Canadian Underwriter

Features

Wake of Container Ship
Feature Commercial LinesInsuranceLegal

Broken Vessels

January 1, 2017 Greg Meckbach, Associate Editor

The explosion that destroyed the AMOS-6 satellite will “heavily hit the London market,” a reinsurance executive predicts, while a marine underwriting official reports about a third of Canada’s $321-million marine insurance market, in 2015, was from yacht and $55 million was from hull.

Christopher Mutcheson, Head of Directors and Officers and Financial Institutions, Financial Lines Canada, Allianz Global Corporate & Specialty
Feature Commercial LinesLegal

Personal Liability

January 1, 2017 Christopher Mutcheson, Head of Directors and Officers and Financial Institutions, Financial Lines Canada, Allianz Global Corporate & Specialty

As insurers carve back language excluding pollution clean-up in directors’ and officers’ (D&O) liability policies and regulators impose administrative monetary penalties on corporate directors, D&O programs may be hit with new claims in 2017.

Tom Johansmeyer, Assistant Vice President, PCS Strategy and Development,
Verisk Insurance Solutions
Feature CatastrophesInsuranceReinsurance

Beyond Fort Mac

January 1, 2017 Tom Johansmeyer, Assistant Vice President, PCS Strategy and Development; and Ted Gregory, Director of PCS Operations, Verisk Insurance Solutions

Property Claim Services Canada has designated nine catastrophe events in Canada in 2016. Though most of the $4.9 billion insured loss arose from the Alberta wildfires, the data indicates hail and thunderstorms events are becoming more severe.

fire fighter, firefighter industry.
Feature Commercial Lines

Severe Burns

January 1, 2017 Greg Meckbach, Associate Editor

Water losses may be high on the list of claims professionals’ concerns, but disasters in Tianjin, China, Oakland, California and Fort McMurray, Alberta serve as poignant reminders that fire is still a major cause of insured loss for commercial properties. Risk mitigation measures – such as sprinkler systems – can help reduce frequency and severity. But some insurance professionals point out that the use of plastics in manufacturing, expensive equipment and a lack of alternate facilities can exacerbate the severity of an industrial fire.

Linda Fuerst, Senior Partner, Norton Rose Fulbright
Feature Legal

Sitting Pretty

December 5, 2016 Linda Fuerst, Senior Partner; Kaitlin Shung Associate; and Rahool Agarwal Partner, Norton Rose Fulbright

The Supreme Court of Canada has confirmed that superior court judges can sit extra-provincially. The move is a positive one, sending a signal that access to
justice in the class action context is not illusory or superficial.

Robert Capps, Vice President of Business Development, NuData Security
Feature Commercial LinesLegalTechnology

On Good Behaviour

December 2, 2016 Robert Capps, Vice President of Business Development, NuData Security

With holiday season fast approaching, a surge in online shopping cannot be far behind. But with online shopping comes increased risk of security breaches and fraud. Combining behavioural analytics, passive biometrics and traditional verification solutions could go a long way towards keeping those risks under wraps.

Laura Bobak, Research and Communications Manager, Financial Executives International Canada and the Canadian Financial Executives Research Foundation
Feature Commercial Lines

Exchanging Risk

December 2, 2016 Laura Bobak, Research and Communications Manager, Financial Executives International Canada and the Canadian Financial Executives Research Foundation

Despite the upheaval in commodities prices and the volatile Canadian dollar, a recent study shows a quarter of polled Canadian financial executives have no foreign exchange risk management strategy. Unpredictability makes it difficult for businesses to plan, but implementing a well-conceived risk management plan is essential.

fires-istock
Feature Commercial LinesInsuranceLegislation / Regulation

Hot Cargo

December 1, 2016 Greg Meckbach, Associate Editor

With the size of today’s container ships, damage from a fire on a single container could result in a loss of millions of dollars. And cargo that is susceptible to spontaneous combustion, especially when not properly declared, can be especially risky.

Mark Day
Feature AssociationsProfessional Development

In Good Company

December 1, 2016 Angela Stelmakowich, Editor

Mark Day, recipient of the Donald M. Stuart Award, sees risk professionals increasingly becoming part of conversations early on.

bonds-screenshot-web
Feature CatastrophesInsuranceMarkets / Coverages

Protective Cover

December 1, 2016 Sean van Zyl, Freelance Writer

The role of capital markets in alternative risk transfer within the property and casualty insurance industry is not new. However, the development of sophisticated financial instruments continues to expand, with resilience bonds being the latest arrival in the catastrophic risk market.

Steve Millstein, Senior Vice President, Sales and Business Development,
Intelligent Mechatronic Systems Inc.
Feature

Pedal to the Metal

December 1, 2016 Steve Millstein, Senior Vice President, Sales and Business Development, Intelligent Mechatronic Systems Inc.

Automakers and auto insurers could be on a collision course over driving-related data that is becoming available because of advances in technology and customer demands for connectivity. Will these industries increasingly be at odds or will they be able to work together for the benefit of all?

Peter Vlaar, Associate Lawyer, McCague Borlack LLP
Feature Commercial LinesInsuranceLegal

Parents Know Best?

December 1, 2016 Peter Vlaar, Associate Lawyer; David Olevson, Associate Lawyer; and Sabrina Lucibello, Partner, McCague Borlack LLP

Canada has no authoritative legal decision on parental waivers, which has created uncertainty over whether or not a properly drafted and duly executed waiver will serve as a complete bar to a claim. A New Brunswick case offers alternatives that might be employed until that gap in the law is filled, but businesses and insurers alike must factor into their liability risk analysis that parental waivers are unlikely to be enforceable.