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Risk Management


Excited family tobogganing in snow
News InsuranceMarkets / Coverages

Councillors vote down controversial proposed tobogganing ban in Oshawa, Ont.

February 6, 2023 Jordan Omstead - THE CANADIAN PRESS

A proposal to ban tobogganing at all but two municipal parks in a city east of Toronto was voted down after a lengthy council debate and a wave of public pushback. City staff in Oshawa, Ont., will instead look to

Woman lamenting as two computer screens show her system has been hacked.
News BrokersCommercial LinesInsuranceMarkets / Coverages

Will cyber bonds help reinsurers transfer risk?

February 3, 2023 Philip Porado

Can reinsurers transfer cyber risk to the capital markets? We may be close to finding out. Recently, two announcements about the issuing of insurance-linked securities (ILS) show there’s a potential to create a broader reinsurance source for cyber risk, said

Firefighter putting out a house fire
News ClaimsInsurance

Action needed to prevent future fires on First Nations, organization says 

February 3, 2023 Fakiha Baig - THE CANADIAN PRESS

A 10-year-old girl who died after a house fire on a northern Ontario First Nation might still be alive if firefighting and prevention resources her community has been seeking were in place, an organization representing 49 First Nations said Thursday.  

The Coastal GasLink pipeline under construction.
News ClaimsCommercial LinesConstructionInsurance

Unexpected construction issues, rising labour costs increase pipeline cost to $14.5 billion

February 1, 2023 Amanda Stephenson - THE CANADIAN PRESS

CALGARY – The estimated cost of the Coastal GasLink pipeline has increased by 29 per cent to $14.5 billion, as the company behind the project continues to be dogged by unexpected construction issues and rising labour costs. Calgary-based TC Energy

Five Islands Lighthouse in Nova Scotia
News ClaimsInsuranceRisk

Lawsuit over fall at historic Nova Scotia lighthouse allowed to proceed

January 31, 2023 Keith Doucette - THE CANADIAN PRESS

HALIFAX – An American tourist who alleges she was injured in a fall at Nova Scotia’s historic Five Islands Lighthouse in July 2017 can proceed with her lawsuit, a Nova Scotia judge has ruled. Mary Riddle of Pennsylvania is suing

Alberta's NDP is criticizing a governmental review of a program that's supposed to ensure oilsands companies can clean up their mines.
News InsuranceMarkets / Coverages

Review of oilsands cleanup funding program needs public input, says Alberta NDP

January 30, 2023 Bob Weber - THE CANADIAN PRESS

EDMONTON – Alberta’s New Democrat Opposition says a government review of the program that’s supposed to ensure oilsands companies can clean up their mines was conducted too privately and should have been done in public.   Environment critic Marlin Schmidt

Looking at an earthquake early warning sensor app on a phone
News InsuranceRisk

B.C. to install earthquake warning sensors to give life-saving notice

January 27, 2023 The Canadian Press

VICTORIA – Up to 50 earthquake early warning sensors are being installed around British Columbia as part of a larger plan to protect people and infrastructure in a big quake. The sensors will be connected to the national Earthquake Early

Broker standing in front of a series of doors, representing choices.
News BrokersClaimsCommercial LinesInsuranceMarkets / CoveragesProductsRisk

Does your client need D&O or an ancillary coverage?

January 26, 2023 Philip Porado

While directors and officers (D&O) insurance is designed to cover individuals and corporate assets on the broadest threat level, certain exposures may require separate, dedicated policies focused on specific risks. When claim scenarios are investigated, it may become clear a

Metaverse city concept
News Commercial LinesMarkets / CoveragesTechnology

Metaverse risks: 4 areas for commercial clients to explore

January 25, 2023 by Jason Contant

Privacy is one of the four major risks associated with the metaverse — the expanding virtual universe of network connections — an industry expert told Canadian Underwriter recently. When developing a metaverse strategy, your commercial clients should look at operational,

Two groups of wooden blocks being consolidated into one group
News BrokersInsuranceMarkets / CoveragesMergers and Aqcuisitions

Which insurers can expect to be consolidated

January 23, 2023 by Alyssa DiSabatino

Middle market and non-specialty insurers will be the central targets of consolidators into 2024, and some may even withdraw entirely from the P&C insurance market, suggested Phil Cook, P&C consultant and chairman of Omega Insurance Holdings Inc. at the Insurance

Houses along the shores of Lake Erie following December's 'bomb cyclone'
News BrokersCatastrophesClaimsClimate ChangeInsuranceRisk

Why Ontario should worry about worsening weather

January 19, 2023 by Alyssa DiSabatino

Final numbers for 2022 show another year of NatCats reaching over $3 billion in insured damages (and, at $3.1 billion, the third highest total NatCat losses in Canadian history).  Those figures don’t just point to more insured damages losses for

Lower shot of a businessman in a white button up shirt and red tie stopping a set of wooden dominoes with his hand
News BrokersCatastrophesClaimsCommercial LinesInsuranceRisk

What are Canada’s major business risks for 2023?

January 17, 2023 by Alyssa DiSabatino

Cyber incidents are the new top business concern for Canadian companies in 2023, according to the Allianz Risk Barometer 2023.   The top three risks in Canada are cyber incidents (35%), the skilled workforce shortage (33%) and climate change (29%),