Claims
Cyber insurance has evolved considerably since 1999 but commercial insurers lack standardization in cyber policies and there is not a lot of data available for underwriters, a speaker suggested at a recent conference. For cyber risk, “the data is not all that robust at this point in time,” said Alice Underwood, executive vice president of […]
By Jason Contant | April 4, 2016
3 min read
Increased fines for a variety of wildfire-related violation tickets came into force in British Columbia on Friday. The province’s Ministry of Forests, Lands and Resource Operations said in a press release on Monday that anyone caught contravening specified open burning and campfire regulations could now face fines more than three times higher than last year’s […]
By Canadian Underwriter | April 4, 2016
2 min read
Encouraging signs for reinsurers are coming to light despite reinsurance rates falling for the fourth consecutive year at the Apr. 1, renewals, suggests Willis Re suggests in its latest 1st View Reinsurance Renewals report. “Amidst a gloomy picture of sustained pricing pressure, encouraging signs for reinsurers are starting to show,” notes a statement late last […]
Contracts with information technology service providers can be critical in managing risk from cyber incidents, and third-party providers need to be involved in exercising contingency plans for cyber breaches, speakers suggested Friday at the 2016 International Cyber Risk Management Conference in Toronto. “It is absolutely critical to vet the third parties,” said Ira Nishisato, a […]
By Jason Contant | April 2, 2016
The Supreme Court of British Columbia, in reviewing a typical family exclusion contained in homeowner policies, took the rare step of drafting an exclusion that would have been effective in the case at issue. The court's views and language should be of interest to all underwriters of Canadian homeowner policies.
By Mike Adlem, Chair, Insurance & Professional Liability Practice Group, Gowling WLG (Canada) LLP | April 1, 2016
4 min read
Canadians are well-aware of events that can produce insured losses, including storms and cold weather. But the possible influence of other less-familiar perils, like earthquakes and cyber cats, should also be on the radar.
By Greg Meckbach, Associate Editor and Jason Contant, Online Editor | April 1, 2016
5 min read
Brokers clearly understand the need to respect customer privacy. With the passage of the Digital Privacy Act, that responsibility continues, but a few new ones have been added. Brokers should have a plan, choose partners wisely and identify potential liabilities.
By Brenda Rose, Vice President and Partner, FCA Insurance Brokers and Technology Champion, Insurance Brokers Association of Canada | April 1, 2016
7 min read
Canada can learn from the earthquake experience and loss elsewhere. Brokers in British Columbia are heartened by growing government support around prevention and recovery, but believe a shift from post-event disaster funding to securing funding sources before an event occurs will only help to further enhance resilience and reduce losses.
By Clay Germain, President, Insurance Brokers Association of British Columbia | April 1, 2016
6 min read
Insurers who underwrite cyber insurance may want to consider less “absolute” questions during their coverage questionnaires, a speaker suggested on Thursday at the 2016 International Cyber Risk Management Conference (ICRMC), held in Toronto. “I was the one that completed the underwriting questionnaire and it’s actually a very hard instrument to complete because it’s typically absolute,” […]
By Jason Contant | April 1, 2016
ATLANTA – A severe weather system moved east toward the Carolinas on Friday after setting off tornadoes that swirled through Louisiana, Mississippi and Alabama. Tornadoes and isolated winds are possible through mid-afternoon Friday, according to the National Weather Service. Nearly 3,000 people in the Carolinas were already without power by early morning. One tornado touched […]
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