OSFI responds to industry’s concerns re: climate risk reporting
March 20, 2024 by David GambrillCanada’s solvency regulator has tweaked its climate risk reporting guidelines in response to input from the property and casualty insurance industry. In several ways, OSFI has responded positively to concerns expressed by P&C insurers over how climate change-related risk and…
Your Canadian clients’ top business risks in 2024
January 17, 2024 by Alyssa DiSabatinoCanada’s top three business risks show companies are widely, and primarily, worried about disruption to their operations, according to the Allianz Risk Barometer 2024. Over half (57%) of respondents in Canada said business interruption was their number one risk,…
How commercial brokers have evolved into holistic risk advisors
June 20, 2023 David GambrillWith insurance underwriters now voicing preference for ‘best-in-class’ commercial risks, it’s fallen to brokers to educate their clients about how to reduce their losses. And that means commercial brokers are becoming more like holistic risk advisors, making recommendations to their…
How broker tech can reduce E&O exposure
June 16, 2023 Alyssa Di SabatinoA growing wave of retirements means Canada’s property and casualty (P&C) insurance brokerages are losing the knowledge and experience of many of its senior leaders. “Many brokerages run into issues because they don’t have a system for knowledge transfer, which…
How hybrid work can increase broker E&O risk
May 31, 2023 David GambrillWorkplace flexibility, one feature of a hybrid workplace, has proven to be a selling point to attract younger brokers. But the hybrid office makes it difficult to supervise newly recruited brokers to make sure they’re doing things correctly, broker E&O…
Why D&O brokers are looking at risk mitigation
May 19, 2023 Philip PoradoAmid signs the recently easing directors and officers (D&O) coverage segment may gradually become a bit tougher, brokers and insurers will be taking a closer look at companies’ risk-mitigation procedures. When writing risks, Catherine Lanctot, senior vice president and national…
Don’t let clients cheap out on cyber coverage
May 10, 2023 Philip PoradoAs high-profile ransomware attacks continue to grab headlines, insurers providing directors and officers (D&O) coverage are concerned private company boards might not be managing cyber risk. “Are they allocating enough funds to cybersecurity? Are they going to have a lawsuit…
What financial uncertainty may mean for D&O claims
April 12, 2023 Philip PoradoPrivate companies, including not-for-profits, face rising legal and other exposures from lenders and private investors, customers and employees that can impact Directors & Officers (D&O) insurance policies. And, over the past three years, economic volatility has emerged as a key…
Why new risks plague the hospitality sector post COVID-19
November 8, 2022 Alyssa Di SabatinoPeople can eat in restaurants across Canada without wearing a mask or providing proof of vaccination, a sign the risks initially associated with the spread of COVID-19 have lessened. But, with public health restrictions largely lifted, restaurant and bar owners…
Pandemic puts ‘right to disconnect’ in spotlight as provinces inch toward policies
December 30, 2021 By Tara Deschamps, Canadian PressDuring Danish Yusuf’s morning routine, his work phone rarely rings and seldom is there an appointment with his Toronto insurance company staff. The lack of disruptions is no coincidence. Yusuf instructed staff not to plan meetings or send electronic communications…
UFO sightings: Are your clients covered for an alien invasion?
June 24, 2021 by David GambrillRecent talk about UFOs during the pandemic has caused the most conspiratorial among us to wonder if Canada’s property and casualty insurance industry is prepared for the most secretive of risks: An alien invasion of Earth. Film footage has emerged…
Would your client actually buy a pandemic risk product?
February 25, 2021 by Jason ContantEven if insurance products were available for pandemic risk specifically, several businesses say they wouldn’t anticipate becoming more dependent on risk financing or insurance as a result, according to the results of a global survey from Aon. Few companies have…