Topic Commercial
The real reasons behind Canada’s softer D&O market
December 9, 2022 by Philip Porado“Expanded insurer appetite and competition in the primary space,” as well as new capacity in excess layers, helps explain a softening of Directors and Officers (D&O) insurance pricing and limits expansions in Canada, says a recent quarterly market insights report…
Westland expands into two new provinces
December 7, 2022 by Jason ContantWestland Insurance has entered into Prince Edward Island and New Brunswick for the first time, making it one of the largest insurance brokers in Atlantic Canada. The western Canadian-based brokerage announced Tuesday the acquisition of Hyndman Insurance Group, Sears Insurance,…
Meet WTW’s new corporate risk and broking leader for Montréal
December 6, 2022 by David GambrillSimon Castonguay has been named WTW’s corporate risk and broking market leader for Montréal, the brokerage announced Tuesday. He will be responsible for overall business strategy and client service in the region. Also, he will be a member of the…
How inflation, and possible recession, may create D&O headaches
December 6, 2022 by Philip PoradoFaced with wide-ranging global macroeconomic risks that include supply chain disruptions and labor shortages, stock issuers need to be careful about any disclosures and public statements. This is especially true for publicly traded companies that have directors and officers (D&O)…
How insurers narrowly avoided ‘catastrophic’ business interruption claims
December 6, 2022 by Alyssa DiSabatinoBusiness interruption (BI) and related losses from the coronavirus pandemic could have been ‘catastrophic’ for insurers had policy wordings not been precise enough to prevent massive payouts following court challenges, credit rating agency DBRS Morningstar says in a new commentary. …
What do January reinsurance renewals have in store for property insurers?
December 5, 2022 by Alyssa DiSabatinoWith January’s reinsurance renewal period quickly approaching, the impact of major cat events on property insurers remains to be seen, said a new report from Navacord brokerage Lloyd Sadd. Catastrophic losses are making leading property insurers selective about the amount…
New legal action for privacy breach doesn’t apply to hacked data aggregators
December 2, 2022 by David GambrillOntario’s new legal tort of ‘intrusion upon seclusion’ does not apply in class actions against data aggregators that have been hacked, the Court of Appeal has confirmed. Nine years ago, the courts came up with the new tort of intrusion…
Is cyber insurance underwriting headed in the right direction?
November 29, 2022 by Jason ContantNew exclusions and strict requirements to obtain cyber insurance have dramatically improved the sophistication of underwriting processes, but one large consulting and advisory firm is questioning whether this is the right approach for the market to take. “[Chief information security…
Canada’s top five federal contaminated sites to cost billions to clean up
November 29, 2022 by Emily Blake - THE CANADIAN PRESSYELLOWKNIFE – With a cost estimate of $4.38 billion, remediation of the Giant Mine, one of the most contaminated sites in Canada, is also expected to be the most expensive federal environmental cleanup in the country’s history. The figure, recently…
Cyber incident cancels online classes, knocks out email, phones at school board
November 28, 2022 by The Canadian PressWHITBY, Ont. – The Durham District School Board says online classes have been cancelled after it was subject to what it’s calling a “cyber incident.” The board, which serves Oshawa and the surrounding region east of Toronto, says it learned…
Oil and gas drilling sector expects activity to pick up in 2023
November 25, 2022 by Amanda Stephenson - THE CANADIAN PRESSCALGARY – The organization representing Canada’s oil and gas drilling sector says it expects more activity in 2023, even as it continues to push the federal government for a new tax credit it says it needs to help the energy…
Why your SME client needs intellectual property ‘pursuit’ coverage
November 24, 2022 by Jason ContantYour small and medium-sized enterprise (SME) clients need to consider intellectual property (IP) ‘pursuit’ coverage to allow them to take on large corporations to protect their products and market share, a specialist insurance provider told Canadian Underwriter. A business’s ability…