Topic
Commercial Lines
KPMG buys insurance claims practice
February 2, 2024 by Jason ContantProfessional services firm KPMG in Canada has purchased an insurance claims practice that offers income replacement benefit and related calculations, as well as commercial loss claims calculations for insurance companies and their customers. The acquisition of the claims practice of…
Global Affairs Canada investigating ‘malicious’ cyberattack and data breach
January 31, 2024 by Jason ContantOTTAWA – Global Affairs Canada announced Tuesday it is investigating a cyberattack and data breach that has forced it to limit remote access to its networks. The department said in a statement, which confirmed earlier media reports, that early results…
How cyber pricing is trending for large Canadian companies
January 25, 2024 by Jason ContantLarge corporate cyber clients in Canada saw pricing decreases last year and one cyber underwriter expects the market for those risks will flatten out in 2024. “In 2023, we did see some fairly significant softening in the market; prices were…
Toronto Public Library gradually recovering from hack, more services back next month
January 19, 2024 Maan Alhmidi - The Canadian PressTORONTO – Canada’s largest public library system is gradually restoring more of its services after an October cyberattack brought down its website and likely exposed sensitive employee information. The Toronto Public Library said customers will be able to see a…
Toronto Zoo says staff personal info stolen in ransomware cyberattack
January 18, 2024 The Canadian PressTORONTO – The Toronto Zoo says it believes personal information of its current, former and retired employees was stolen in a ransomware cyberattack first detected earlier this month. The zoo says the information includes past earnings information, social insurance numbers,…
Your Canadian clients’ top business risks in 2024
January 17, 2024 by Alyssa DiSabatinoCanada’s top three business risks show companies are widely, and primarily, worried about disruption to their operations, according to the Allianz Risk Barometer 2024. Over half (57%) of respondents in Canada said business interruption was their number one risk,…
Quantum computing: How could it be regulated?
January 16, 2024 by Jason ContantCanadian financial services regulators have the emerging technology of quantum computing on their radar, but questions remain around its potential regulation. “Regulating quantum computing, especially in the context of the insurance industry, is complex due to the technology’s novelty and…
Tremors from Red Sea conflict start to shake Canada, with dozens of ships delayed
January 15, 2024 The Canadian PressMONTREAL – Canadian shippers are starting to feel the strain of attacks on cargo vessels in the Red Sea, as container rates rise and boats are late to arrive. Port data shows that two-thirds of the 43 ships slated to…
Ten per cent of country’s insured losses in Alberta alone
January 12, 2024 by Alyssa DiSabatinoFor all the smoke, fire and flood that happened across Canada this year, damage to property in Alberta alone exceeded $330 million, according to estimates from Catastrophe Indices and Quantification Inc. (CatIQ). That’s nearly 10% of all insured losses across…
What’s at risk if the national flood insurance program stalls
January 10, 2024 by Alyssa DiSabatinoInsurers will need to be informed about their role in the national flood insurance program by Spring 2024 if it’s to be operational before the next federal election, an Insurance Bureau of Canada (IBC) executive tells Canadian Underwriter. The…
Why growth is the name of the game for Canadian MGAs
January 9, 2024 by Jason ContantCanada’s property and casualty MGA sector will likely double in the next five years when it comes to commercial insurance market share, an industry executive told Canadian Underwriter in an interview. Currently, about 20% of commercial business is placed with…
What private equity clients can expect in 2024
January 8, 2024 by Alyssa DiSabatinoPrivate equity deal volume is expected to rebound in 2024 after slowing last year, and that means your PE clients can expect to see their insurance rates — particularly for liability and indemnity (D&O and R&W) — decrease or flatten…