Topic Commercial
What it will actually take to reduce human error in cyber security
September 26, 2023 by Alyssa DiSabatinoHumans are still the weakest link when it comes to cyber security, but preventing simple slip-ups means creating a workplace culture where employees are comfortable raising their security concerns, one expert shared. Human error is consistently a major driver in…
Zombie apocalypse: why businesses face liability from distracted walkers
September 25, 2023 by Alyssa DiSabatinoSmartphone zombies (i.e. pedestrians who use their phone while walking) aren’t just hazardous to themselves; this phenomenon also poses a major risk for insured businesses. People have become increasingly dependent on their devices, even going so far as to scroll,…
Why your cyber clients need to keep an eye on ransomware
September 25, 2023 by Jason ContantCanada was the third most affected country in the world for successful ransomware-as-a-service (RaaS) and extortion attacks in the first and second quarters of 2023, said a report from cybersecurity company Trend Micro. The report, LockBit, BlackCat, and Clop Prevail…
How well the industry protects policyholders against insolvency
September 22, 2023 by Jason ContantCanada’s P&C insurance industry compensation fund will almost entirely protect both personal and commercial lines policyholders in the event of an insurer insolvency, a comprehensive review of coverage and benefits has found. Should an insurer member of the Property and…
How Canada’s P&C insurers are faring under IFRS 17
September 21, 2023 by Jason ContantDespite significant changes to financial statements from IFRS 17, 2023 is shaping up to be an “average” year at best for Canada’s P&C insurers, even as continued Cat events remain likely to negatively impact Q3, says a new report. In…
How ransomware claims are trending
September 20, 2023 by Jason ContantRansomware claims have transformed from mostly third-party liability claims into first-party liability, a cyber insurance expert tells Canadian Underwriter. “It used to be third-party liability; you were concerned about monitoring credit, and somebody sues you because of a hack,” said…
Why captives will stick around after a hard market
September 20, 2023 by Alyssa DiSabatinoCanada’s P&C insurance industry is showing signs of market softening in some lines, but captives remain a viable option for commercial clients — particularly in fledgling tech industries such as cryptocurrency. Alternative risk transfer solutions have merit even when hard…
What’s driving challenges in commercial property?
September 19, 2023 by Jason ContantChallenges in the Canadian commercial property insurance market continue to be a focal point throughout 2023, primarily driven by NatCat concerns and reinsurance costs, Aon said in its Fall 2023 Insurance Market Update Canada report. “The property market continues to…
Forever chemicals: Is PFAS litigation coming to Canada?
September 19, 2023 by Alyssa DiSabatinoPer- and polyfluoroalkyl substances (PFAS) are the subject of a rising number of lawsuits in the U.S., and the industry can expect litigation to seep into Canada, says a risk professional. Also known as ‘forever chemicals,’ PFAS are a…
New Brunswick premier vows comprehensive review after massive Port Saint John fire
September 19, 2023 by The Canadian PressSAINT JOHN, N.B. – A joint task force investigation into last week’s major fire at a scrapyard in Saint John, N.B., will consider whether the recycling plant should continue operating at the city’s port, says Premier Blaine Higgs. Higgs made…
Climate change not the leading cause of NatCat losses: Verisk
September 15, 2023 by David GambrillAlthough climate change is frequently cited as the Number 1 reason for higher natural catastrophes (NatCat) losses, increases in property exposure and repair costs are more significant short-term factors, according to a new report by Verisk Analytics. “Climate change is…
Why insurers worry about clients’ crime coverage
September 15, 2023 by Alyssa Di SabatinoAs clients tighten their purse strings in anticipation of an economic downturn, they are increasingly underinsured for their crime-related losses. Crime insurers are seeing an uptick in social engineering (i.e., phishing) claims, says Katherine Gauthier, vice president of specialty solutions…