Jonathan Weekes, CRISC

This recent panel shares insights on the state of the professional #risks in #Canada by Insurance Business Magazine. As well as the challenges and opportunities that face professionals today, from heightened #cybersecurity threats to evolving regulatory demands. A standout point in the discussion is how businesses are increasingly prioritizing proactive #RiskManagement to mitigate these emerging threats. The experts shed light on the latest trends in professional #liability #insurance and explain how firms can better protect themselves and their clients amidst these changes. For anyone who is involved in risk management or looking to stay updated on professional risks in Canada, this video offers valuable perspectives and practical advice. #InsuranceIndustry #RiskLandscape

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The Age of Remote Work: Opportunity or Challenge? In the ever-evolving landscape of modern business, a new paradigm has been steadily gaining ground: The world is not just our playground, but our office. Remote work, once seen as an exception, is fast becoming the rule. It offers promises of unprecedented flexibility, allows businesses to tap into a global talent pool, and introduces the allure of an unparalleled work-life balance. Yet, this seismic shift brings forth its own set of challenges. How do we maintain robust collaboration amidst geographical divides? Can team cohesion survive when members are spread across time zones? How do we preserve the essence of our workplace culture in a digital realm? And can a series of virtual coffees ever replace the spontaneity and magic of corridor conversations? For today's leaders, the challenge is multi-dimensional. It's not just about choosing between the brick-and-mortar or the digital. It's about innovatively blending the two, capturing the essence of both, and ensuring neither is lost. #RiskManagement #CommercialInsurance #Resilience #Preparedness #Uncertainty #BusinessStrategy #RemoteWork #BusinessEvolution #WorkplaceCulture #Collaboration #TeamCohesion #GlobalTalent #Flexibility #Leadership #VirtualTeams #HybridWorkplaces #ModernBusiness #GeographicalDivides #TimeZones #DigitalRealm #BrickAndMortar

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Our CEO, William Clark, recently answered 13 questions for Risk & Insurance. Like this one: R&I: How does The Demex Group approach the growing problem of climate risk in the insurance industry, and how does this present an opportunity for your business? BC: For a business like ours, the growing problem of climate risk presents an opportunity, and one that fits extremely well with our expertise and capabilities. The insurance industry is desperate for solutions. Historically, there were two primary ways to handle this risk: One, insurance companies would self-insure by retaining all the secondary perils risk, but the size of these retentions has gotten way too big for them to handle; or two, reinsurance providers would offer aggregate or excess of loss products, but they lost billions of dollars doing that and have pulled out of this market. The reason they weren’t able to succeed is that they were using models designed for catastrophes, which occur once every 250 or 500 years. The climate risks we’re talking about are much more frequent, occurring once every five or 10 years. It’s not surprising that models designed for events happening once every 100 to 500 years are not going to be optimal for events occurring every five years. Check out the other 12!

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Don't miss our latest interview on Captive Insurance Times! Patrick Ferguson, Senior VP at Marsh Captive Solutions, dives deep into why Alberta is becoming a top choice for captive insurance. Discover why Alberta's: • 𝐂𝐚𝐩𝐢𝐭𝐚𝐥 𝐫𝐞𝐠𝐢𝐦𝐞  • 𝐑𝐞𝐠𝐮𝐥𝐚𝐭𝐨𝐫𝐲 𝐟𝐫𝐚𝐦𝐞𝐰𝐨𝐫𝐤  • 𝐅𝐚𝐬𝐭 𝐥𝐢𝐜𝐞𝐧𝐬𝐢𝐧𝐠 𝐭𝐢𝐦𝐞𝐬 ...make it a competitive onshore option for Canadian companies compared to offshore jurisdictions. Learn about the challenges ahead and the strategies that could drive Alberta's growth in the captive market. Click the link to read the full interview and see how Alberta is shaping the future of captive insurance in Canada! https://lnkd.in/et4Yz7wm #CaptiveInsurance #Alberta #InsuranceIndustry #MarshCaptiveSolutions #CanadianBusiness #OnshoreInsurance

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Cybercrime continues to grow in Canada, with successful families being an increasingly targeted segment. Our Partners at Chubb have resources available to support you in defending yourself and your family, including the practical tips noted in the article below. For more information please contact your HUB Private Client Risk Advisor today! #cyberinsurance #chubb #hubinternational

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Economical Insurance, Aviva, Intact and Gore Mutual Insurance are a few Canadian carriers taking a more preventative approach to limiting damage, severity of property claims and associated costs with the growing concerns and impacts from wildfires. One U.S. company hired on is Montana-based Wildfire Defense Systems to provide "loss intervention services”, which can help property owners and the carriers from excessive catastrophic losses. As many families are rightfully concerned with their safety and removing themselves such threats in real time, the last thing we would likely be doing is risking lives with last minute attempts to protect the home from incremental damage… This is where proactive measures, a focus on prevention and safety is a great step from carriers to help #policyholders protect their property, families and limit potential impacts from extended damages. #propertyinsurance #homeowners #homeinsurance #insurance #catastrophic

