Risk
There is a substantial business opportunity for insurers willing to learn about and underwrite nascent blockchain technology, says an account executive at The Axis Insurance Group in B.C. “There is a business coming along, it’s going to get bigger, and more companies are going to be using the blockchain technology somewhere along the path of […]
By Canadian Underwriter | December 11, 2017
3 min read
Ontario’s emergency planning for risks such as severe weather, terrorism and cyber-attacks is in dire need of an update, the province’s auditor general concluded in a report released Wednesday. The province’s severe weather plan has not been updated in 12 years, Ontario Auditor General Bonnie Lysyk observed in the report. Also, recent information on cyber-attacks […]
By Jason Contant | December 7, 2017
Sedgwick Claims Management Services Inc., a global provider of technology-enabled risk and benefits solutions, announced on Wednesday it has signed an agreement to acquire Cunningham Lindsey, a global loss adjusting, claims management and risk solutions firm. Both companies have a Canadian presence, with Sedgwick Canada licensed across all provinces and territories and Cunningham Lindsey with […]
By Greg Meckbach | December 6, 2017
2 min read
Ontario’s move to establish a new Serious Fraud Office (SFO), which would help crack down on auto insurance fraud, is widely — if cautiously — praised as a step in the right direction by the province’s property and casualty industry. “In theory and in design it’s the right step,” said Gordon Rasbach, vice president of […]
By Greg Meckbach | December 5, 2017
Carbon nanotubes (CNTs) could represent the next asbestos risk in the future, and CNTs should be regulated and monitored to mitigate the risks associated with their use, A.M. Best says in its Nov. 29, 2017 special report on asbestos and environmental losses. “As the experience with asbestos has shown, today’s wonder material could easily lead […]
By Canadian Underwriter | November 30, 2017
The upcoming legalization of marijuana will “impact virtually every line of business” of the insurance industry and introduce a whole new hazy world of risks, a managing general agent said Friday. “If you buy a cookie at Mrs. Smith’s cookie shop with cannabis, is she going to be required to define the THC levels within […]
By Jason Contant | November 27, 2017
When William Carrier of the Vegas Golden Knights dropped the gloves to fight Michael Liambus of the Anaheim Ducks last Wednesday, hockeyfights.com posted footage of the battle, asked viewers to rate the fight, and logged the event as the 70th fight of this young NHL hockey season. The Carrier-Liambus tilt was the 13th fight in […]
By Jason Contant | November 24, 2017
Canadian businesses are taking a pass on terrorism insurance because they are not convinced they face a high enough risk to warrant the extra premium of at least $2,500 a year, brokers say. Property and commercial general liability policies tend to have terrorism exclusions, so there is an incentive for businesses to protect themselves against […]
If a terrorist attack takes place in Canada, brokers could face errors and omissions (E&O) claims from business clients whose property and liability policies do not cover them, the director of a Canadian managing general agent suggested Wednesday. A typical commercial general liability policy does not cover lawsuits arising from acts of terrorism coverage, while […]
By Jason Contant | November 22, 2017
Ontario’s Financial Services Tribunal has ordered an insurance company and two insurance agents to pay a combined total of more than $26,000 in administrative monetary penalties, rejecting the agents’ position that forgetting to renew licenses is not “blameworthy” conduct. In a decision released Nov. 15, FST chair Ian McSweeney ordered an administrative monetary penalty (AMP) […]
By Jason Contant | November 21, 2017
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