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Quebec announces new measures for flooding victims

September 12, 2017 The Canadian Press (CPSTF)

MONTREAL – Quebec’s public security minister says new measures to assist flood victims who feel they’ve been abandoned by the province will help them cut through the bureaucracy. Martin Coiteux was in Montreal on Tuesday to announce personalized meeting days

News Mergers and AqcuisitionsTechnology

Insurers increasingly concerned about “silent cyber” exposure: Willis Re poll

September 12, 2017 by Canadian Underwriter

About half of polled insurance industry practitioners see the risk of “silent cyber” exposure – potential cyber-related losses due to silent coverage from insurance policies not specifically designed to cover cyber risk – as growing over the coming year, according

News CatastrophesClaimsInsuranceMarkets / CoveragesMergers and AqcuisitionsReinsurance

Hurricane Harvey highlights magnitude of insurance protection gap: Aon Benfield

September 12, 2017 by Canadian Underwriter

Flood losses from Hurricane Harvey have again highlighted the global insurance protection gap, Aon Benfield said in a newly released report. On Monday, Aon Benfield, the global reinsurance intermediary and capital advisor of Aon plc, released the September edition of

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Ontario government proposes to ‘strengthen’ conservation authorities’ flood protection role

September 12, 2017 by Canadian Underwriter

Ontario politicians debated Monday a bill that, if passed into law, would increase the role of conservation authorities in protecting property from flooding. Provincial conservation authorities’ roles include flood and erosion control, ice management, flood forecasting and warning and drought

News ConstructionInsuranceMarkets / CoveragesMergers and AqcuisitionsTechnology

Construction industry ‘particularly vulnerable to cybercrime,’ Northbridge warns

September 12, 2017 by Canadian Underwriter

Large and small construction contractors are vulnerable to cyber crime, with “smart” building devices and lucrative engineering drawings in particular presenting vulnerabilities, Northbridge Insurance warns. “Major advancements in digital connectivity have left the construction industry particularly vulnerable to cybercrime,” Northbridge

News CatastrophesInsuranceMarkets / CoveragesMergers and AqcuisitionsTechnology

OneEleven and Aviva Canada to host Canada’s “first ever” DisasterTech Hackathon

September 12, 2017 by Canadian Underwriter

OneEleven, described as “North America’s largest scaleup innovation hub,” and Aviva Canada have announced that a 48-hour DisasterTech Hackathon will be held next month in Toronto. The event will kick off at OneEleven’s office at 325 Front St. West in

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Allied World revises Executive ForceField product for Canadian market

September 12, 2017 by Canadian Underwriter

Allied World Assurance Company Holdings, GmbH (AWAC) has enhanced its Executive ForceField Side A, Lead Difference in Conditions (DIC) product with “Canadian-specific enhancements,” the company has reported. The revised policy, available to companies throughout Canada, was announced in a press

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Coalition urges ‘substantive reforms’ to U.S. National Flood Insurance Program

September 11, 2017 by Canadian Underwriter

As Tropical Storm Irma moves north through Florida, a group whose members include insurers is urging American politicians to reform the National Flood Insurance Program, which expires Sept. 30. SmarterSafer announced Sept. 7 it “continues to support a reauthorization of

News InsuranceLegislation / RegulationMarkets / CoveragesMergers and AqcuisitionsTechnology

Global insurers struggle with regulatory and accounting compliance: study

September 11, 2017 by Canadian Underwriter

As insurance firms invest in more complex securities, they struggle to manage data and meet regulatory reporting requirements, a newly released study has found. Addressing local regulation and accounting standards is the leading operational challenge when it comes to firms’

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U.S. commercial insurance prices remain nearly flat in the second quarter: Willis Towers Watson survey

September 11, 2017 by Canadian Underwriter

Commercial insurance prices in the United States were again nearly flat during the second quarter of 2017, global advisory, broking and solutions company Willis Towers Watson (WTW) reported on Monday. For the eight quarter in a row, price changes were

News InsuranceMarkets / CoveragesMergers and AqcuisitionsTechnology

New software can detect when people text and drive: University of Waterloo

September 11, 2017 by Canadian Underwriter

Computer algorithms developed by engineering researchers at the University of Waterloo (UoW) in Ontario can accurately determine when drivers are texting or engaged in other distracting activities, the university reported on Friday. The system uses cameras and artificial intelligence (AI)

Feature LegalMergers and Aqcuisitions

Here comes Trouble

September 11, 2017 The CIP Society - Insurance Institute of Canada

The quick fix of terminating a producer suspected of unethical behaviour by simply cutting a cheque could have some lingering effects. Litigation costs and unpleasantness may be avoided, but what if the producer simply moves on to a new job and continues with the same questionable behaviour? What must a brokerage do to meet its obligations to its customers, its industry and regulators?