Topic
Legislation / Regulation
Worldwide information security spending to grow 7.9% this year to reach US$81.6 billion: Gartner
August 9, 2016 by Canadian UnderwriterWorldwide spending on information security products and services will reach US$81.6 billion this year, an increase of 7.9% over 2015, according to the latest forecast from Gartner, Inc., an information technology research and advisory company based in Stamford, Conn. Consulting…
Mutual insurers seeing revival in recent years: Swiss Re sigma report
August 2, 2016 by Canadian UnderwriterMutual insurers’ share of the overall insurance market increased from 24% of direct premiums written in 2007 to just over 26% in 2014, reversing some of the declines of previous decades, according to Swiss Re’s latest sigma report. Released on…
Drivers still liable in accidents, even in near driverless cars, says Canadian law firm Borden Ladner Gervais
August 2, 2016 Terry Pedwell - THE CANADIAN PRESSOTTAWA – Until Canadians own cars that truly drive themselves, they can forget getting off the legal hook if they’re in an accident with a vehicle that still has a steering wheel, suggests a report from Canada’s biggest law firm.…
Exit Strategy
August 2, 2016 Greg Meckbach, Associate EditorThe June referendum in favour of the United Kingdom leaving the European Union is creating volatility and uncertainty for some Canadian risk managers, some experts say. This may be especially true for organizations looking to expand into Europe or whose directors and officers could face liability risk arising from a drop in share price.
Economic crime in global financial services sector has increased, despite compliance investments: PwC
July 27, 2016 by Canadian UnderwriterDespite “significantly increasing investment in compliance and being continuously under the scrutiny of regulators,” economic crime in the global financial services sector has increased slightly, showing new thinking is needed to make investment in compliance deliver more value and tackle…
Canada’s Minister of Transport accelerates phasing out of DOT-111 tank cars
July 26, 2016 by Canadian UnderwriterCanada’s Minister of Transport, Marc Garneau, has issued a protective direction aimed at accelerating the phasing out of DOT-111 tank cars for crude oil service to Nov. 1. Transport Canada (TC) announced on Monday that Garneau had issued Protective Direction…
Global commercial insurers operating in Canada join forces to form new association
July 18, 2016 by Canadian UnderwriterA number of foreign-owned commercial insurers operating in Canada have come together to form the Global Commercial Insurers Association (GCIA). The Toronto-based association will provide a platform through which foreign-owned commercial insurance carriers can become informed of current regulatory developments…
Climate change may undermine soundness of insurers’ current cat models: Global Risk Institute study
July 14, 2016 by Canadian UnderwriterClimate change may undermine the soundness of insurers’ current catastrophe models, as well as diminish the effectiveness of existing portfolio diversification and risk transfer practices, suggested a recent report from the Toronto-based Global Risk Institute (GRI). “On the bright side,…
90% of global consumer product companies have experienced data breach, almost half not complying with regulations: Capgemini report
July 14, 2016 by Canadian UnderwriterNine in ten global consumer product (CP) companies have faced a data breach and nearly one in two do not company with industry regulations, research from Gapgemini has found. The consulting, technology and outsourcing services firm conducted a global survey…
Alberta government consulting on private auto insurance system
July 12, 2016 by Canadian UnderwriterThe government of Alberta said on Monday that it is conducting technical consultations with industry stakeholders on the private automobile insurance system. A targeted stakeholder consultation is underway to gather evidence-based information to inform potential technical changes to regulations governing…
Intact’s commercial ridesharing insurance policy gets green light in Ontario
July 8, 2016 by Canadian UnderwriterThe Financial Services Commission of Ontario has approved a commercial ridesharing insurance policy offered by Intact Financial Corporation (IFC) in partnership with Uber Canada. Effective July 7, 2016, IFC reports in a statement that the product will provide protection to…
Battery pack fires prompt recall of hoverboards
July 6, 2016 THE ASSOCIATED PRESSNEW YORK – More than 500,000 hoverboards are being recalled after dozens of reports of fires and spewing smoke. There have been 99 reports to the United States Consumer Product Safety Commission of battery packs that have overheated, exploded or…