Pivotal moment for insurance: 2022 ranks as 3rd-worst year for insured losses in Canadian history

An alarming $3.1 billion in insured losses were due to catastrophic events in 2022. This was the third-worst year in Canadian history — and no single region accounted for these losses. As extreme weather becomes more frequent, catastrophic events are impacting more people. The insurance industry has always provided a way to help manage uncertainty. Now, insurance and risk management professionals are helping to provide resilience as we face more extreme events.

30 years of preparing professionals

Haskayne has been developing risk management and insurance professionals for over 30 years, with the first class graduating in 1993. Many of these first graduates have grown with industry, as the risks we deal with today are much different than those experienced in 1993. Beyond systematic risks, the insurance industry is also helping ease losses due to cyberattacks, supply chain disruption and severe weather.

The 2023 RMIN Distinguished Alumni Award recipient, Javier (Hobby) Pardo, BComm’94, was among the first graduates from the then-new program. Today, Pardo is the senior vice-president, complex risk solutions group with NFP Canada.

“This profession is too important and too fascinating to keep a secret,” said Pardo as he accepted his award at the 30^th anniversary celebrations on May 17, 2023. “I’ve had the opportunity to travel to some of the world’s most incredible places, I’ve learned from many of the profession’s best practitioners, and I’ve participated on a number of fascinating projects. I can’t tell you how many times I’ve pinched myself just to make sure I wasn’t dreaming this stuff up!”

More uncertainty needs more preparation

“This is really a pivotal moment for insurance,” said the May 17th event keynote speaker Marc Lipman, president, Lloyd’s Canada Inc., attorney-in-fact, Lloyd’s Underwriters. “With all the uncertainty in our world today, we’re at a unique point where the services our industry provides puts us at the heart of the global effort to build resilience against unprecedented events.”

The role of risk management is growing within the business world due to the increase in catastrophic events and other risks. Haskayne is working toward including Introduction to Risk Management as a required course for all Bachelor of Commerce students.

Research and leadership

The program at Haskayne is the only risk management and insurance undergraduate concentration in English Canada. In 2017, the program was designated a Global Center of Insurance Excellence by the International Insurance Society, and is the only university in Canada to receive the designation.

In addition to undergraduate studies, the Risk Management area at Haskayne contributes to the body of research regarding the insurance industry. Professor Anne Kleffner, chair, insurance and risk management, has co-authored research that highlights the need for the government to support an insurance risk-sharing pool for properties that are at high risks during natural disasters and to provide a safety net for large losses.

Community of support

Over 100 alumni, faculty, staff and industry partners attended the 30^th anniversary celebrations for Haskayne’s Risk Management and Insurance programs.