Topic
Risk
Open banking in Canada could help insurers with credit scoring
January 20, 2021 by Greg MeckbachOpen banking could give insurers better data for credit scoring, suggests an official with the organization that handles clearing and settlement for banks in Canada. “I think we will see more accurate underwriting and more accurate credit scoring,” Andrew McFarlane,…
RCCAQ reacts to Quebec curfew
January 18, 2021 by Greg MeckbachQuebec’s insurance brokers should not experience any major disruptions as a result of the province-wide evening curfew imposed a week ago, the chair of the Regroupement des cabinets de courtage d’assurance du Quebec (RCCAQ) predicts. The curfew took effect on…
How social media can be a cyber attack vector
January 15, 2021 by Greg MeckbachCyber criminals are increasingly targeting workers through applications such as LinkedIn, WhatsApp, Facebook and Twitter, McAfee LLC warned in a report released Wednesday. Traditionally, cyber criminals have relied heavily on phishing as a way to target individual employees, McAfee chief…
How ‘take-home COVID’ can impact employers’ liability
January 13, 2021 by Greg MeckbachCOVID-19 can cause a commercial general liability claim if a commercial client is sued by the family member of a worker who has caught the disease at work and then infected family members, insurance law experts suggest. “Take-home COVID” is…
How COVID-19 vaccine side effects impact liability risk
January 12, 2021 by Greg MeckbachSome people could suffer side effects from a COVID-19 immunization, but the vaccine manufacturers have a number of protections that minimize their liability risk, Canadian lawyers suggest. Prime Minister Justin Trudeau was quoted last week by The Canadian Press as…
Regulator’s pilot project to start scenario-testing for climate change risks
January 7, 2021 by David GambrillCanada’s solvency regulator has introduced a pilot project in 2021 to conduct scenario testing of the impact of various climate-related risks on financial institutions’ bottom lines. “The first step of the pilot project is to develop a Canada-relevant set of…
Why the D&O market will probably get harder
December 15, 2020 by Greg MeckbachData breaches and the impact of COVID-19 on a company’s financial performance are among the “megatrends” affecting directors’ and officers’ liability claims, Allianz Global Corporate & Specialty warned in a report released Dec. 15. “Outside the U.S., securities class actions…
Defying The Grinch may cost your clients home insurance coverage
December 11, 2020 by David GambrillAre your clients tempted to defy The Grinch who stole Christmas and have large holiday gatherings during the pandemic regardless of what public health orders might say? You might want to tell them about pandemic exclusions in their home insurance…
End of the line for Intact’s bid to appeal frozen food spoilage coverage dispute
December 7, 2020 by Greg MeckbachA Supreme Court of Canada decision released Thursday means Intact Insurance has to defend two lawsuits against a client that operates a cold storage warehouse. Clauson Cold & Cooler Ltd. had a “Commercial Edge Express Plus” policy with Intact. In…
How Ottawa is trying to lower earthquake related property losses
December 7, 2020 by Greg MeckbachNatural Resources Canada is hoping to help insurers cut their loss costs with a yet-to-be released earthquake early warning system. The warning system could provide seconds to tens of seconds of warning before a location is affected by strong shaking,…
Wildfire damage is not like a Godzilla attack. Why that matters to Cat modellers
December 7, 2020 by Greg MeckbachA client’s structure can remain standing after a wildfire, even when other buildings in the same neighbourhood burn down, because dozens of factors affect a property’s risk, experts said Thursday during a webinar. “The interesting thing about wildfire is [that]…
‘The most litigated insurance concept’
December 6, 2020 Greg Meckbach, Associate EditorA lot of things can go wrong when a client agrees to add a counter-party to a contract as an additional insured. Here’s what your clients can do to reduce the risk of a nasty coverage dispute