Topic Commercial
Will building code changes affect farm fire severity?
November 2, 2023 by Jason ContantWith changes from the National Building Code of Canada (NBC) in the process of becoming law in Ontario next spring, farm insurance experts are raising concerns that the maximum barn size restriction will be removed and Ontario’s Fire Code (OFC)…
Ontario hospitals warn stolen patient, employee data may be published
November 2, 2023 by The Canadian PressFive Ontario hospitals affected by a recent ransomware attack, along with their shared IT provider, are warning patients and staff that their data may be published. The attack caused an outage of some online services at Bluewater Health, Chatham-Kent Health…
How to build environments that reduce staircase injuries
October 31, 2023 by By Dr. Andrew Huntley and Claire Miller, 30 Forensic EngineeringAs research drives new ways to build staircases that can prevent slip-and-falls, Canada’s building codes should be updated accordingly to reflect the safer designs. The importance of code updates is illustrated by falls on stairs, which in Ontario alone led…
What’s driving rising ransomware attacks
October 30, 2023 by Philip PoradoRansomware attacks are increasing globally thanks to evolving cybercrime tactics that make it easier for thieves to transfer data from computers or other devices. “Cyber claims frequency has picked up again this year as ransomware groups continue to evolve their…
How Quebec’s language law may affect outside insurance providers
October 30, 2023 by Jason ContantQuebec’s recently enacted language law is creating concerns that smaller insurance providers may consider pulling out of the province. Bill 96 (Law 14), An Act respecting French, the official and common language of Québec, came into effect June 1. Under…
How Canadian commercial brokers help cover multinational clients
October 27, 2023 by David GambrillCanadian companies — in particular, energy firms — are starting to expand across the globe, and that’s when setting up a multinational, controlled master insurance program may be beneficial. “We’ve seen a number of Canadian customers expanding their operations outside…
Is it time for a new reinsurer to enter the market?
October 25, 2023 by Jason ContantCanada’s hard market in reinsurance has some execs wondering if the time is ripe for a new reinsurer to enter the Canadian market. Until Jan. 1, 2023 renewal season, Aon Reinsurance Solutions president and CEO Matt Wolfe said he never…
How the hard market impacts public risk managers
October 25, 2023 by Alyssa Di SabatinoBudgeting is where risk managers of publicly owned organizations feel the hard market the most. Public risk managers must often buy insurance for their entire region or branch while predicting what future losses may be. Like all risk managers, they…
The most common cyber claims in Canada
October 23, 2023 by Alyssa DiSabatinoRansomware continues to be one of the top cyber threats to Canadian businesses, even though wire transfer fraud incidents are more expensive on average, according to a recent industry study. The average ransomware incident costs companies $596,000 USD, accounting for…
Brokers’ Number 1 obstacle when selling cyber
October 18, 2023 by Jason ContantFor brokers, the biggest obstacle in selling cyber insurance to clients might not be what you think. Traditional roadblocks to a sale include price, board approval, and executive complacency. But here’s an unlikely naysayer that’s making the rounds of brokerage…
Policy exclusion? Watch your exceptions in multiple-cause losses
October 18, 2023 by David GambrillUnderwriters must pay close attention to the policy wording they use in their exceptions to exclusions, lest insurers find themselves on the hook for covering losses with two or more suspected causes. That’s a key takeaway from Brock Stock Farm…
Which commercial line needs more capital?
October 16, 2023 by Jason ContantEven though the cyber insurance market is in a much better place now than a few years ago, it still needs an injection of capital to keep up with burgeoning demand, a speaker said during an industry event earlier this…