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How can you improve cybersecurity? Hire more women

December 9, 2022 Camelia Radu and Nadia Smaili

By Camelia Radu, Associate Professor in Accounting, Universite du Quebec a Montreal (UQAM) and Nadia Smaili, Professor in Accounting (forensic accounting), Universite du Quebec a Montreal (UQAM). This article was originally published on The Conversation, an independent and nonprofit source

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News BrokersCatastrophesClaimsClimate ChangeCommercial LinesInsurance

How insurance coverage will change as Canadian hurricane risk expands

December 9, 2022 by Alyssa DiSabatino

Parametric insurance is a relatively new product in Canada, and thus is not a big buy for commercial clients, but as climate change is expected to cause more hurricane events in Canada, expect this solution to get more popular north

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News BrokersCommercial LinesInsuranceMarkets / CoveragesMGAsRisk

The real reasons behind Canada’s softer D&O market

December 9, 2022 Philip Porado

“Expanded insurer appetite and competition in the primary space,” as well as new capacity in excess layers, helps explain a softening of Directors and Officers (D&O) insurance pricing and limits expansions in Canada, says a recent quarterly market insights report

Scott Irwin, Navacord, wearing a blue suit and red tie stands with his arms crossed against a white background
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New president and CEO at Jones Deslauriers

December 8, 2022 by Alyssa DiSabatino

Scott Irwin is now president and CEO of Jones Deslauriers, a Navacord broker partner.   He succeeds Eric Osbourne, Jones Deslauriers’ president and CEO of 15 years, who has taken on a new role at Navacord.  Jones DesLauriers is a

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News Earnings / RatingsInsuranceMarkets / Coverages

Bank of Canada hikes key rate by half percentage point, signals possible pause

December 7, 2022 Nojoud Al Mallees - THE CANADIAN PRESS

OTTAWA – The Bank of Canada hiked its key interest rate by half a percentage point Wednesday to 4.25 per cent – the highest it’s been since January 2008 – while signalling it may pause its aggressive rate hike cycle.

A man pauses while digging out snow from under a car stuck on a street in the aftermath of a snowstorm, in Vancouver, B.C., Wednesday, Nov. 30, 2022. Delta Mayor George Harvie describes the response to heavy snowfall in the region last week as a "recent failure of provincial highway winter maintenance." THE CANADIAN PRESS/Darryl Dyck
News BrokersCatastrophesClaimsClimate ChangeInsurance

Why this insurer saw double the amount of auto claims. Could it happen again?

December 7, 2022 by Alyssa DiSabatino

A major snowfall in southern British Columbia last week led to a 94% increase in claims compared to the week prior, Insurance Corporation of British Columbia (ICBC) reported. And with more snow being forecast today, drivers should prepare for more

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How inflation, and possible recession, may create D&O headaches

December 6, 2022 Philip Porado

Faced with wide-ranging global macroeconomic risks that include supply chain disruptions and labor shortages, stock issuers need to be careful about any disclosures and public statements. This is especially true for publicly traded companies that have directors and officers (D&O)

A filing cabinet drawer with a tag that says "claims" is opened and is holding stacks of brown envelopes.
News CatastrophesClaimsClaims CanadaCommercial LinesInsuranceMarkets / Coverages

How insurers narrowly avoided ‘catastrophic’ business interruption claims

December 6, 2022 by Alyssa DiSabatino

Business interruption (BI) and related losses from the coronavirus pandemic could have been ‘catastrophic’ for insurers had policy wordings not been precise enough to prevent massive payouts following court challenges, credit rating agency DBRS Morningstar says in a new commentary. 

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News Insurance

ICBC’s new approach to claims interactions with injured drivers

December 5, 2022 Dr. Donna Bain

The new Enhanced Care model put in place by the Insurance Corporation of British Columbia (ICBC) in Spring 2021 emphasizes proactive outreach to injured customers to help them recover, while also communicating about insurance benefits and processes. Enhanced Care changed

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News BrokersCatastrophesCommercial LinesInsuranceReinsurance

What do January reinsurance renewals have in store for property insurers?

December 5, 2022 by Alyssa DiSabatino

With January’s reinsurance renewal period quickly approaching, the impact of major cat events on property insurers remains to be seen, said a new report from Navacord brokerage Lloyd Sadd.  Catastrophic losses are making leading property insurers selective about the amount

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News BrokersInsuranceMergers and AqcuisitionsProfessional DevelopmentTechnology

Do digitally efficient brokerages make better acquisition targets?

December 2, 2022 Alyssa DiSabatino

Brokerage owners shouldn’t just invest in digitization for its own sake, says one financial advisor. They should do it to make a purchase and integration easier for consolidators. Consolidators don’t necessarily expect small brokerages to digitize before acquisition, said Alex

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News AdjustersBrokersCatastrophesClaimsClaims CanadaClimate ChangeEngineeringInsuranceRestoration

What makes the current claims environment so challenging?

December 2, 2022 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,