Risk
BETHESDA, Md. – A security breach at one of North America’s largest hotel groups, which includes the Sheraton, Westin, Starwood and Marriott brands, has exposed the personal information of as many as 500 million guests. Marriott International, Inc. said Friday that credit card numbers and expiration dates of some guests may have been taken but […]
By Greg Meckbach | November 30, 2018
4 min read
The Insurance Corporation of British Columbia (ICBC) has posted a net loss of $582 million for the first six months of the current fiscal year. It’s also projecting a year-end financial loss of $890 million for 2018/19. This significant loss comes after ICBC reported a net loss of $1.3 billion for its 2017/18 fiscal year, […]
By Jason Contant | November 26, 2018
3 min read
Commercial clients who do business over the Internet can reduce fraud risk if they have more than one way of verifying people’s identity, a major credit bureau suggests. “Any industry that is in the online channel has an opportunity to become a victim of organized crime trying to perpetrate identity theft,” Anne-Marie Kelly, executive director […]
By Greg Meckbach | November 23, 2018
Brokers placing commercial insurance for the risk of theft should pay close attention to exclusions. Exclusions on some policies covering crime losses for financial institutions may be leaving a gap in cover computer crime, a new paper from Marsh Inc. suggests. Financial institution bonds are first-party insurance policies that protect commercial clients “from a myriad […]
By Greg Meckbach | November 22, 2018
IFRS 17 is an accounting standard that will result in a complete overhaul of an insurer’s financial statements, though finance alone cannot work through this complex change in isolation. Considering the significance of the impact across the organization, IFRS 17 program leaders must engage cross-departmental input and subject matter expertise including finance, risk, actuarial and […]
By Ad Ops | November 21, 2018
The Ontario government announced Thursday it plans to “review how auto insurance rates are regulated” and confirmed the government will still run the Motor Vehicle Accident Claims Fund. A review of rate regulation will be done “jointly with the Financial Services Regulatory Authority of Ontario,” the government said in its 2018 Ontario Economic Outlook and […]
By Greg Meckbach | November 18, 2018
The Insurance Bureau of Canada (IBC) has recommended a single insurance policy to cover driver negligence and automated technology to facilitate liability claims associated with autonomous vehicles. “The automated vehicle’s insurer would compensate injured people if the automated vehicle caused a collision, regardless of whether the human operator or automated technology was in control,” IBC […]
By Jason Contant | November 15, 2018
2 min read
The International Accounting Standards Board (IASB) has voted to propose a one-year deferral of the effective date for IFRS 17 to 2022. Insurance companies globally have lobbied for the extension as they prepare their transition to the International Financial Reporting Standards (IFRS), a new standard for reporting financial results. The date towards which companies have […]
By David Gambrill | November 15, 2018
Changes to accident benefits regulations will result in projected net savings of $1 billion annually, British Columbia’s Ministry of Attorney General said Friday. Changes to Insurance Corporation of British Columbia’s (ICBC) accident benefits will cost an estimated $200 million annually. But this will be offset by an estimated savings of $1.2 billion per year through […]
By Jason Contant | November 13, 2018
The government of Quebec should take a “wait-and-see” approach to define what is a reasonable or unreasonable deductible for condominium insurance, the Insurance Bureau of Canada (IBC) told Canadian Underwriter last week. The provincial finance ministry recently held a consultation prior to proposed regulations on condo insurance. Aspects of Bill 141, which changes regulations related […]
By Jason Contant | November 12, 2018
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