Topic Commercial
Quebec court approves $200.9M settlement against Desjardins over data breach
June 20, 2022 by The Canadian PressMONTREAL – The Superior Court of Quebec has approved a nearly $200.9-million settlement of a class-action lawsuit against Desjardins over a data breach – the largest to date in the Canadian financial services sector. Siskinds Desmeules and Kugler Kandestin say…
The future of cyber-security: MFA and beyond
June 17, 2022 by Jason ContantHere’s some cyber security advice for your clients: time to install multi-factor authentication (MFA). In the future, that advice may morph to: Please send us a scan of all your tech vulnerabilities, so we can see what cybercriminals see. As…
Axis Insurance acquires specialist broker
June 17, 2022 by Jason ContantOne of British Columbia’s largest brokerages, Axis Insurance Managers, has completed its acquisition of BMG Insurance Brokers, a Western Canada-based brokerage that specializes in aviation and aerospace risks. Vancouver-based Axis completed the acquisition of privately-owned BMG Aviation Ltd. (doing business…
How to help your clients prepare for civil unrest
June 16, 2022 by Philip PoradoStrikes, riots and violent protests sparked by inflation pose risks to companies, both in terms of physical damage to buildings and other assets, as well as income loss due to business interruption and an inability to access premises, said a…
Flood of atmospheric rivers in B.C. cost $675 million in insured damage: CatIQ
June 16, 2022 by The Canadian PressVANCOUVER – November’s floods in British Columbia that swamped homes and farms, swept away roads and bridges and killed five people are now the most costly weather event in provincial history. The Insurance Bureau of Canada made the statement as…
How do you insure artificial intelligence?
June 15, 2022 by Alyssa DiSabatinoPicture this. Your client is manufacturing a car that includes software to apply the brakes automatically when approaching slow traffic. No doubt, this software has some built-in artificial intelligence (AI) elements. When insuring a vehicle manufacturer, it’s not too difficult…
Why you can expect to be in the hard market a year from now
June 15, 2022 by Alyssa DiSabatinoInflationary pressure will prolong the hard market for at least another year if not longer, 90% of more than 200 respondents predicted in a Canadian Underwriter webinar poll. Only 10% of respondents were optimistic the hard market would not be…
How your large business clients can manage cyber risks they can’t see
June 14, 2022 by David GambrillIn the wake of lifting of pandemic restrictions, digital transformation is becoming so extensive that organizations are having trouble getting a handle on their broadening cyber exposures. “As organizations grow and incorporate digital and cloud transformation into the fabric of…
Key enterprises could face penalties under federal bill to bolster cybersecurity
June 14, 2022 by Jim Bronskill - THE CANADIAN PRESSOTTAWA – Key enterprises in the banking, telecommunications and transportation industries would be among those required to bolster cybersecurity and report digital attacks – or possibly face penalties – under a federal bill introduced Tuesday. The legislation is intended to…
How to help your commercial clients align coverages with rising insured values
June 10, 2022 by Philip PoradoSteep inflation means brokers should consider approaching commercial clients about mid-term adjustments in insured values. “We’re definitely seeing more awareness around inadequate insurance-to-value ratios,” said Paul Gallately, assistant vice president of risk control with Travelers Canada. “It comes down to…
Vacancy permit doesn’t require daily attendance for eight months during repairs
June 10, 2022 by David GambrillBelair does not have to pay a condo claimant more than $1,500 in daily mileage costs accrued over almost eight months, during which time flood damage in the insured’s unit was being repaired. Belair Insurance Company insured a condominium owned…
Industry veteran elected to Ontario Chamber of Commerce’s board
June 9, 2022 by Jason ContantDesjardins Group’s Marilyn Horrick has been elected to the Ontario Chamber of Commerce’s (OCC) board of directors. OCC president and CEO Rocco Rossi announced new members to the chamber’s board of directors last month. Horrick, senior vice president for Desjardins…