Topic
Markets / Coverages
Canadian bank breaches highlight rise of cyber threats as new exploitation strategies
May 31, 2018 Ian Bickis - THE CANADIAN PRESSApparent attempts to extort two major Canadian banks highlight the increasing threat and variety of cyberattacks against major companies. Attacks against BMO and CIBC-owned Simplii – that compromised the information of up to a combined 90,000 Canadians – made public…
Bank of Canada keeps key interest rate target on hold at 1.25 per cent
May 30, 2018 Craig Wong - THE CANADIAN PRESSOTTAWA – The Bank of Canada kept its key interest rate target on hold Wednesday, but noted the Canadian economy was a little stronger than expected in the first quarter, raising expectations that rate hikes are coming later this year…
Devious ways your clients are trying to get better auto rates
May 30, 2018 by Greg MeckbachTerritorial ratings have prompted some Ontario motorists to lie about where they live on their applications in order to get a lower auto insurance rate, so brokers need to caution clients on the importance of telling the truth, a local…
Bomb threats highlight liability risk of office towers with lax security
May 30, 2018 by Greg MeckbachIn the wake of a threatened bombing in Stratford, Ont., and a restaurant bombing near Toronto, landlords of office towers may want to review their security systems to reduce their risk of liability. In general, owners of multi-tenant buildings have…
Ugly trend in auto claims so far this year: OSFI data
May 30, 2018 by David GambrillFederally regulated Canadian property and casualty insurers have paid out $535 million more in auto claims during the first quarter of 2018 than they did during the same period last year, according to financial results posted by Canada’s solvency regulator.…
How demand in Canada factored into merger of two Lloyd’s brokers
May 29, 2018 by Jason ContantAn increased demand from Canadian brokers for more “problem-solving” insurance solutions, such as specialist cyber coverage, is a factor behind the recent merger between Endeavour Insurance Services and SSL Insurance Group. Lloyd’s broker and delegated authority specialist Endeavour recently announced…
How new overland flood policies affect disaster assistance eligibility
May 29, 2018 by Jason ContantGiven recent flooding in Grand Forks and other areas of B.C., questions remain about the interplay between overland flood policies and how Disaster Financial Assistance (DFA) in B.C. factors into the response. Various insurance coverages for overland flood are new,…
Locomotive recorder legislation law takes aim at railway risk managers
May 29, 2018 by Greg MeckbachA new federal law passed Thursday is intended to mandate the videotaping of locomotive crews in order to let railway risk managers help prevent accidents. Bill C-49, The Transportation Modernization Act, was signed Thursday into law by Governor General Julie…
City of Vancouver files claim against owners of vessel that leaked fuel in 2015
May 29, 2018 Canadian PressVancouver Mayor Gregor Robertson says the city has filed a federal court claim against the owner of a vessel that spilled fuel into English Bay in 2015, as part of the city’s continuing effort to get compensation for its response…
This percentage of consumers believe auto insurance fraud is an “accepted practice”
May 28, 2018 by Jason ContantNearly half of customers polled for an Insurance Corporation of British Columbia (ICBC) survey believed that committing auto insurance fraud is an “accepted practice” in B.C., with most saying that claims contain an “element” of fraud. The survey of 1,373…
Winter tires cut auto insurance claims frequency: CAA
May 28, 2018 by Greg MeckbachWinter tires reduce the frequency of auto insurance claims, the head of the Canadian Automobile Association’s Ontario auto insurer suggested Wednesday. “Claims are reduced when people have winter tires on their cars, especially driving in climates like we have in…
Forget insurtechs: your next competitors will be Google, Amazon, and Facebook
May 27, 2018 by Jason ContantJust under one-third of customers globally (22.8% in Canada) are willing to buy insurance products from “BigTech” companies such as Amazon, Facebook and Google, a new report has found, suggesting a greater need for traditional insurance providers to “develop future-ready…