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Cyberattacks will increasingly lead to business interruption, cyber insurer warns

February 22, 2018 by Jason Contant

Cyber insurer Beazley is expecting an increase in cyberattacks that lead to business interruption, especially due to the growth of cloud platforms and connected devices in the workplace. On Wednesday, Beazley released its 2018 Breach Briefing outlining the types of…

News InsuranceMarkets / CoveragesTechnology

Electronic proof of insurance now available, even if regulations aren’t

February 22, 2018 by David Gambrill

The Centre for Study of Insurance Operations (CSIO) has launched its My Proof of Insurance eDelivery solution, enabling CSIO members to send consumers digital policy documents (including proof of auto insurance, or ‘eSlips’) for personal and commercial lines. The announcement…

News CatastrophesClaimsConstructionInsuranceLegal

Court closes door on homeowner plan to build a basement walkout below a flood line

February 22, 2018 by Greg Meckbach, Associate Editor

A Grande Prairie, Alta.-area property owner who installed a basement door below the one-in-100-year flood line should replace it with a window above the flood line, the Alberta Court of Appeal has ruled, upholding efforts by the municipality to stop…

News InsuranceMarkets / Coverages

Proposed “concussion code of conduct” could help sports insurers

February 22, 2018 by Canadian Underwriter

Legislation that would require a “concussion code of conduct” for amateur sports organizations in Ontario will be the subject to public hearings next week. If passed into law, Bill 193 will “be a catalyst for longer-term culture change for concussion…

News Markets / CoveragesTechnology

Aviva Canada looking into electronic payments standard

February 22, 2018 by Jason Contant

As payment systems continue to modernize globally and locally, one Canadian insurer says it is hoping to explore opportunities related to its payment infrastructure. While it is not currently using ISO 20022, an international standard that supports electronic payments, Aviva…

News LegalMarkets / Coverages

Airbnb rentals being used for alleged human trafficking: Toronto police

February 22, 2018 by Michelle McQuigge - THE CANADIAN PRESS

Toronto police say a recent case of alleged human trafficking is the latest in a growing trend involving people using Airbnb rentals to conduct their illicit transactions. Det. Sgt. Nunzio Tramontozzi said police have seen a surge in such cases…

News AnnouncementsInsuranceLegislation / RegulationPaidReinsurance

Paid Are you ready for IFRS 17? Learn how to prepare for this transformational change.

February 21, 2018 by BDO

IFRS 17, Insurance Contracts was published in May 2017 and is the most significant change to financial reporting for insurance companies in Canada in decades, not only in the measurement of insurance assets and liabilities, but in how insurance contracts…

News InsuranceLegislation / Regulation

Insurers applaud Quebec’s tougher stance on distracted driving

February 21, 2018 by David Gambrill

Canadian property and casualty insurers are pleased that Quebec is proposing new distracted driving rules, including stronger penalties as a deterrent, as part of a larger package of proposals to beef up the province’s Highway Safety Act. Insurance Bureau of…

News InsuranceMergers and Aqcuisitions

Want to acquire an MGA? Here’s what you can expect to pay (and why)

February 21, 2018 by Jason Contant

Brokers or managing general agents (MGA) looking to buy another MGA could be looking at multiples of four times commission just to be able to compete with insurers looking to make the same purchase, industry analysts say. Philip Heywood, partner…

News Markets / CoveragesTechnology

How a new breed of car repair technician can drive down insurers’ repair costs

February 21, 2018 by Jason Contant

Newer technology in vehicles is creating the need for a different skill set in collision repair facilities, something that could ultimately affect vehicle repair times for insurers. “This technology that is in the car now from a safety perspective brings…

News InsuranceLegalMarkets / Coverages

Ontario PC leadership hopeful slams Liberals for delaying auto fraud office

February 21, 2018 by Greg Meckbach

Ontario PC leadership candidate Caroline Mulroney promises to do “more than just talk” about cracking down on insurance fraud if she becomes premier of Ontario this June. Ontario Liberal Finance Minister Charles Sousa announced this past December the provincial government…

News InsuranceMergers and Aqcuisitions

“We really don’t need to buy another company:” Fairfax CEO

February 21, 2018 by Greg Meckbach

Seven months after buying the majority of Allied World Assurance Company Holdings AG, Toronto-based Fairfax Financial Holdings Ltd. does not have any immediate plans to buy more insurance companies for the time being. “We really don’t need to buy another…