Canadian Underwriter

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Risk Management

A glowing quantum computer
News InsuranceTechnology

How quantum computing could impact risk management and claims

March 18, 2024 Jason Contant

Quantum computing’s impact on P&C insurance operations will be wide-ranging, say several sources who spoke with CU. Almost every sector and department of the industry could be affected, including actuarial, risk management and underwriting teams, data analytics, IT, claims processing,

Police badge and handcuffs on a computer to represent regulators cracking down on computer crime
News InsuranceTechnology

How quantum computing creates new risks, regulatory issues for insurers

March 14, 2024 Jason Contant

Quantum computing stands at the forefront of data processing technology and, although it remains an open question how it will be regulated, some form of guidelines will be needed. Quantum computers go well beyond a standard binary form of processing

Damage after a load fell from a crane in Vancouver
News ClaimsClaims CanadaCommercial LinesConstructionInsurance

Crane accidents ‘a huge concern’ after fourth incident in Metro Vancouver

March 6, 2024 Chuck Chiang and Brenna Owen – The Canadian Press

In 30 years of working in construction, Josh Towsley says this is a first, after Metro Vancouver saw its fourth crane accident since the start of the year. “I’ve been involved in construction since I was 19 years old …

Car insurance application
News BrokersInsuranceMarkets / CoveragesTechnology

FSRA’s plans for auto coverage regulation

March 5, 2024 Philip Porado

Ontario’s auto insurers shouldn’t expect changes to the ‘take all comers’ or Unfair or Deceptive Practices Act rules, Michelle Dodokin, head of auto insurance supervision at Ontario’s Financial Services Regulatory Authority (FSRA), told a breakout session at Monday’s 2024 FSRA

Aerial view of homes flooded by record-breaking rainfall
News CatastrophesClaimsClimate ChangeInsuranceRisk

How clients can be motivated on climate action

March 5, 2024 by Jason Contant

Measures to help mitigate climate change are a known commodity, it’s just a matter of motivating the public, government and regulators to take action, speakers suggested Monday at an industry event. Climate change is irreversible, but its rate can be

A gas station destroyed by the Bush Creek East wildfire in Squilax, B.C.
News CatastrophesClaimsClaims CanadaInsuranceRestoration

Inaccurate data on forest fuels may stoke B.C. wildfires, study finds

March 4, 2024 Brenna Owen - The Canadian Press

Wildfire fighting and forest management decisions are potentially being hampered by inaccurate government data that misrepresents forest fuel loads in British Columbia’s Interior, a new study has found.  The B.C. government says the provincial wildfire service is working with the

Students in university lecture hall
News EmploymentInsuranceProfessional DevelopmentRisk

How McGannon Foundation is approaching talent recruitment

March 1, 2024 by Jason Contant

With massive retirements on the horizon for the Canadian P&C insurance industry, one organization is taking a multi-faceted approach to address the ‘talent crisis.’  The McGannon Foundation is ‘laser-focused’ on promoting the risk management and insurance profession in Canada through

In-the-classroom learning
News AdjustersClaimsEmploymentInsuranceProfessional DevelopmentRisk

How industry professionals are tackling talent recruitment

February 28, 2024 by Jason Contant

Canada’s P&C insurance industry is looking at everything from career fast-track programs to scholarships and student involvement programs to handle talent recruitment challenges. Recruitment has long been an industry challenge. In late January, the Insurance Institute of Canada, the industry’s

Cyberattack concept
News ClaimsClaims CanadaCommercial LinesInsuranceMarkets / CoveragesTechnology

No evidence that RCMP data was extracted during recent cyberattack: commissioner

February 28, 2024 The Canadian Press

OTTAWA – The head of the RCMP said Tuesday there was no evidence to date that personal or operational information had been pilfered from the national police force’s systems during a recent cyberattack. “Based on information that we’ve gone through,

Inverness beach with sand dunes in Cape Breton, N.S.
News Insurance

New N.S. coastal protection plan shifts responsibility to homeowners, municipalities

February 27, 2024 Keith Doucette – The Canadian Press

HALIFAX – Nova Scotia’s new plan to protect the province’s 13,000 kilometres of coastline is an abdication of the government’s responsibility, the opposition and environmental activists said Monday. The strong criticism came swiftly after Environment Minister Tim Halman announced the

Beers at a big event
News InsuranceTechnology

Here’s what creates risks for hospitality providers in 2024

February 26, 2024 Philip Porado

As Canada eases out of the COVID-19 pandemic, the country’s restaurateurs, hoteliers, and event venue operators face a multitude of risks. Changes over the past four years have hospitality providers swimming in a toxic soup of pandemic-stunted social habits, inflation-dented

Fraser River in British Columbia
News ClaimsClaims CanadaInsuranceRisk

How insurers can help manage flood risk in Indigenous communities

February 20, 2024 by Jason Contant

Insurers need to play a greater role in helping to manage high-risk flood areas in Indigenous communities, a tribal chief said during the CatIQ Connect conference earlier this month. “At some point, you as insurers are going to have to