Industry
Wildfire is now moving into the range of a “peak peril” type of risk, similar to earthquakes and hurricanes, Risk Management Solutions, Inc. (RMS) told Canadian Underwriter recently. Overall, in both Canada and the United States, wildfire risks are starting to move from what the insurance industry traditionally thought of as an attritional risk — […]
By Jason Contant | May 14, 2021
3 min read
Insurance companies, generally risk-averse, are not used to seeing failure — something they need to get used to when they work with insurtechs that are trying to create a better system for them, says one insurtech leader. Insurers come to an insurtech to enhance their offering. Figuring out the best solution means playing around with […]
By Adam Malik | May 14, 2021
TORONTO – Restaurant owners say they are concerned about operations as federal subsidies begin to wind down, even as provinces like Ontario extend stay-at-home or lockdown measures. Restaurants Canada is seeking an exemption from the federal government’s scheduled phase-out of the wage and rent subsidy programs, both of which will gradually be decreased starting in […]
1 min read
After a two-year wait, Canada’s property and casualty insurance industry is relieved to hear the federal government has finally established its long-awaited Sustainable Finance Action Council, which will advise government on matters such as climate-related financial disclosure requirements across the country. The federal government announced Wednesday the creation of the Action Council, which will include […]
By David Gambrill | May 13, 2021
4 min read
A corporate diversity, equity and inclusion (DE&I) program is essential because it’s driving business innovation, which is a competitive advantage, risk managers heard during a recent web conference. Carla Harris, vice chairman and managing director of Morgan Stanley, spoke at the recent RIMS Live 2021 virtual event about how companies are competing on innovation. Finding […]
By Adam Malik | May 13, 2021
Canada could potentially see $20-billion loss events from wildfire alone, according to recent simulations by Risk Management Solutions, Inc. (RMS). The odds of that happening would be “extremely rare, on the order of a 1-in-10,000-year return period,” Michael Young, vice president of model product development at RMS, told Canadian Underwriter in an interview Tuesday. “But […]
By Jason Contant | May 13, 2021
TORONTO – Canada’s two largest pipeline companies say they have taken a proactive approach to avoid the type of cyberattack that has disrupted gasoline supplies in the U.S. Southeast and contributed to higher retail gasoline prices across North America. Hackers were able to seize control of computer systems for the Colonial Pipeline, locking access, and […]
Vehicle manufacturers are likely going to be on the hook for damages following autonomous car crashes in which no human being is controlling the vehicle, a cyber insurance specialist says. “Certainly, one of the more dramatic ways of thinking about that is: What if a car is attacked in a way that allows the criminal […]
A major catastrophe event resulting in insurance claims exceeding $35 billion would likely overwhelm the capacity of Canada’s insurance industry, according to a recent report by the Property and Casualty Insurance Compensation Corporation (PACICC), How Big is Too Big? At that point, multiple insurers would be distressed and could fail, including both smaller regional insurers […]
FORT SIMPSON, N.W.T. – A mayor in the Northwest Territories was watching for movement in slabs of ice and snow sitting on top of one of two rivers threatening his community on Tuesday. About 700 of Fort Simpson’s 1,200 residents were forced from their homes after water levels rose dangerously on the weekend. “On Fort […]
By Jason Contant | May 12, 2021
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