To mitigate supply chain risk, commercial brokers and risk managers can advise their insureds to expand their vendor networks, manage and revisit their contracts regularly, work with local suppliers, and remove links in the chain, industry experts said in a…
In the midst of geopolitical volatility, a changing climate, inflationary pressures, emerging energy products and more, the best thing risk committees can do is build integrated models of risk, says Janice Gross Stein, founding director of the University of Toronto’s…
New Alberta legislation allowing captive insurance companies to set up and domicile in the province has started to bear fruit. Insurance and reinsurance broker BMS is launching BMS Captive Insurance Services. The Alberta-based division will provide strategic advisory services and…
Countries are starting to restructure their supply chains, a ‘de-globalizing’ phenomenon that could generate $33 billion in new global commercial P&C insurance premiums over the next four years, Swiss Re predicted. In one example, ‘re-shoring’ supply chains means moving commercial…
Good overall underwriting results and solid risk-adjusted capitalization left the industry in a resilient position in 2021, despite the headwinds Canada’s P&C industry has faced in the last two-and-a-half years, according to AM Best’s Canada Market Segment Report. Headwinds the…
Even before the COVID-19 pandemic, delays plagued commercial and residential construction in Canada. What’s changed since March 2020 is a rise in contributing factors causing these delays, noted Steve Schmelzle, practice leader of construction and contracting at Intact Insurance Specialty…
Despite predictions of an “above normal” hurricane season this year, it’s started off with a whimper. But that doesn’t necessarily mean it will stay that way, said Glenn McGillivray, managing director of the Institute for Catastrophic Loss Reduction (ICLR). In…
Brokers with clients in the oil and gas industry are closely watching statements by insurers announcing intentions to exit from coverage of Canada’s oil sands. Those insurers, like many other companies globally, are under intense pressure from consumers and governments…
In this year’s second annual Jim Abernethy Challenge, the Leukemia & Lymphoma Society of Canada hopes Canadian P&C insurance professionals can help top last year’s $500,000 contribution to blood cancer research and community support. The Jim Abernethy Challenge is part…
Climate-friendly impact investments and those promoting resilience to the damaging effects of climate change are environmentally responsible ways for insurers to allocate their capital, suggests one insurance expert. Aside from charging premiums for policies, insurers turn a profit by…
Saskatchewan Government Insurance statistics show a record this year in impaired driving offences. The province’s law enforcement stopped 497 impaired drivers, including 292 drivers who were charged with Criminal Code offences this July, according to SGI’s Traffic Safety Spotlight. “While…
Product orders from giant online retailers like Amazon are now being filled and shipped from Canada – proof the logistics chain is evolving. But this also means Canadian companies storing and shipping goods under contract for these retailers need protection,…