Table of Contents
Canadian Underwriter -
The Little Risk that Could
Brokers' privacy risk is no longer an afterthought. In years past, privacy risk may have garnered far less attention than more commonly acknowledged risks, including errors and omissions. But the little risk has now grown large enough that brokers are well-advised to adopt both prevention and mitigation strategies.
In the Works
Saskatchewan's first proposed overhaul of its insurance legislation in decades seeks to modernize requirements and harmonize provisions with those in Alberta and British Columbia. Changes revolve around, among other issues, fair and unfair practices, insurance intermediaries and self-evaluative audits.
Over and Above
Why is now the time for homeowner overland water protection? With Canada seeing more rain every year, this type of protection will only become more important in future. The country's first such coverage for residential properties, working in concert with sewer back-up protection, seeks to meet that need.
Cyber criminals have perpetrated - and continue to perpetrate - on banks around the world a spin on the classic bait-and-switch manoeuvre. The new form of phishing has already proved very costly and should serve as a caution that all industries, not just financial institutions, need to develop cyber resilience to avoid getting hooked in.
Brokers in Action
As ever, insurance brokers across the country are grappling with a wide variety of issues. Some issues are ongoing while some are emerging; some are regional while others are country-wide. The one constant is the need for brokers to continue to act as trusted advisors and to provide sound advice so that customers know the risks, understand coverage and have access to a wide choice of products.