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Emerging risks: 16 potential threats to the industry

By Kate McCaffery | June 13, 2024, 10:40 a.m.

Photo: Adobe Stock

Emerging risks are those that are new and challenging and difficult to quantify.

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Cyber insurance pricing stabilizes as market continues to grow rapidly

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Headlines

Always Start with Wants

Hard reinsurance market fails to inspire new entrants

Canadian insurance market sees 12 per cent rise in insured flood risks

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Flash

Hard reinsurance market fails to inspire new entrants

Canadian insurance market sees 12 per cent rise in insured flood risks

Regulator warns home insurers to improve their claims handling processes

Response critical of regulator’s proposed fee model

Supplementary health insurance

Digital solutions help address barriers to health care

Pharmacare concerns persist

Women’s health issues affect career advancement

Pharmacare Act passes third reading in House of Commons

Life Insurance

Reinsurer urges industry to learn from COVID-19 example

Life agent’s license suspended for failing to respond to insurance council

Extreme heat has significant impacts on mortality

Whole life sales drive overall premium increase in Canada

P&C Insurance

Multiple factors driving demand for cyber insurance

Insurance Bureau of Canada launches tool to help insurers and brokers provide quotes

Sonnet pulls out of Alberta auto insurance market

All-time high: 21 per cent of Marsh clients report a cyber event in 2023

Business insurance

Evolving spam and scams require mandatory security awareness training

Public-facing applications a common cyberattack vector in 2023

Interrelated megatrends driving volatility and causing enterprise-wide risks

Fallout of a cyber catastrophe modelled by reinsurer

Cyberrisks

Casualty rates excluding auto liability decline at the start of 2024

Embracing artificial intelligence is crucial for industry

Report examines barriers to digital adoption

Cyber the largest structural risk affecting the credit landscape

SWISS RE

Reinsurer forecasts 40 per cent growth in the industry’s investment income by 2027

Higher interest rates transforming outlook for life insurers’ growth and profitability

Fund managers concerned by climate change

Global insured catastrophe losses expected to grow

Distribution

Always Start with Wants

Reinsurer evaluates macroeconomic outlook for real estate investments

Reinsurer urges insurers to consider the needs of ultra-high-net-worth clients

Alberta rate filing pause fails to reduce insurance premiums

Special risks

Family incomes down in 2022

Nearly two out of three Canadians are exposed to a traumatic event in their lives

Small number of firms have replaced humans with artificial intelligence

Cyber insurance pricing stabilizes as market continues to grow rapidly

Cyberrisks

Reinsurer urges information sharing to combat fraud

State of risk landscape changing

Protection gap persists for intangible assets

Association says government can improve insurance market conditions for businesses

Climate changes

Electrifying all building heat the most cost-effective path to net zero

Canadian research draws insight from international disaster recovery frameworks

Crucial risk element not being considered in climate discussions

Extreme weather trends put insurers’ profits at risk