Industry
Credit card issuer Capital One Financial Corp. expects that a massive cyber breach affecting millions of Canadians could cost the firm more than $100 million. “Expected costs are largely driven by customer notifications, credit monitoring, technology costs, and legal support,” Capital One stated Monday. “We believe it is unlikely that the information was used for […]
By Greg Meckbach | July 30, 2019
3 min read
If a piece of an asteroid – like the ‘city killer’ that narrowly missed striking the Earth last week – comes flying at your client’s house, they’re likely covered by their homeowner’s policy. That’s because a standard homeowner’s policy includes specified perils of a “falling object which strikes the exterior of a ‘dwelling’ or detached […]
By Jason Contant | July 30, 2019
2 min read
BLACK DIAMOND, Alta. – Emergency medical officials say two people are dead after a glider crashed southwest of Calgary. EMS responded to reports of the crash near the Cu Nim Gliding Club, east of Black Diamond, Alta., shortly before 4 p.m. Friday. Two people who were in the glider were pronounced dead at the scene. […]
By The Canadian Press | July 30, 2019
1 min read
Lead generation was one reason Archway Insurance set up a chatbot to answer basic questions for Internet users. “Welcome to Archway. What brought you here today?” is how Archie, the firm’s artificial intelligence-driven chatbot, greets Internet users when they browse Archway’s website. “It is a new technology that we are still evaluating,” said Gina McFetridge, […]
By Greg Meckbach | July 29, 2019
OSOYOOS, B.C.- Wildfire crews in British Columbia hope to get the upper hand on a stubborn blaze that broke out last week in the southern Okanagan and has scorched just over four-square kilometres of timber and bush. The BC Wildfire Service says the smouldering ground fire is showing a low level of activity and additional […]
By The Canadian Press | July 29, 2019
The average cost of a data breach in the Canadian “financial” industry is US$6.4 million – $2-million higher than the average cost for all other businesses, according to a new report from IBM Security and Ponemon Institute. The average cost of a breach for all Canadian businesses, US$4.4 million, is about $500,000 higher than the […]
By Jason Contant | July 26, 2019
The leaders of one of Atlantic Canada’s largest brokerages are finalists in EY Canada’s Entrepreneur Of The Year award program. Gina McFetridge and Michael Stack, president and CEO respectively of Archway Insurance, are among the finalists announced July 18 by Ernst & Young. McFetridge is a past president and chairperson of the Insurance Brokers Association […]
By Greg Meckbach | July 26, 2019
Insurance Bureau of Canada (IBC) will assist in identifying stolen high-end vehicles that police believe were being prepped to be shipped overseas in containers to China and European countries. Each year, auto theft causes Canadians close to $1 billion, IBC reports, including $542 million for insurers to fix or replace stolen vehicles, $250 million in […]
Having a video camera installed with your home alarm system is one way for your client to reduce burglary risk, but it’s questionable whether this is an underwriting factor considered by the insurance company. “To my knowledge, the majority of property insurance policy applications do ask if there is a monitored alarm system,” said Pete […]
By Greg Meckbach | July 25, 2019
If your client’s house is accidentally damaged by a repair or renovation contractor while it is working on that building, does the home insurance cover it? Some carriers would say no, but a recent court ruling means exclusions for “property while being worked on” and “faulty workmanship” are not quite as broad as some underwriters […]
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