Risk
As businesses increasingly move to the cloud to provide services, their cyber risk is also being greatly heightened, a cyber security professional told Canadian Underwriter recently. Many companies are outsourcing sensitive activities such as human resources or payroll to cloud providers. But with this shift to the cloud comes more risk, particularly through something like […]
By Jason Contant | April 24, 2019
2 min read
Are carriers taking a consistent approach to covering overland flood? The flood waters sweeping across New Brunswick and Quebec have brought the issue to the forefront. In general, overland flood was not covered in Canada until 2015; only sewer backup was typically available. But since that time, insurers have introduced insurance coverage for property losses […]
By Jason Contant | April 23, 2019
3 min read
Can a cyber attack be considered an act of war? That issue came to light in October of 2018 when international food and beverage company Mondelez International sued its insurer Zurich American Insurance Company for declining coverage to Mondelez following the NotPetya cyber attack. Mondelez had an all-risk property insurance policy, but Zurich denied the […]
By Jason Contant | April 18, 2019
Credit scores could soon be used as one factor in determining Ontario auto rates, and the province plans to double coverage for catastrophic impairment, Finance Minister Vic Fedeli suggested in the budget document tabled Thursday. “Drivers should have the choice to lower their premiums by allowing insurers to consider their credit history, or by agreeing […]
By Greg Meckbach | April 12, 2019
Women will comprise nearly half the boardroom of Canada’s largest property and casualty insurer if shareholders vote for Intact Financial Corp.’s recently-released slate of board nominees. Jane Kinney, a former global chief risk officer for Deloitte, is a new nominee to Intact’s board. Four women currently serving as members of Intact’s board include Carol Stephenson […]
By Greg Meckbach | April 9, 2019
When it comes to privacy breaches in the healthcare sector, “snooping” is definitely a concern. Snooping, or unauthorized access, breaches occur when an employee (such as a hospital worker) has access to identifiable information and abuses their authority to look at electronic health records of friends, family or co-workers. In Ontario, the province’s information and […]
By Jason Contant | April 8, 2019
Will reputational harm coverage grow into its own coverage or will it remain sublimited, as is often the case? There is currently a lot of variance within the market in how this coverage is offered, if at all. Some insurers require a double trigger, such as a cyber event and a media event following a […]
The federal Office of the Privacy Commissioner of Canada (OPC) has already seen a four-to-five times increase in the number of breaches reported to its office since the mandatory breach notification requirements came into effect last November. On Nov. 1, 2018, amendments to the Personal Information Protection and Electronic Documents Act (PIPEDA) came into effect, […]
By Jason Contant | April 5, 2019
Customers lined up at Ontario’s first brick-and-mortar cannabis stores on Monday, but fewer than half of the province’s government-licensed outlets were ready to open. The Progressive Conservative government had planned to have 25 private stores launch on April 1, but some were still working through a lengthy approval process. Premier Doug Ford defended his government’s […]
By Jason Contant | April 3, 2019
4 min read
Property risk could get harder to place in the Lloyd’s market this year. “Difficult decisions regarding existing accounts, or indeed the appropriateness of new accounts, will continue to have to be made during 2019,” the Corporation of Lloyd’s said of commercial property insurance in its annual report for 2018, released Wednesday. 2018 was the second […]
By Greg Meckbach | March 28, 2019
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