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Payouts from insurance policies may fuel ransomware attacks

September 20, 2019 by Kathleen Foody - THE ASSOCIATED PRESS

CHICAGO – The call came on a Saturday in July delivering grim news: Many of the computer systems serving the government of LaPorte County, Indiana, had been taken hostage with ransomware. The hackers demanded $250,000. No way, thought County Commission…

News Insurance

How good are estimates of industry-wide insurance fraud?

September 20, 2019 by Greg Meckbach

Insurers really don’t know how much money fraud is costing them. “In Ontario, we have to rely on other jurisdictions to try and quantify it because we are so lousy at it,” said Gordon Rasbach, former vice president of property…

News ClaimsInsuranceMarkets / CoveragesTechnology

How E&O needs to change for emerging tech companies

September 20, 2019 by Jason Contant

Does a one-size-fits-all basic tech errors and omissions (E&O) policy that covers things like breach of contract or negligence still suffice for an emerging tech company? “Most probably not,” said Charlie Murray, international technology team leader with specialist insurer CFC…

News Insurance

This is what’s putting the industry ‘at a tipping point’

September 20, 2019 by Adam Malik

Technology has been great for the insurance industry. But it’s also been creating problems, specifically creating a difficult market cycle. And it’s not the only reason why one panellist at the recent RIMS Canada Conference said the industry is “at…

News AppointmentsAssociations

New president at Insurance Brokers Association of Canada

September 20, 2019 by Greg Meckbach

Kent Rowe is now the president of the Insurance Brokers Association of Canada. Rowe, a former president of the Insurance Brokers Association of Newfoundland, was inducted into his new role after IBAC’s annual general meeting Thursday. By day, Rowe works…

News Insurance

New commercial lines senior VP for Canada’s largest P&C insurer

September 19, 2019 by Greg Meckbach

Intact Financial Corp. announced Thursday that Darren Godfrey will become Intact Financial Corp.’s senior vice president, commercial lines on Jan. 1. Godfrey, currently senior VP of personal lines, will replace Alain Lessard, who retires at the end of the year.…

News Insurance

Province assumes liability for removal of crane toppled by hurricane

September 19, 2019 by THE CANADIAN PRESS

HALIFAX – The Nova Scotia government has declared a localized state of emergency in part of downtown Halifax in order to speed up removal of a construction crane blown down during post-tropical storm Dorian. Labour Minister Labi Kousoulis said Wednesday…

News Claims

Insurer wins dispute over stolen vehicle claim

September 19, 2019 by Jason Contant

The Insurance Corporation of British Columbia (ICBC) was justified in denying an insured’s claim for making a wilfully false statement in connection with a stolen vehicle, the province’s Civil Resolution Tribunal (CRT) has ruled. ICBC determined the stolen vehicle was…

News Markets / Coverages

This is how hard the Lloyd’s market has become

September 19, 2019 by Greg Meckbach

Insurance rates on renewal are up nearly 4% in the Lloyd’s market, which has returned to profitability. “While market conditions generally remain at historically competitive levels, price increases have been witnessed across all major lines, most notably in property and…

News BrokersInsuranceProfessional DevelopmentRisk

How should you approach risky projects?

September 19, 2019 by Adam Malik

Debating on taking that risky project others seem to be shying away from? One insurance leader believes you should jump all over it. There was a point in her career when people told Christine Lithgow to not take on a…

News InsuranceLegislation / RegulationTechnology

Should insurers self-regulate this field of study?

September 18, 2019 by Jason Contant

Insurers should consider self-regulating machine learning practices before regulations are imposed on them, a speaker suggested last week at the Connected Insurance Canada conference in Toronto. Moderator Stephen Applebaum, principal at Insurance Solutions Group, asked panelists if regulators understand machine…

News Insurance

Why 24-hour driving bans have lawyers arguing in this province

September 18, 2019 by Greg Meckbach

Despite a “poorly-worded” section of the British Columbia Motor Vehicle Act, a 24-hour driving prohibition against a suspected impaired driver has been restored in a recent appeal court ruling. In July of 2017, Patrick George Franlin Evans was told by…