Last month, Edmonton hosted risk managers, insurance representatives, and underwriting professionals at the RIMS Canada Conference. The Risk & Insurance Management Society is an international organization dedicated to promoting the profession of risk management and has a membership of over 10,000 from around the world.
AUMA’s Director of Risk Management, Christine Maligec, is the President of RIMS’ Northern Alberta chapter and was the conference co-chair. “This year’s theme was TRANSFORM, and we felt it was so fitting. There has been so much change around us, regardless of our industry. Municipal risk and post-secondary professionals make up the primary delegate demographic. We worked to inspire change with great education, networking, and insights on how to prepare for the future.”
Christine felt the education programming highlighted a lot of Alberta-based subject matter experts, including those from our Municipal Climate Change Action Centre, Alberta Health Services, and Alberta Treasury Branch. The City of Beaumont brought ELA, the autonomous vehicle pilot project from their community. “As a proud resident of Beaumont, I was thrilled to find a platform to showcase municipal innovation to delegates from around the world,” she adds.
Other members of AUMA’s Insurance, Risk & Claims department also attended the event and heard experts speak on topics such as risk management trends and ideas. Several insurers of traditional coverage lines (property, general liability, and automobile) indicated that municipalities should expect further rate increases in 2020, coupled with selective risk underwriting. They explained that insurers are continuing their corrective measures to address past prolonged competitive pressures and soft market conditions, in addition to an increased number of losses from several sources (including, but not limited to, weather events) that have eroded their financial results.
These market conditions are challenging for everyone, but AUMA members subscribed to MUNIX are breathing easier because their MUNIX reciprocal was designed to shield them from the open market’s volatility.
Insurers also emphasized that proactive risk management and demonstrated community disaster resilience will play an increasingly important role in their underwriting opinions and ratings. Your MUNIX reciprocal also depends on its subscribers managing their risks diligently so it too can continue to serve its subscribers with sound coverage and premium stability long term.
The increasing frequency of hacking, phishing, and ransomware attacks on public entities came in for special attention from insurance representatives. They said there is a growing need for rate changes and tighter insurance terms. AUMA’s members are advised to adopt a sound IT risk control program to identify and eliminate areas most vulnerable to a cyber attack.