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Canadian Underwriter - April 2015


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.

Phish Tales
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.

Custom Output
In today's data-rich environment, property and casualty insurers have an unprecedented opportunity to move beyond a one-size-fits-all approach, and tailor newer, more profitable offerings based on each customer's usage and needs. The key to future profits may lie buried in the data that insurers already have.

Flood of Options
With the increase in water-related events, insurers have responded in a number of ways, including by introducing higher premiums and exclusions. Consumers must take steps to ensure they are prepared and to seek out advice that will help them mitigate losses should an adverse event occur.

The War on Staged Collisions
The "car accident business" is not only big and expensive, it is ever-changing and ever-evolving. A co-ordinated campaign by all players in the property and casualty industry is critically important to gain ground and drive back auto insurance fraud estimated to cost more than $1 billion a year in Ontario.

In the Shadows
A 2012 report from RIMS, the risk management society, notes that "while nothing is more abundant than data, nothing is more uncertain than the security of that data." Three years on and concerns around the rapid acceleration in the number and types of attacks has grown even more pressing.


Moves and Views


Cover Story

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.


Entrepreneurial Spirit
A career in insurance has proved a perfect fit for Clay Germain's entrepreneurial spirit and love of a varied environment.