How reinsurers are helping banks to assess their climate risk
February 24, 2022 by Alyssa DiSabatinoAfter Canada’s solvency regulator said the financial sector must better respond to climate-related risks, one Munich Re executive says the global reinsurer is working closely with banks and other federally regulated financial institutions on their climate risk approach. Banks, he…
How the P&C industry should shift its thinking about climate risk
February 11, 2022 by Jason ContantCanada’s P&C insurance industry needs to adapt its climate risk business model to focus more on loss prevention rather than indemnity, a speaker says Thursday at an industry event. And pricing needs to be forward-looking rather than based on historical…
These socioeconomic factors are driving up property claims
December 7, 2021 by Greg MeckbachUrbanization, the increasing popularity of solar panels and a greater awareness of what is covered insurance are among the factors driving an escalation of insured property losses, a speaker suggested at last week’s CatIQ Connect conference. “Urbanization means that we…
What can be done just seconds before an earthquake hits?
December 7, 2021 by Jason ContantNatural Resources Canada (NRC) is developing an earthquake early warning system that will provide valuable time before an earthquake strikes to allow protective measures to be put in place for people and critical infrastructure. “It can provide anywhere between seconds…
Can we blame climate change for B.C. ‘atmospheric river?’
December 2, 2021 by Greg MeckbachWe can’t say for sure that climate change has caused the heavy rainfall and severe floods and landslides currently affecting British Columbia, but global warming is making disasters like this more likely, a Swiss Re speaker suggested Thursday. “Warmer air…
How to be really customer-centric: Lessons from the global insurance market
June 11, 2021 by Jason ContantCanada’s property and casualty insurance industry should look towards the global insurance market for some insights about how to increase take-up rates, particularly among marginalized and low-income people, speakers said Thursday at the CatIQ Connect virtual conference. In the global…
How COVID changed claims adjusters
March 12, 2021 by Adam MalikAlthough the claims adjusting profession has undergone a lot of change over the last decade, last year was unlike any other, CRU Group executive vice president Skip McHardy said during a recent web conference. In particular, COVID-19 highlighted the need…
By how much productivity for restoration firms dropped in the pandemic
March 6, 2021 by Adam MalikThe head of a claims restoration company says it’s reasonable to believe that productivity in his company and the industry as a whole has dropped by nearly 20% due to the global COVID-19 pandemic. That would be on par with…
Lessons learned from ‘the toughest Cat season’
March 2, 2021 by Adam MalikThe COVID-19 pandemic made it difficult at times for insurers to work through natural catastrophes, said a Wawanesa executive during a recent web conference. But they’ve learned a few lessons because of it. As Cats stormed through Alberta to the…
Overcoming AI’s bias: Models are only as good as the data you feed into them
January 6, 2021 by Adam MalikIf people intend to use data to help mitigate risk or save lives, that data must be trustworthy, says an artificial intelligence expert. Sean Griffin, CEO and co-founder of Disaster Tech, a disaster risk data firm, pointed out during CatIQ…
The hard part of managing wildfire risk
February 26, 2020 by Greg MeckbachYour clients may be doing all the right things to manage their wildfire risk, but what about the property halfway down the street? “You can have four homes in a row that are perfectly maintained, just the way they are…
Why insurers aren’t getting much traction with Canadian businesses on climate change
February 13, 2020 by Adam MalikCanadian industries have a silo-ed approach to preparing for climate change, which is working against the Canadian P&C insurance industry’s desire to address climate change loss exposures and manage catastrophes, a pair of experts told a recent conference. For example,…