Scott McFie

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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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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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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Hurricane Beryl's early and intense start to the 2024 season put Canadian insurers on alert. Following losses from Hurricane Fiona in 2022, the industry faces potential challenges due to higher retentions and reinsurance dynamics. With NOAA predicting an above-average hurricane season, insurers are preparing for increased risks and potential impacts on reinsurance rates. The industry is closely monitoring developments to navigate these challenges effectively. #InsuranceIndustry #HurricaneBeryl #RiskManagement #Canadia #ClimateRisk

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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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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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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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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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The insurance industry is gearing up for big changes with CPS 230 set to reshape operational risk management. Some call it a game changer, while others worry it could push smaller players out. As regulatory expectations rise, especially around risk management and supplier oversight, it’s clear that adaptability will be key. With challenges come opportunities—mergers and acquisitions could offer a fresh path for those ready to evolve. It’s a pivotal time where resilience and culture will decide who thrives in this new landscape. #insurance #CPS230 #insuranceinnovation

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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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The pace of M&A in Canada has slowed in 2024 due to high interest rates, economic uncertainty, and inflated valuations. However, the insurance growth report points to a potential rebound, driven by key factors like climate risks, cybersecurity, and AI. Insurers that can navigate climate challenges and provide effective risk management will be well-positioned. Companies focusing on cybersecurity and data privacy will also attract interest, while AI can enhance efficiency and competitiveness. #Insurance #MergersAndAcquisitions #ClimateRisk #Cybersecurity #AI #DataPrivacy

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An interesting take on the potential of political, economic and social issues’ effects on the future of the #insuranceindustry. #future #strategicplanning #esg #riskmanagement

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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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Another fantastic session at the upcoming NICC - National Insurance Conference of Canada in Vancouver (Sept 22-24). Coming to Grips with The Evolving Liability Environment. Join AIG Canada's CEO Pete Walker as he moderates AIG's Head of Liability Claims, Ross Goldstein, Borden Ladner Gervais LLP (BLG)'s Edona Vila and PLATFORM ‘s Kelly MacDonald (she/her) A shifting environment of emerging liability exposure continues to challenge the legal landscape in Canada, the United States and around the world. In this panel, we will delve into a discussion to understand this evolving liability and claims activity and what tactics can be utilized to mitigate its impact in Canada. The panel will focus its discussion on emerging large loss exposures, the rise of nuclear verdicts, the success or failure of tort reform efforts and the impact of litigation funding in the context of insurance claims and litigation in Canada. Join this session and countless others at the 2024 NICC. Join hundreds who have already registered and sign up now at www.niccanada.com

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Behind an alleged “wear & tear” loss there could be a covered peril If Insurers see ‘wear and tear’ anywhere in the chain of causation and they try to repudiate the claim. Courts do correct such tendencies. In the C.C.R. Fishing Ltd. v. British Reserve Insurance Co., [1990] 1 S.C.R. 814, the Supreme Court of Canada, commented: “I turn first to the question of whether the failure of the bolts can be viewed as "ordinary wear and tear." In my view it cannot. There was nothing ordinary about the failure of the cap screws. Their failure was extraordinary, resulting, as the trial judge found, from the negligent act of the repairers who installed them. As stated in Arnould's Law of Marine Insurance and Average, vol. II, (16th ed. 1981), ordinary wear and tear is "merely the result of ordinary service conditions operating upon the hull or machinery, as for example when the relevant part wears out. . .." Ordinary corrosion might well fall within this definition. But corrosion caused extraordinarily by the negligent use of the wrong materials does not.” In the case Dickson v. US Fid. & Guar. Co., 77 Wn.2d 785 (1970) the SC of Washington, in an "all risk" contractor's equipment floater policy looked at damage of a crane when its boom collapsed while engaged in pulling "H" beams out of the ground on a highway project. The crane contained a defective weld. The court explained the exclusion d. of the policy “(d) Wear and tear, latent defect, gradual deterioration or mechanical breakdown;” as: “Had the insured made claim under this policy for the cost of repairing the defective weld or for repairs to the machine necessitated by wear and tear, deterioration or breakdown, the quoted exclusion would apply. This, however, is not such a claim. It is this construction of the policy that the trial court obviously adopted, and we are in accord. [5] In further support of the trial court's construction is our familiar rule that, as between two possible constructions, one of which would make the contract unreasonable and imprudent and the other of which would make it reasonable, fair and just, the latter interpretation will be adopted. This rule precludes the reading of exclusion (d) that is urged upon us by the defendant insurer. Such an interpretation would exclude any and all "loss or damage caused by or resulting from wear and tear, latent defects, gradual deterioration or mechanical breakdown" even though the clear cause of the loss was a "direct loss ... from any external cause." What loss or damage would not, at least in part, be caused by or result from a "mechanical breakdown?" Exclusion (d), as read by the insurer, erases many obvious risks and an "all risk" policy could be thus transformed into a nearly "no risk" policy. If that is what the insurer intended, it should have said so in exclusion (d), as it did in exclusions (c), (e), (f), etc. It is more reasonable to interpret exclusion (d) as did the trial court.”

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Our specialized training courses are crafted to equip you with the skills and insights needed to navigate any crisis confidently!

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With Marsh’s new cyber claims report, you can explore key trends and discover best practices for managing cyber events. Get your copy of the report today to stay ahead of cyber risk: https://rb.gy/lbbmzj #cybersecurity #riskmanagement #USA #Canada

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The article highlights key insights from a report on how #government policies can enhance the #insurance market conditions for Canadian businesses. It emphasizes the importance of regulatory reforms, improved risk management frameworks, and collaboration between industry stakeholders and policymakers to foster a more resilient and competitive insurance market. By addressing regulatory hurdles and promoting a conducive business environment, policymakers can facilitate greater access to insurance #coverage, mitigate risks, and support economic growth for businesses across Canada. #InsuranceIndustry #MarketConditions

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