Topic
Risk
Can multi-factor authentication beat smarter cybercriminals?
July 26, 2022 Jason ContantMulti-factor authentication (MFA) is becoming a standard requirement to obtain cyber insurance. But just as your clients are improving their insurability, cybercriminals too are designing their attacks around MFA. “It’s kind of like a game of Whack-a-Mole,” said Neal Jardine,…
Risk management outlooks crop up for farm insurers
July 20, 2022 by Alyssa DiSabatinoFarmers across Canada are being buffeted by a mix of drought conditions and hail damage in June and July, but insurers may be able to increase farmers’ risk management through drought and hail outlooks, experts explain. Southern Ontario farmers…
How Canada’s costliest perils compare to the rest of the world
July 19, 2022 by Alyssa DiSabatinoThe fire/explosion peril continues to crux Canadian insurers, accounting for 38% of all corporate insurance losses by value of claims, according to Allianz Global Corporate & Specialty’s (AGCS) Global Claims Review 2022. Natural catastrophes peak as Canada’s second highest major…
New captive may help Alberta’s energy industry spread risk
July 18, 2022 Philip PoradoAt least one insurer has taken Alberta up on its newly legislated option to domicile captive insurance companies in the province. The Captive Insurance Companies Act in Alberta, formerly Bill 76, came into force July 1. NFP this week announced…
D&O excess policy needs to spell out exceptions from primary policy
July 14, 2022 by David GambrillIf an excess insurance policy follows the form of a primary policy, and the primary policy offers an option that extends the claims reporting period by a year, the insured is entitled to the same option under the excess policy,…
Who owns the risks posed by artificial intelligence?
July 13, 2022 Alyssa DiSabatinoAs artificial intelligence (AI) increasingly affects the performance of products consumers use every day, discussions about who owns the AI risk is likely to become more intricate. For companies making these products, it’s important to know the risks involved, be…
2 risks keeping these business leaders up at night
July 12, 2022 by Alyssa DiSabatinoQuébec businesses are more likely to prioritize business interruption and environmental risks than their counterparts in the rest of the country, according to a new report by Aviva. However, both Québec and the rest of Canada are equally keen on…
What the industry needs to fund the bankruptcy of a Top 70 insurer
July 11, 2022 by David GambrillCanadian P&C insurers need a compensation fund four times bigger than its current size of $60 million to handle “systemic contagion” associated with the insolvency of a Top 70 P&C insurer or bankruptcy related to a major earthquake, says the…
Distracted driving sometimes takes a back seat to work priorities, drivers say
July 11, 2022 Canadian Underwriter StaffCanadians object to distracted driving but a lot of them do it anyway, according to a 2022 distracted driving risk survey from Travelers Canada. A full 77% of those surveyed said distracted driving is ‘very risky and they take every…
Are businesses covered for a telecom’s “maintenance oops”?
July 11, 2022 by Alyssa DiSabatinoDespite Interac payment systems and phone lines being down, most businesses will not have insurance coverage for any type of income loss as a result of the national Rogers outage on Friday, says one insurance expert. The outage, which…
How to advise clients on commercial contract indemnities
July 6, 2022 Michael CareyCommercial contracts often contain indemnities, and brokers should be prepared to address issues pertaining to indemnities within those contracts. Some clients may ask what an indemnity is. Simply put, it’s a promise to compensate another person for certain costs and…
Why home insurers are more exposed to NatCats after the pandemic
July 4, 2022 by David GambrillWhen the pandemic, remote work and a hot housing market combined to cause more Canadians to buy homes in suburban and rural areas, home insurers may have become more exposed to NatCat losses, data from a recent Aviva study found…