Industry
Canada’s financial services industry pushed back against cybercriminals last year, cutting in half the percentage of cyberattacks on the sector. The financial services industry (including insurance) has long been a top target for cybercriminals chasing high-reward payday. But that is precisely why these organizations have some of the most advanced security controls in place, driven […]
By Jason Contant | February 28, 2022
2 min read
Sanctions following Russia’s invasion of Ukraine may impact international insurers and reinsurers’ ability to underwrite Russian risks or make it difficult for them to service claims on existing policies, said a Feb. 25 commentary from global credit rating agency AM Best. While the situation is fluid, the commentary noted those writing large energy and infrastructure […]
By Phil Porado | February 28, 2022
Insurers and law enforcement professionals agree that motorists need to buckle their seat belts and hang up their phones while behind the wheel. But, despite years of consistent messaging, not everyone is on board. Drivers in rural Manitoba are more likely to drive without seatbelts, while motorists in Winnipeg are more prone to using electronic […]
By Phil Porado | February 25, 2022
VICTORIA – A disaster expert who led recovery teams after the earthquake and tsunami in the Indian Ocean that killed more than 230,000 people says British Columbia’s climate response strategy must protect the province from future environmental events. The B.C. government introduced a plan this week that recognizes the forces of climate change are driving […]
By Jason Contant | February 25, 2022
3 min read
Insurance – not computer security – is probably your core business as a broker. But with cyber threats on the rise, some brokers are seeking information-security partners to help them manage their commercial clients’ cyber risk. WTW has several relationships with information technology and cybersecurity providers, said Michélle Lawson, the company’s cyber practice leader for […]
By Phil Porado | February 24, 2022
B.C.-based brokerage InsureLine is looking to expand its unique franchise model to build its brand in Ontario and across Canada. To meet this objective, the brokerage appointed Kevin McKinnon as vice president of franchise development in mid-February. “My goal is to make InsureLine a familiar value offering to independent insurance brokers across Ontario by creating […]
By Jason Contant | February 24, 2022
MONTREAL – With the Omicron variant in retreat, Canadians looking to get away for spring break now have a more robust range of travel insurance options. The federal government announced last week it will roll back testing and quarantine restrictions and lift its blanket advisory against trips abroad, effective Monday. Although Canada’s requirement for pre-departure […]
Canada’s seen US$54 billion in economic losses due to weather events since 2010, Steve Bowen, Aon global head of catastrophe insight, told CatIQ’s Feb. 10 webinar, Catastrophes: Past, Present and Innovative Paths Forward. “That’s roughly half of all losses over the course of the last 35 years,” he added. Will 2022 bring more of the […]
By Phil Porado | February 23, 2022
The Canadian Association of Managing General Agents (CAMGA) is looking at using a technology platform that will make it easier for brokers to deal with MGAs. “CAMGA’s currently in the exploratory process of building a platform that will make it even easier and more efficient for brokers to deal with MGAs,” reports CAMGA president MaryKate […]
By Jason Contant | February 23, 2022
VICTORIA – British Columbia has earmarked $2.1 billion to fund disaster recovery efforts and future response to the threats posed by wildfires, floods and heat waves in a budget that forecasts a $5.5-billion deficit. Finance Minister Selina Robinson said Tuesday a three-year climate fund will support ongoing disaster cleanup and rebuilding in southern B.C. communities […]
4 min read
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