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Emerging risks: The dangers of the economic recovery

By Hubert Roy | July 20, 2021, 9:34 a.m.

Photo: Freepik

Swiss Re has identified a series of pitfalls for insurers as the post-COVID-19 recovery gets underway.

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Headlines

New tool available to help municipalities mitigate flood risk

Pension funding rises in March

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BrokerLink closes three transactions

Six out of ten workers not performing to their full potential

Agency fined $20,000 for repeatedly allowing unlicensed activity

A veteran of the Client Management Software industry returns

Directors and Officers

Hospitality: New premium increase in sight

COVID-19 claims: Uncertainty lingers in commercial insurance

Insurers must continually evaluate risk given COVID-19 and its impact

P&C insurers must institute changes if they want to survive past the current pandemic

P&C Insurance

It was appropriate to move forward the purchase of ICPEI, says Valérie Lavoie

Commercial truck driver training lacking

Some Albertans prefer current “at fault” automobile insurance system

Manitoba agent sanctioned for ignoring client concerns, leading to policy cancellation

Civil liability

Application programming interface standards published by industry working group

Inflation could push up claims for property and casualty insurers

SUM and Morin Elliott acquired by an American broker

Social inflation: A challenge for liability insurance

SWISS RE

Global insured losses exceed USD $100-billion for fourth consecutive year

Social conflicts and riots: a surge in related damages

Swiss Re increases stake in Definity

US and Philippines hardest hit by climate change-related economic losses

Special risks

New tool available to help municipalities mitigate flood risk

Pension funding rises in March

Cancer incidence higher for those living within 50 kilometers of a wildfire

Insurers express increased appetite for private market investments

Technology

Insurers warned that technology experimentation is needed to reap benefits

Rep fined for selling personal cryptocurrency assets to clients

Insurance and collision repair industries being reshaped in the United States

Generative artificial intelligence expected to increase small-scale cyber attacks

Cyberrisks

Valid accounts are the weapon of choice for cybercriminals

Regulator publishes Ransomware Response Playbook for member firms

Systemic risks in capital markets include the possibility of dealer failure

Prospects are favorable for property and casualty insurers

Climate changes

Reinsurers perform strongly despite catastrophe losses in 2023

Water risks are an opportunity for investors

Deep freeze caused $180 million in insured damage across three provinces

Northbridge's written premium volume rises by 6 per cent in 2023

Analytic

Insurers likely to benefit from adding obesity drugs to benefits coverage

Pet insurance sales jump nearly 30 per cent over 2022

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Life insurance application activity picks up in March

Economy

BMO Insurance considers higher profile going forward

Challenging environment expected to continue for fintechs

Global survey finds majority of insurers will change technology platforms by 2025

Digitalization and personalization: The Canadian insurance industry at a crossroads

Indemnisation

Electric vehicle drivers should expect to pay more for insurance

Reinsurers expected to bear the financial brunt of Baltimore ship-bridge collision

Most Canadian homeowners do not carry sufficient coverage

The number of stolen vehicles in Canada remained stable in 2023

Claims

Auto insurance legal costs highest in Alberta

New Jersey Supreme Court finds in favour of insurers in business interruption case

An average year for property and casualty Insurers in 2023

Population growth continues in coastal and low-lying areas

Fraud

Mutual fund rep fined close to $1.7-million

Sanctions for pre-signed forms levied against former Fredericton rep

Claim exaggerations are the most common form of fraud

Former approved person fined $2.5-million and thrown out of the industry for fraud

COVID19

Industry issues less debt in 2023

Swiss Re expects global growth to shift down markedly

Statistics Canada publishes long COVID study

AM Best publishes report on global reinsurance industry