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Cladding may have helped spread London high rise fire, experts say

June 15, 2017 Gregory Katz - THE ASSOCIATED PRESS

LONDON – The official cause may not be known for months. The death toll is unclear – and rising. No one has said exactly where the fire started. But experts suspect recent renovations at the Grenfell Tower, including newly installed

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Insurance industry will be “profoundly disrupted” by technological change, global forum hears

June 15, 2017 by Canadian Underwriter

The insurance industry will be profoundly disrupted by technological change, Vincent J. Dowling, Jr., managing partner of Dowling & Partners Securities LLC, told attendees at Marsh & McLennan Companies, Inc. (MMC)’s Young Professionals’ Global Forum 2017 in London, U.K. on

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OSFI publishes draft 2018 version of Minimum Capital Test for federally regulated P&C insurers

June 15, 2017 by Canadian Underwriter

The Office of the Superintendent of Financial Institutions (OSFI) on Thursday published the draft 2018 version of its Minimum Capital Test (MCT) for federally regulated P&C insurers. The revised guideline, which will be effective Jan. 1, 2018, provides clarification with

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TSB calls for ‘explicit risk management processes’ for commercial passenger vessel operators

June 15, 2017 by Canadian Underwriter

The Transportation Safety Board of Canada reiterated Wednesday a 13-year-old recommendation that the federal government mandate safety management systems for small passenger enterprises. TSB released Wednesday an investigation report into the fatal capsizing Oct. 25, 2015 of the Leviathan II

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Flames destroy production facility at Blackwell Dairy in Kamloops, B.C.

June 15, 2017 The Canadian Press (CPSTF)

KAMLOOPS, B.C. – Fire has heavily damaged a dairy operation in Kamloops, British Columbia, that processes milk from farmers across the North Thompson and Shuswap Okanagan. Fire officials say the main production facility at Blackwell Dairy was destroyed in the

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AIG, IBM and Standard Chartered Bank pilot “first multinational insurance policy powered by blockchain”

June 15, 2017 by Canadian Underwriter

American International Group Inc. (AIG), IBM and Standard Chartered Bank plc announced on Thursday that they have successfully piloted what they are calling the “first multinational ‘smart contract’ based insurance policy using blockchain.” Working together, AIG, IBM and international banking

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Transport Canada issues final rule on electronic stability control for heavy trucks

June 15, 2017 by Canadian Underwriter

The Canadian Trucking Alliance (CTA) is applauding Transport Canada’s amendments related to the introduction of electronic stability control (ESC) on commercial vehicles. The CTA said in a press release on Wednesday that the objective of the rule, published earlier this

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Holistic approach needed to reduce confusion around cyber security, tackle inaction: Echols

June 15, 2017 by Canadian Underwriter

Tools meant to bolster cyber security are being introduced absent a holistic view, producing even more questions among already-confused businesses expecting some progress on their individual risk reduction efforts, cyber expert Michael Echols suggested Tuesday during a symposium in downtown

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CN to spend $500 million on technology with eye on driverless truck threat

June 14, 2017 Ross Marowits - THE CANADIAN PRESS

MONTREAL – Canadian National Railway says it will spend $500 million over the next five years on technology to improve its safety, efficiency and competitive edge, partly in response to the potential threat posed by driverless trucks. CEO Luc Jobin

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Global business leaders cite regulatory risks, disruptive influences and cyber risks as key challenges

June 14, 2017 by Canadian Underwriter

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

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Canadian and U.S. government agencies underperform on fraud detection and reporting, study finds

June 14, 2017 by Canadian Underwriter

Government agencies in Canada and the United States performed significantly worse than the business sector on fraud detection and mitigation, according to a new survey from risk management software provider ACL. The 2017 Fraud Survey involved a poll of more

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Courts can award damages for mental injury without psychiatric diagnosis: Supreme Court of Canada

June 14, 2017 by Canadian Underwriter

The Supreme Court of Canada has rejected an argument by Insurance Bureau of Canada that a court should not award damages for psychological or emotional damage unless the plaintiff demonstrates the tort caused a “recognizable psychiatric illness.” In a recent