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The industry that’s shopping for cyber insurance

October 11, 2018 by Greg Meckbach

Brokers looking for new large cyber accounts might want to knock on doors of companies who look after other people’s money. More than half (55%) of Canadian asset managers surveyed said they intend to purchase insurance to protect themselves against

News InsuranceMarkets / Coverages

How the privacy commissioner aligned with mutuals on Bill C-74

May 23, 2018 by David Gambrill

Canadian privacy law as it currently stands may not be enough to protect Canadians if banks are allowed to disclose their customer data to fintechs, Canada’s privacy commissioner told the Canadian Senate Committee on Banking, Trade and Commerce Wednesday. “Financial

News AssociationsBrokersInsuranceLegislation / Regulation

Brokers, mutuals split on tactics after ministry’s controversial phone call

May 22, 2018 by David Gambrill

The Canadian Association of Mutual Insurance Companies (CAMIC) and the Insurance Brokers Association of Canada (IBAC) are split on tactics regarding a federal government bill that would allow banks to share customer data with fintechs. Which path better protects consumers

News InsuranceLegislation / RegulationTechnology

Why mutuals are concerned about banks sharing data with fintechs

May 2, 2018 by David Gambrill

The Canadian Association of Mutual Insurance Companies (CAMIC) Wednesday called on Parliament to withdraw two sections from proposed Bill 74 that would allow chartered banks to share their customers’ banking data with fintechs. CAMIC and its 76 member companies are

News InsuranceMarkets / Coverages

Protection against cheque fraud losses one purpose of Bills of Exchange Act: Banks

October 23, 2017 by Canadian Underwriter

If the Supreme Court of Canada restores Friday a 2014 ruling made by the Ontario Superior Court of Justice, Canadian banks would be made “insurers against cheque fraud perpetrated by employees on their employers,” argue two Big 5 Canadian banks

News InsuranceMergers and Aqcuisitions

Continuing fast pace for insurance M&A in U.S., Canada: OPTIS

October 20, 2017 by Canadian Underwriter

Sellers seem to be enthusiastically responding as buyers continue the aggressive valuations of p&c and employee benefits agencies, with OPTIS Partners reporting Thursday there were 132 deals inked during 2017 Q3, bringing the year-to-date total to 457. Chicago-based OPTIS Partners’

News InsuranceLegalMarkets / CoveragesMergers and AqcuisitionsTechnology

Cybercriminals used WannaCry epidemic to promote fraudulent services, Kaspersky report says

August 22, 2017 by Canadian Underwriter

Cybercriminals involved in spam distribution tried to capitalize on public fears of the WannaCry ransomware epidemic with spam and phishing emails offering cyber protection, a new report from Kaspersky Lab has found. The Spam and phishing in Q2 2017 report,

News InsuranceMergers and AqcuisitionsProductsTechnology

Applying blockchain technology could slash US$40 billion in costs for financial services: BIS Research

July 17, 2017 by Canadian Underwriter

Implementing blockchain technology could produce hefty cost savings in the billions of dollars annually for the financial services market, suggests a new report released Friday by Minnesota-based BIS Research. Characterizing blockchain as a revolutionary development, its application “could lead to

News InsuranceMarkets / CoveragesMergers and AqcuisitionsTechnology

New cyberattack causes mass disruption globally

June 27, 2017 by Canadian Underwriter

One month after the massive global WannaCry ransomware attack, “a new and highly virulent outbreak of malicious data-scrambling software appears to be causing mass disruption across the world, hitting companies and governments in Europe especially hard,” the Associated Press reported

News InsuranceLegislation / RegulationMarkets / CoveragesMergers and Aqcuisitions

Proposal to eliminate farm insurers’ tax exemption before Senate

June 21, 2017 by Canadian Underwriter

An omnibus bill that proposes to eliminate the tax exemption for insurers covering farming and fishing properties has been referred to a Senate committee. Currently, Section 149 of the federal Income Tax Act stipulates that an insurer is exempt from

News AppointmentsInsuranceMarkets / CoveragesMergers and Aqcuisitions

XL Catlin opens political risk, credit and bond insurance practice in Canada

May 30, 2017 by Canadian Underwriter

XL Catlin announced on Tuesday that it has opened its first political risk, credit and bond (PRCB) practice in Canada “to address continued demand” and appointed Marvin Azzopardi as senior underwriter. “We are very excited to open our first Canada-dedicated

News InsuranceLegal

Supreme Court of Canada could hear appeal of lawsuit involving auditors’ duty of care to non-shareholder lenders

May 29, 2017 by Canadian Underwriter

Canada’s highest court will decide June 1 whether it will hear an appeal from a major auditing and accounting firm that could face a trial this fall in a class action lawsuit filed by several banks over the bankruptcy in