For a decade or more, the business case for companies to effectively manage their exposures to the myriad risks that accompany a warming planet has been growing increasingly clear. Leveraging digital tools to better understand climate risk and its interplay with other risk factors can boost our ability to manage today’s threats — and get […]
November 27, 2023
5 min read
TORONTO – An October cyberattack on Canada’s largest public library system that brought down its website and likely exposed sensitive employee information will keep some services offline into 2024. The Toronto Public Library says service will start to be restored gradually starting in January, calling it an “aggressive timeframe.” It says priority will be given […]
By David Gambrill | November 24, 2023
1 min read
OTTAWA – Bank of Canada Governor Tiff Macklem warns fighting inflation half-heartedly and living with its consequences would be a huge mistake. The governor acknowledged during a speech Wednesday that interest rates may already be high enough to bring inflation back to target, but he doubled down on the central bank’s readiness to raise rates […]
By Jason Contant | November 22, 2023
3 min read
Insured wildfire damage in Hay River and Yellowknife, NWT, during the summer — which led to Canada’s largest evacuation ever — cost the P&C insurance industry a total of more than $60 million, Catastrophe Indices and Quantification (CatIQ) Inc. reported Monday. The wildfire in Behchokǫ̀-Yellowknife basically emptied the city of Yellowknife, forcing approximately 20,000 residents […]
By David Gambrill | November 20, 2023
3 min read
Although relatively infrequent, British Columbia (BC) is not immune to earthquakes. The last major earthquake to strike BC was centuries ago, understandably justifying why they are rarely front of mind for corporates and public entities. As a result, we see low penetration of traditional earthquake insurance and meaningful retained earthquake exposure. However, when an earthquake […]
November 20, 2023
2 min read
After 23 years in business, the owner of a popular campground in northwestern Prince Edward Island says he’s left with no option but to close permanently because of the damage caused last fall by post-tropical storm Fiona. Matthew Wedge estimates that the powerful storm, which hit Atlantic Canada in September 2022, caused about $500,000 in […]
By David Gambrill | November 16, 2023
2 min read
EDITOR’S NOTE: This article has been updated to reflect the fact that the speakers were talking about compliance issues in the context of Canadian businesses developing new cyber products. Canadian Underwriter apologizes for any confusion. Compliance with technology and AI regulations may be a barrier to Canadian small businesses in their innovation and development […]
By David Gambrill | November 16, 2023
3 min read
Regardless of where Canadian brokerages are in their efforts to build diverse workplaces, they generally agree on three good ways to get there. When asked what actions brokerages could take to increase diversity, survey respondents advocated promoting diverse talent to senior levels (38%), hiring diverse talent at senior levels (36%) and developing specific recruiting strategies […]
By Phil | November 16, 2023
3 min read
There’s an old Taoist saying that if you want to run the world, let the world take its course and try to get out of the way of it. In essence, that describes the humble, low-key, cooperative approach of John Taylor, who is the 2023 recipient of the Insurance Institute of Canada’s Established Leader award. […]
By David Gambrill | November 15, 2023
4 min read
How can our industry help reduce the pain for Canadians? The current cost-of-living crisis is placing immense financial pressure on Canadians and impacting their overall well-being. Those pressures may be a why only a small segment of the 2,500 Canadians recently surveyed hired a lawyer to resolve a legal dispute that they faced in the […]
November 14, 2023
3 min read