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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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Desjardins’ insurance surplus earnings down 32% in third quarter

Commercial premium renewal rates softening

Stable outlook for Canadian life and general insurance companies

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Headlines

Healthcare in Canada expected to cost $370 billion in 2024

Reinsurer calls on industry to support psychological resilience research

Ransomware attacks are increasingly complex and sophisticated

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Flash

Healthcare in Canada expected to cost $370 billion in 2024

Reinsurer calls on industry to support psychological resilience research

Leverage catastrophe awareness to educate homeowners about earthquake risk

Commercial truck driving: improved safety, performance and professionalism needed

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

Ransomware attacks are increasingly complex and sophisticated

Ontario considers allowing car dealership insurance pilot

A new model tops the list of most stolen vehicles in 2023

Alberta reforms auto insurance

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 insurance premiums set to grow three per cent annually in 2025 and 2026

Flooding: Prevention 10 times more cost-effective than rebuilding

Genetic testing: Availability likely to raise insurers’ exposure to adverse selection

Pandemic-related excess mortality expected to linger for years

Special risks

Canadian regulators weigh in on generative artificial intelligence use

Employer-sponsored coverage decreases odds of medication nonadherence

Oceanic thermal expansion puts more dwellings at risk

Most Canadians fear recession in 2025

Technology

Senior actuaries call for best practices for generative artificial intelligence usage

Defending artificial intelligence-related litigation

Commercial premium renewal rates softening

New framework developed to assess cyber attacks

Cyberrisks

Global commercial insurance rates decline for the first time in seven years

IP address counts are a strong predictor of cyber claims

Cyber incidents against individuals on the rise

Cyber insurance landscape constantly in flux

Climate changes

Actuaries Climate Index climbed in Spring 2024

Intact acquires a residential work application

Summer's catastrophe losses highlighted by Aviva Canada

Insured British Columbia flooding damage surpasses $110-million

Analytic

Canadian finance and insurance industries growing

Ontario proposes new Own Risk and Solvency Assessment guidance

Paid virtual care under threat of being shut down by feds

Disability: Culture shift needed in labour market

Economy

Majority of new enterprises formed in 2020 survived into 2022

Annuities remain popular despite falling interest rates

CIBC fined by life insurance regulator

End of disability insurance at age 65: alternatives emerge

Claims

Ontario revises accident benefit form

Intact increases earnings despite catastrophic claims

Life and health insurers paid out a record amount in benefits in 2023

Critical illness insurance: cancer and heart attack dominate claims

Losses

The impact of natural disasters will continue to put pressure on insurers

Industry association warns of insurability crisis

Lessons learned from the Crowdstrike outage

Volume of insurance claims threaten auto insurance availability in Alberta

Fraud

Auto theft figures dip but remain well above historical levels

Businesses increasingly targeted by fraudsters

Who is most likely to commit insurance claims fraud?

17% decrease in stolen vehicles in Canada in first half of 2024

COVID-19

Mental health on the decline among Canadians

A look at holiday gifts for clients

Stable outlook for Canadian life and general insurance companies

Incomes remain higher than in pre-pandemic times