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BMS Tropical Update 09/10/2024 This week, the insurance industry is focused on the 66th Rendez-Vous de Septembre in Monte Carlo, where I am confident leaders are discussing the impact of the three hurricanes this season, including the impending threat of Francine. Despite notable storm activity, damage from Tropical Storm Alberto and Hurricanes Debby and Beryl has totaled only $3.4 billion in U.S. damages due to favorable landfall locations. However, as today marks the peak of the Atlantic hurricane season, concerns are high regarding Francine’s potential impact, especially as it approaches Louisiana. This BMS Tropical Update linked below goes into detail about the forecast and impacts of Francine. Francine's current development shows some signs of intensification, though it has been hindered by dry continental air and wind shear. As the storm moves north, conditions could become more favorable for strengthening. Nonetheless, the cooler water temperatures near the Gulf Coast and dry air may prevent the storm from rapidly intensifying before landfall. Francine is expected to make landfall in southern Louisiana, with most forecasts predicting it will remain a Category 1 hurricane or weaker, though some model guidance suggests a stronger outcome if the negative factors do not persist. Louisiana, which has experienced significant storm activity since 2020, is bracing for Francine's impact. While recent hurricanes like Laura and Ida led to widespread roof replacements and structural upgrades, the state has implemented changes in policy terms to mitigate losses from future storms. Although Francine is not expected to cause catastrophic damage to the insurance industry, there are still concerns about localized flooding due to saturated soil, wind gusts, and potential tornado activity. The state's infrastructure and the offshore oil and gas assets in the region have been strengthened, reducing the potential for major economic disruptions. Despite Francine's low-end hurricane status, the insurance industry remains cautious as the season progresses.   The image below is population density and the National Hurricane Center cone of uncertainty. It shows the general landfall areas has very little population. As you go in from Morgan City and Baton Rouge the winds should be less, but the population density increases.  Much more detail in the BMS Group Tropical Update Link ⬇ https://lnkd.in/ga-_-YkE #Insurance #RVS24 #Reinsurance #TropicalUpdate #HurricaneSeason #Francine

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🚧 Technology is transforming the game for Canadian contractors, but with new opportunities come new challenges. Ready to future-proof your business? 💡 Check out our latest insight from Christopher Johnson & Colin Wissell and learn how emerging tech could reshape your risk profile. #ConstructionTrends #EmergingTech #RiskManagement

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Tomlinson Group a construction Fleet took the Geotab challenge and cut cost and boosts efficiency. Marsh Canada Insurance Brokers FleetConnect is now in the Geotab Market Place learn how Geotab’s Crash Predictive Score could help reduce insurance premiums for construction fleets in the Geotab Market place. # FleetConnect@ Marsh.com or download FleetConnect in the Geotab marketplace

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Just back from NICC - National Insurance Conference of Canada where there were lots of great discussions around secondary perils and how we as an industry can do more to address this growing concern. Check out my blog - from the perspective of a Reinsurer - on how Reinsurers can play an important role in this discussion. https://lnkd.in/dYheqey4

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This is a great share and exemplifies the need for enhanced data quality management to actually achieve or improve AI outcomes. Minimizing point solutions in key areas of the business in favour of a platform approach that can leverage ALL data sources and actually resolve the entities to get effective use of data is critical to a C-360, UW, Perpetual Risk Scoring, Claims Fraud Prevention/Detection, pricing models etc. #dataquality #insurance #ai Quantexa

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No matter how far we have come as a country or as a society, we should never forget the fallen. It is because of them we can live free from oppression. 1944 - 2024 Let's hope we can all earn lessons from our history, on the 80th Anniversary. ERB Commercial Risks Ltd are proud to remember those that gave their lives so we could get to live ours. #erbinsurance #ddaylandings #dday #80yearson #commercialinsurance #insurancebroker

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As expected, 2025 Property renewals will see rate reductions; Property catastrophe reinsurance rates expected to fall between 5% and 10%, while retrocession renewal pricing may fall as much as 10% to 20% and likely to continue throughout 2025 according to latest Artemis.bm Bermuda insights But profitability is still sound as the latest hurricanes were just earnings events rather than capital-depleting Clients will expect to see reductions from primary insurers putting rate pressure on and leading to the question - how to grow topline, manage cost ratios and profitability? Answer: Move from exclusion to solution, grow your solution capability to include Cyber Physical Damage empowered by Axio assessment and quantification; we think the CPD market could grow to as much as $3Bn by 2030 https://lnkd.in/eSiTtMyQ https://lnkd.in/eWS-HByK #cyber #insurance #cyberinsurance #cyberphysicaldamage #property

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🌟 Exciting News! 🌟 B4E Insurtech has been recognized as one of the Top 7 Life Insurance Companies and Startups in Canada 🎉 Ready to experience top-notch insurance services? Read the Article to learn more about our services! #B4EInsurtech #LifeInsurance #Canada https://wix.to/psAxeUR

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Get insights from the ProEx Claims & Legal Risks Group into insurance and litigation considerations for AI risks, regulatory investigations affecting D&O liability in Canada and an update evolving SEC Cyber Security Risk Management, Strategy, Governance and Incident Disclosure Rule in the 5th Edition of the HUB Advocate. Download the bulletin to learn more: https://ow.ly/MQBv50U31o6) #RiskManagement #Professional #Liability #ProEx

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Canada has taken a significant step towards securing its federal government departments and agencies by releasing its first-ever #cybersecurity strategy. With the rise of remote work, cloud computing, and aging infrastructure, it's crucial to stay ahead of the game. Learn more about #cybersecurity and #cyberinsurance to keep your organization safe. Don't forget to implement #multifactorauthentication to ensure your digital assets are secure.

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The 2024 Directors' and Officers' Survey Report for North America found that the top seven risks identified by participants closely mirrored global results. Health and safety emerged as the top risk concern, followed by cyber-related risks such as cyber attacks and data loss. Regulatory breaches and systems and controls were also highlighted as significant risks. The US uniquely identified civil litigation and third-party claims among the top risks, reflecting the country's litigious environment. Environmental, social, and governance (ESG) risks showed increased concern, with health and safety and governance-related issues ranking high, while environmental risks remained lower in importance compared to other regions.   https://lnkd.in/eej4-8gK   Assurtrak Insurance Brokers, LLC Innovative Solutions for Modern Businesses https://assurtrak.com/ #doinsurance #ipo

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