Topic Loss Control
“Antivirus on steroids:” One way to protect your clients from ransomware
March 16, 2022 by David GambrillTo help clients detect their cyber exposures, insurers are recommending ‘powerful’ preventative measures such as endpoint detection responses (EDR) — dubbed ‘antivirus on steroids.’ Used in combination with multi-factor authentication, EDR is deemed superior to traditional anti-virus software because the…
How insurers are rethinking ransom coverage
March 15, 2022 by Jason ContantRansomware has long been a thorn in the side for insurers, particularly in recent years. And, although the market will continue to see rate changes in reaction to ransomware losses over the next year, “insurers will be equally focused on…
What if the disaster models are wrong?
March 14, 2022 by Canadian Underwriter StaffFor nearly a quarter century, the Office of the Superintendent of Financial Institutions (OSFI) has required Canadian P&C carriers to demonstrate capacity for handling major earthquakes, including so-called one-in-500 year events. Canada’s P&C industry is well capitalized and backed by…
Police, convenience store industry prepare for gas thefts as prices continue to rise
March 11, 2022 by Brittany Hobson - THE CANADIAN PRESSPolice and small retailers are preparing for an increase in “gas-and-dash” thefts as gasoline prices across Canada soar following sanctions against Russia that have put the squeeze on global oil supply. The invasion of Ukraine just over two weeks ago…
How supply chain back-ups are contributing to cargo theft
March 9, 2022 by Jason ContantSupply chain disruptions and back-ups due to COVID-19 and other factors (such as a shortage of drivers or trucks to deliver product) are contributing to concerns around cargo theft, a transportation industry expert says. “When you have more [cargo] that’s…
How Intact is faring with the RSA integration
February 3, 2022 by Jason ContantIntact Financial Corporation’s integration of RSA plc is on track, with earnings slightly better than originally anticipated, the insurer’s chief executive officer reports. The deal increases Intact’s specialty lines presence in North America by close to 30%, Intact Financial Corporation…
Omicron variant raises uncertainty as companies downgrade forecasts
February 1, 2022 by Christopher Reynolds - THE CANADIAN PRESSThe highly transmissible Omicron variant has prompted companies in the manufacturing and resource sectors to downgrade their earnings forecasts amid ongoing uncertainty linked to the COVID-19 pandemic. Cascades Inc., the Quebec-based packaging and tissue company, said Monday it expects fourth-quarter…
Public auto insurer’s Top 5 fraud cases of 2021
January 6, 2022 by Jason ContantA phony kidnapping and a driver who was travelling nearly three times the speed he reported to investigators were among Manitoba Public Insurance (MPI)’s Top 5 auto fraud cases of 2021. Last year, MPI’s Special Investigation Unit (SIU) closed nearly…
How to reduce wildfire losses by 30-60%
December 17, 2021 by Jason ContantIt’s a common misconception that “everything is completely gone” if you’re in the path of a destructive wildfire, said Michael Young, vice president of model product management with Risk Management Solutions Inc. (RMS). “One of the interesting facts that most people…
What can be done just seconds before an earthquake hits?
December 7, 2021 by Jason ContantNatural Resources Canada (NRC) is developing an earthquake early warning system that will provide valuable time before an earthquake strikes to allow protective measures to be put in place for people and critical infrastructure. “It can provide anywhere between seconds…
Take steps to fend off ransomware attacks, federal ministers urge Canadians
December 6, 2021 by Jason ContantOTTAWA – Citing a dramatic increase in ransomware attacks on organizations – including health providers and vital utilities – federal ministers are urging Canadians to bolster their cybersecurity. In an open letter Monday, the ministers encouraged people to adopt the…
Why Intact is paying out less on total auto losses
November 10, 2021 by Greg MeckbachIntact Financial Corp. is maintaining a mid-80s combined ratio on its Canadian personal auto book of business, with a slight decrease in the severity of total losses. At Intact, the severity of claims on auto physical damage was 5% higher…