Fresh from emerging from a global pandemic, Canada’s P&C insurance industry is turning its mind toward the next item on its global risks list – the threat of an economic recession. Global economic recession topped the list of potential 2023 risks, according to 56% of more than 240 people who attended Canadian Underwriter‘s webinar last […]
By David Gambrill | June 20, 2022
3 min read
The Office of the Superintendent of Financial Institution’s (OSFI) newly released draft of Climate Risk Management may mean P&C insurers will have to include climate scenario analysis as a part of their stress testing — and it may require insurers to account for additional capital. Pertinent to insurers, scenario analysis for climate-related financial risks is […]
By Alyssa DiSabatino | May 26, 2022
3 min read
Risk management professionals are gaining a voice in the executive ranks, partially because COVID-19’s helped raise the sector’s profile. “There is now a seat at that table where there never was before,” said Steve Pottle, chairman of the RIMS Canada Council. “It’s that move from middle management to senior management.” Plus, new job titles and […]
By Phil | May 19, 2022
3 min read
Pandemic-related supply chain interruptions have been contributing factors to rising commercial client exposures, and this outcome could have been anticipated, say panellists in a Canadian Underwriter webinar. “When you think about firms who have offshored, whether it be processing, or data entry…I don’t know that we necessarily contemplated the impact that a closure in India […]
By Alyssa DiSabatino | May 9, 2022
2 min read
Loss control strategies had to pivot amid the COVID-19 pandemic, and while many insurance carriers reverted to ‘Old School’ loss control inspections via the phone, some took it even further, industry experts share during a Canadian Underwriter webinar. The height of the pandemic saw commercial clients inspected via drone or satellite imaging, panellists shared […]
By Alyssa DiSabatino | May 5, 2022
3 min read
VICTORIA – British Columbia’s auditor general says Crown-owned BC Hydro can improve its management of potential fraud risks at the $16 billion Site C dam project. Michael Pickup says an audit found the Crown corporation has some elements of fraud management in place for the hydroelectric project but has not established an overall program for […]
By Jason Contant | April 27, 2022
1 min read
While many insurers tout usage-based insurance as the most accurate way to rate kilometres driven, TD Insurance is offering a new twist on an old ratings variable. To offer consumers choice, and a more accurate assessment of their driving risk, TD is asking its insured drivers in Nova Scotia to estimate how much they drive […]
By David Gambrill | April 20, 2022
2 min read
VICTORIA – British Columbia’s auditor general says the government’s framework to manage fraud in the public service is well underway, but it’s not fully developed. Michael Pickup says in a news release that fraud risk management in the province is decentralized and shared by ministries as well as the Office of the Comptroller General, which […]
By Alyssa DiSabatino | March 17, 2022
2 min read
Public health events proved to be the top threat across the board for Canadian businesses in 2021 – and most businesses plan to review their insurance policies in the next year, new research shows. Cybersecurity incidents, the health and mental well-being of employees, the skilled workforce shortage and business interruption/supply chain disruptions are considered the next […]
By Alyssa DiSabatino | March 10, 2022
3 min read
Finding talent for the risk management sector is a little easier than it is for brokerages, a RIMS board director says. “There’s a lot of people who go into risk management who want to stay in risk management, so the field tends to grow, and the resources tend to backfill [themselves] a little bit more,” […]
By Jason Contant | February 25, 2022
3 min read