CNA BLOG— FROM THE EXPERTS

Over the past five years, Canada’s life sciences industry has flourished. In 2021, Ontario alone recorded $846.8 million of venture capital investments in life sciences.

The world we live in is constantly changing and accordingly, the products manufactured by clients are evolving in line with new technologies and customer needs.

In recent years, a number of challenges have reshaped the insurance sector, from the hard market to the COVID-19 pandemic to the rise of AI. One feature that has not changed, however, is that insurance is a people business.

Technology and connectivity are rapidly progressing, increasing the number of endpoints that need to be monitored– whether it’s robotic machinery on the manufacturing floor or a smart thermostat. It‘s necessary to address cyber security with the assistance of artificial intelligence (AI).

Environmental, social and governance (ESG) issues are becoming increasingly important for businesses across all sectors, including insurance. One of the key benefits of ESG is its impact on talent acquisition and retention, which is critical for the insurance industry.

We all know the insurance market is cyclical. Right now, a hard market is causing policyholders and their brokers to search for alternative solutions to offset increased premiums and restrictive terms.

From an underwriting standpoint, one of the more prominent changes within the industry is centered around Directors & Officers (D&O) Liability Insurance where the focus on certain exposures has evolved dramatically over the last few years.

After more than a century of manufacturing improvements built off of Ford’s innovation comes the latest phase of modernization – the rise of the smart factory through the use of intelligent manufacturing.

With new technology platforms inherited from M&A transactions such as digital systems, smart technology, and sometimes artificial intelligence brings with it its own set of cybersecurity risks as the cyber-attack surface has increased.

The Bank of Canada reported a consumer price index (CPI) of 6.9% in September, with the cost of commodities forecasted to increase. This, combined with the lingering supply chain crisis, means that everything is increasing in cost and is less readily available, including automobile parts, specialized equipment and building materials.