Legal / Regulation
Insurance providers need to use technology to improve their customers’ experience, but sometimes regulation gets in the way, speakers suggested at a recent conference. The insurance industry is “struggling to speed up the process of being more agile,” said Paul MacDonald, RSA Canada’s senior vice president of claims and chief claims officer. “Customers can go […]
By Jason Contant | July 7, 2017
4 min read
HR
Aviva Canada said earlier this week that is urging the Government of Quebec to maintain the 20% ownership limit of insurance brokerages by insurers in order to “reduce the potential for any conflict of interest and to enhance consumer confidence in the insurance industry.” The 20% rule has enabled Quebec to create a robust and […]
By Canadian Underwriter | June 29, 2017
2 min read
Ontario brokers and insurers need to know about upcoming changes to the definition of road-building machines. Certain machines will no longer be included in package, inland marine or other coverage forms, meaning they must now be registered/licensed and insured under an Ontario auto policy. Should an injury occur involving a machine that is not so insured, losses could exceed limits.
By Daniel Strigberger, Partner, Samis+Company; and Ken Parsons, Consultant, Everest Canada | June 29, 2017
6 min read
An Accenture survey of nearly 800 financial services executives across Europe, Asia and North America found that more than half of financial institutions plan to increase their investments in major corporate transformation initiatives, or “change programs,” over the next 12 months, primarily due to cost pressures, new regulations, increased customer expectations and digital disruption. The […]
By Canadian Underwriter | June 26, 2017
Canadian managing general agent (MGA) ENCON Group Inc. announced on Thursday the introduction of a standalone cyber insurance policy that provides coverage for network business interruption, ecommerce trading exposure, crime and intellectual property risks. Ottawa-based ENCON Group said in a press release that CyberPro is offered in association with Ascent Underwriting, a specialist MGA underwriting […]
By Canadian Underwriter | June 16, 2017
Truth can be stranger than fiction, especially when one looks at the Ontario auto insurance system. On April 11, the provincial government released David Marshall’s review of the system. Marshall is a former chief executive officer of the Workplace Safety and Insurance Board. With disputes over accident benefits (AB) claims taking up court time, a […]
By Greg Meckbach, Associate Editor | June 15, 2017
3 min read
Companies in Canada and around the world are being increasingly impacted by risk, with nearly three quarters (72%) of business leaders polled in a recent survey “citing that they believe we are living in a riskier world,” said a new survey from BDO Canada. The findings were published in the latest Global Risk Landscape Report, […]
By Canadian Underwriter | June 14, 2017
Large shipping losses have declined by 50% over the past decade, but a “perfect storm” of regulation, cost savings and cybersecurity looms, according to Allianz Global Corporate & Specialty’s (AGCS) fifth annual Safety and Shipping Review 2017. The report, released on Tuesday, said that there were 85 vessels reported as total losses around the shipping […]
By Canadian Underwriter | June 13, 2017
5 min read
Reduced market access, regulatory fragmentation, the return of inflation, cloud risk accumulation and emerging liability legislation for artificial intelligence are just some of the key risks for the re/insurance industry, according to Swiss Re’s 2017 SONAR report. The report, released on Tuesday, is based on “the SONAR process, a crowdsourcing tool drawing on Swiss Re’s […]
The City of Toronto will soon consider recommendations to adopt new rules for short-term rental platforms such as Airbnb – which are unregulated – to address concerns ranging from noise to safety and taxation, notes a municipal backgrounder. The Report from the Executive Director, Municipal Licensing and Standards, and the Chief Planner and Executive Director, […]
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