EnvironmentalLiability

Transport Canada’s dangerous goods registry has outdated, missing data: audit

October 27, 2020 by The Canadian Press

OTTAWA – The federal environment commissioner says Transport Canada’s database of where dangerous goods are stored and moved could be missing thousands of locations and contains outdated details on hundreds more. The audit reports released today say the department has

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Gushing over oil storage

October 18, 2020 by Michael Freill, President, Mark 1 Engineering

How Canada’s P&C insurers plugged a regulatory hole that exposed the industry to millions of dollars in claims every year