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How to negotiate the nuanced world of email fraud coverage

March 3, 2020 by Jason Contant

Your commercial client may think they are covered for all types of business email compromise (BEC) fraud automatically, but policy triggers are often nuanced, a speaker said recently at NetDiligence’s Cyber Risk Summit in Toronto. “The biggest misconception of our

News InsuranceLegislation / RegulationMarkets / Coverages

ICBC profits should not be used to cover other government costs: NDP

March 2, 2020 The Canadian Press

VICTORIA – British Columbia’s NDP government wants to prohibit future governments from using profits earned by the province’s public auto insurer to cover other expenses. Attorney General David Eby says the government is planning to introduce legislation in the coming

News BrokersCommercial LinesInsuranceMarkets / CoveragesTechnology

How easy is it for brokers to get terms in the cyber market?

February 27, 2020 by Jason Contant

Capacity is still readily available to cover cyber risks, but more insurers are approaching the coverage cautiously, a speaker said Friday at NetDiligence’s Cyber Risk Summit in Toronto. In terms of procedure, clients’ applications for cyber coverage must clear more

News BrokersMarkets / Coverages

Top cyber concerns for Canadian business leaders

February 26, 2020 by Jason Contant

Business leaders in Canada are concerned about cyber extortion and social engineering fraud, such as business email compromise (BEC) and email account compromise (EAC), Aon reported. “The last year has seen a tremendous increase in cyber-related claims in Canada,” said

News InsuranceMarkets / Coverages

Desjardins Group reveals cost of 2019 data breach

February 26, 2020 The Canadian Press

MONTREAL – The Desjardins Group says last year’s theft of the personal data of its 4.2 million members ultimately cost the co-operative $108 million. The Quebec-based financial institution initially estimated the cost of a malicious employee’s breach – which also

News Commercial LinesInsuranceMarkets / Coverages

How IBC plans to keep insurance “affordable and available” across Canada

February 18, 2020 by Jason Contant

Following years of significant commercial insurance losses, Insurance Bureau of Canada (IBC) has launched a national task force to examine ways to help Canadian consumers mitigate risk and manage costs. The National Commercial Insurance Task Force will bring together insurers,

News InsuranceMarkets / CoveragesRisk

Ottawa eases speed restrictions imposed after Saskatchewan derailment

February 18, 2020 The Canadian Press

OTTAWA – Transport Minister Marc Garneau is easing speed restrictions placed on certain trains following a derailment in Saskatchewan earlier this month that spilled 1.2 million litres of crude oil and started a massive fire. Garneau says the move is

News AssociationsBrokersInsuranceMarkets / Coverages

Brokers on what would help bring down skyrocketing condo insurance premiums

February 12, 2020 by Jason Contant

Insurance should be mandatory for all condo unit owners in the condo corporation, an executive with the Insurance Brokers Association of B.C. (IBABC) told Canadian Underwriter Monday. “Strata/condo building managing councils should encourage their member unit owners to vote in

News AssociationsBrokersInsuranceMarkets / Coverages

Two ways to address rising condo insurance premiums

February 11, 2020 by Jason Contant

One broker association is calling for consultation among all key stakeholders to discuss owner liability in condo corporations, with a focus on proposed achievable legislative action. As condominium (strata) insurance premiums and deductibles continue to rise across the country, the

News ClaimsInsuranceMarkets / Coverages

Ins and outs of travel insurance amid coronavirus outbreak

February 11, 2020 The Canadian Press

VANCOUVER – Travellers nervous about globe-trotting during the novel coronavirus outbreak may be eligible to receive a refund for cancelling their travels, say insurance experts, but it depends on the destination, their insurance policy and other factors. “I think in

News InsuranceMarkets / CoveragesProducts

How active assailant attacks are redefining terrorism insurance

February 10, 2020 by Jason Contant

Attacks involving “active assailants” are on the rise, and brokers shouldn’t assume that a standard property, commercial general liability (CGL), or even terrorism policy will cover the costs of supporting and helping the victims, a specialist insurer said Wednesday. “It

News InsuranceMarkets / CoveragesMGAs

What’s going on in the Canadian MGA space?

February 6, 2020 by Jason Contant

The managing general agent space in Canada has been busy over the past few months, with the launch of one MGA and the expansion of another. On Jan. 20, three industry veterans – Jeff Hart, Bruce MacKinnon and Tommy Truong