Ongoing reserve uncertainty may reduce insurers’ risk appetite, thereby sustaining hard market conditions, according to a new report by Swiss Re. “Direct non-life insurers in advanced markets have on average released prior-year loss reserves, although the pace has been slowing…
With insurance underwriters now voicing preference for ‘best-in-class’ commercial risks, it’s fallen to brokers to educate their clients about how to reduce their losses. And that means commercial brokers are becoming more like holistic risk advisors, making recommendations to their…
Commercial lines in Canada have changed in the aftermath of the pandemic. These days the monolithic ‘hard market’ has evolved into multiple markets differentiated by segmented pricing and best-in-class loss-control measures. And the commercial broker’s role has changed accordingly. After…
Canadian businesses are seeing a rise in the cost of their business interruption claims, causing BI to be one of their top risk concerns in 2023, according to a new report by Aon Canada. “The sources of business disruption for…
OTTAWA – 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…
As 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…
Canada’s financial solvency regulator has published its final revised guideline for managing risks associated with third-party contracts and arrangements, having addressed industry concerns about scope, prescription and the timing of implementation. Guideline B-10: Third-Party Risk Management sets out enhanced third-party…
Friends in the Industry Healing Together (FIHT) — a new industry not-for-profit organization dedicated to bridging the gap between people and mental health services — is looking for friends within Canada’s property and casualty insurance industry. “I think there’s a…
Canada’s national actuarial organization is recommending legislation that would require condo corporations to hold in their reserve funds a “financial cushion” above what’s required by a reserve fund study. “That cushion protects corporations from adverse deviations from increased expenditures (among…
Three years into the pandemic-induced hybrid workplace, Canadian financial services employees are worried about losing their new-found flexible office arrangements and aren’t afraid to seek new employment opportunities elsewhere — meaning retention is the name of the game for employers…
You know that star employee who left your organization a year ago? Now might be the time to ask them how it’s going and see if they might be interested in coming back, according to a blog post from Harvard…
Westland Insurance has added to its entertainment team with the acquisition of Vancouver-based music insurance brokerage Shephard Ashmore Insurance Inc. The music insurance brokerage for more than 40 years pioneered music insurance programs for independent artists in the late 1970s,…