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What makes the current claims environment so challenging?

December 2, 2022 by Philip Porado

A convergence of global factors will cause above-average levels of claims inflation for the foreseeable future. Claims professionals who spoke with Canadian Underwriter said multiple market-dependent factors – including prolonged COVID-19 lockdowns in China, political instability, labour and materials shortages,

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News ClaimsCyberEmerging RisksInsurersRisk Managers

Privacy commissioner recommends ransomware insurance

October 31, 2022 by David Gambrill

Ontario’s privacy commissioner recommends businesses should consider an insurance policy that will cover first-party costs of responding to a ransomware attack. “Consider obtaining a cyber insurance policy that offsets the costs associated with responding to an incident such as forensic

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News CommercialRisk Managers

Looming recession causes concern for Canadian restaurant industry

October 25, 2022 by Rosa Saba - THE CANADIAN PRESS

TORONTO – Restaurants and bars across Canada are hoping this holiday season could finally spell recovery for the debt-laden sector. But, elevated inflation and a potential recession have them worried that their new normal won’t pay the bills. James Rilett,

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News BrokersClaimsCommercialInsurersLiabilityLoss TrendsPropertyRisk Managers

Why insurance has street performers singing the blues

October 19, 2022 by Phil

Rising costs for busker’s insurance has street performers singing the blues. To hear them tell it, sky high insurance rates cut so far into their profits that it often makes more sense to just stay home. And, depending on the

Mara Elieser, whose husband kept a boat docked nearby, takes photos at the destroyed bridge leading to Pine Island, in the aftermath of Hurricane Ian in Spring Hill, Fla., Sunday, Oct. 2, 2022. The only bridge to the island is heavily damaged so it can only be reached by boat or air. (AP Photo/Gerald Herbert)
News AdjustersCatastrophesClaimsClaims ProfessionalsCommercialCommercial AutoConstructionEnvironmentalLoss ControlLoss TrendsPersonal AutoPersonal HomePropertyRisk ManagersSupply Chain

How Hurricane Ian will strain insurers’ capacity

October 3, 2022 by Philip Porado

Hurricane Ian’s Florida landfall last week and subsequent return to the Carolinas means it’s shaping up to be one of the costliest storms in U.S. history. But, while the storm that arrived on the heels of Hurricane Fiona caused massive

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Why risk managers are feeling a sense of urgency

September 29, 2022 by Jason Contant

The COVID-19 pandemic has changed the business and risk landscape dramatically over the past couple of years and created a sense of urgency to spread risk knowledge and education, the new CEO of RIMS said in an interview with Canadian

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News BrokersBusiness InterruptionEmerging RisksInsurersLoss ControlLoss TrendsOperationsRisk Managers

Why your clients’ companies need to start ‘friendshoring’ their supply chains

September 28, 2022 by Alyssa DiSabatino

Supply chain disruptions can be circumvented if businesses start to engage in ‘friendshoring,’ one risk expert told the RIMS Canada Conference in Halifax. “Friendshoring is a polite way of saying the only people you can have in your supply chains

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News BrokersClaimsCommercialCyberInsurersRisk Managers

What your commercial clients forget to do after a cyber breach

September 27, 2022 by Alyssa DiSabatino

Commercial clients who suffered a cyber data breach may be inclined to quickly pay the ransom and get back on their feet, but brokers should advise their clients not to forget about post-breach communication with their customers and employees.  If

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News CommercialInsurersRisk Managers

WTW’s new global client exec for Canada

September 15, 2022 by David Gambrill

Helen DiVito is the new executive global client advocate for Canada at WTW, a global advisory, broking, and solutions company. As global client advocate, DiVito will be responsible for developing and maintaining relationships with risk and finance executives at Fortune

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News BrokersBusiness InterruptionCommercialEmerging RisksInsurersRisk Managers

Commercial insureds favour supply chain certainty over higher costs of goods

September 14, 2022 by David Gambrill

Commercial clients of the Canadian P&C industry are pragmatically accepting higher costs of goods to achieve more certainty around product and service delivery, one P&C industry executive observed. It’s a pragmatic response to a volatile world featuring war, a looming

Businessman Stop Domino Effect. Risk Management and Insurance Concept
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Why your business should use integrated models of risk

September 13, 2022 by Alyssa DiSabatino

In the midst of geopolitical volatility, a changing climate, inflationary pressures, emerging energy products and more, the best thing risk committees can do is build integrated models of risk, says Janice Gross Stein, founding director of the University of Toronto’s

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How de-globalization will generate $33 billion in commercial premiums

September 9, 2022 by David Gambrill

Countries are starting to restructure their supply chains, a ‘de-globalizing’ phenomenon that could generate $33 billion in new global commercial P&C insurance premiums over the next four years, Swiss Re predicted. In one example, ‘re-shoring’ supply chains means moving commercial