Topic Risk Managers
New captive may help Alberta’s energy industry spread risk
July 18, 2022 by Philip PoradoAt least one insurer has taken Alberta up on its newly legislated option to domicile captive insurance companies in the province. The Captive Insurance Companies Act in Alberta, formerly Bill 76, came into force July 1. NFP this week announced…
D&O excess policy needs to spell out exceptions from primary policy
July 14, 2022 by David GambrillIf an excess insurance policy follows the form of a primary policy, and the primary policy offers an option that extends the claims reporting period by a year, the insured is entitled to the same option under the excess policy,…
Who owns the risks posed by artificial intelligence?
July 13, 2022 by Alyssa DiSabatinoAs artificial intelligence (AI) increasingly affects the performance of products consumers use every day, discussions about who owns the AI risk is likely to become more intricate. For companies making these products, it’s important to know the risks involved, be…
2 risks keeping these business leaders up at night
July 12, 2022 by Alyssa DiSabatinoQuébec businesses are more likely to prioritize business interruption and environmental risks than their counterparts in the rest of the country, according to a new report by Aviva. However, both Québec and the rest of Canada are equally keen on…
How to advise clients on commercial contract indemnities
July 6, 2022 by Michael CareyCommercial contracts often contain indemnities, and brokers should be prepared to address issues pertaining to indemnities within those contracts. Some clients may ask what an indemnity is. Simply put, it’s a promise to compensate another person for certain costs and…
What the regulator’s focus on digital risk means for you
June 27, 2022 by David GambrillExpect Canada’s solvency regulator to become more active in overseeing the P&C industry’s digital risks. “Insurers have become more digital with changes in business models and service delivery,” OSFI superintendent Peter Routledge said in prepared remarks to insurers attending the…
Will rocketing consumer prices spark social inflation?
June 24, 2022 by Philip PoradoWhile consumers are paying close attention to inflation’s impact on their wallets, insurers should be keeping an eye on social inflation – and recognize the two are often linked. “There’s quite a distinction between the impact of what I would…
P&C industry fastening its seatbelt for risk of global recession
June 20, 2022 by David GambrillFresh from emerging from a global pandemic, Canada’s P&C insurance industry is turning its mind toward the next item on its global risks list – the threat of an economic recession. Global economic recession topped the list of potential 2023…
How your large business clients can manage cyber risks they can’t see
June 14, 2022 by David GambrillIn the wake of lifting of pandemic restrictions, digital transformation is becoming so extensive that organizations are having trouble getting a handle on their broadening cyber exposures. “As organizations grow and incorporate digital and cloud transformation into the fabric of…
How better risk controls have helped Canada’s P&C industry thrive
May 26, 2022 by Philip PoradoOver the past 20 years, a transition from traditional risk management approaches to enterprise risk management (ERM) helped Canada’s property and casualty insurance industry post stronger performance and financial health, compared with many other industries. A recent Insurance Institute study…
Why COVID-19 created opportunities for risk managers
May 19, 2022 by Jason ContantRisk management professionals are gaining a voice in the executive ranks, partially because COVID-19’s helped raise the sector’s profile. “There is now a seat at that table where there never was before,” said Steve Pottle, chairman of the RIMS Canada…
Where have all the good underwriters gone?
May 12, 2022 by Gloria CilliersFor years, insurers have poached commercial underwriters from one another amid M&A activity, an aging population and hard/soft markets. But that’s left the industry with less seasoned talent and slower investment in acquisition, training and retention. “Suddenly, more so than…