Data 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…
OTTAWA – A series of technological and administrative gaps caused a high-profile data breach at Desjardins – the largest to date in the Canadian financial services sector, the federal privacy watchdog has found. Privacy commissioner Daniel Therrien said Monday that…
Agreements in which one party is required to add the other as an “additional insured” can open a huge can of worms. Clauses like this can appear in contracts for maintenance provision, equipment installation, commercial leases, and construction, said insurance…
When The Co-operators quickly notified a third-party insurer, AIG Inc., upfront of its intention to pursue a subrogation claim against AIG’s client in an oil spill case, little did The Co-operators know the move would later backfire when it came…
It’s less than two weeks until Christmas, and insurance professionals are looking forward to some downtime following an unprecedented year. The 2020 holiday season may look different this year due to the ongoing COVID-19 pandemic, and it’s a good bet…
A Court of Appeal for Ontario ruling in favour of AIG Insurance Company of Canada, over a coverage dispute arising from an injury to a spectator at a hockey arena, is now final. The Supreme Court of Canada recently announced…
Are 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…
Insurers have talked about the need to be more digital for years now but there is one clear sign that they’re actually following through on their plan, according to a KPMG insurance expert: A significant number of them are investing…
Canadian P&C insurers have generally embraced the general principles of the Fair Treatment of Consumers (FTC), but the industry still has some work to do in specific benchmark areas, according to an annual statement on market conduct issued by the…
The insurance industry should not be surprised by the fact there was a global health pandemic, a senior P&C industry exec says, adding that COVID-19 is not likely to change industry fundamentals significantly, since nothing new was brought to the…
On the day before heavy, wet snow and slush graced the streets of southern Ontario, the provincial government passed a law Tuesday that brokers believe will make it easier for them to find insurance coverage for snow removal contractors. The…
Intact Financial Corporation was holding focus groups on diversity and inclusion a few months ago, when a young manager of colour shared her experience with the insurer’s senior management. “She gave an example to us, which struck most of the…