Canadian Underwriter

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Risk Management


News ClaimsLegalLegislation / Regulation

Why this commercial line is unprofitable

November 27, 2018 by Greg Meckbach

Commercial brokers could see fewer carriers offering directors and officers (D&O) liability in the future. That’s because “market consolidation is something that you might see on the carrier side,” said Ian Fraser, assistant vice president of technology, cyber and professional

News Legal

700-million D&O lawsuit arises from failed Ottawa NHL arena deal

November 26, 2018 THE CANADIAN PRESS

OTTAWA – Senators owner Eugene Melnyk is suing his business partner for $700 million in a development deal that was meant to bring a new NHL arena to Ottawa’s downtown. Capital Sports Management Inc., a group controlled by Melnyk, said

News RiskTechnology

The single most important factor to successful AI adoption

November 24, 2018 by Jason Contant

The key to rebranding as an artificial intelligence (AI) company is tapping into an “ultra-specialized talent pool” with a deep understanding of the field, says the chief science officer at Royal Bank of Canada. “It’s impossible to overstate the importance

News Insurance

How Canada’s largest banks manage cyber risk

November 23, 2018 Armina Ligaya - THE CANADIAN PRESS

TORONTO – Hackers are targeting Toronto-Dominion Bank’s internal systems at all hours using cutting-edge techniques, but the bank’s head of cybersecurity isn’t losing sleep over them – they work for him, after all. The bank established late last year an

News InsuranceRisk

Is your client properly insured for computer crime?

November 22, 2018 by Greg Meckbach

Brokers placing commercial insurance for the risk of theft should pay close attention to exclusions. Exclusions on some policies covering crime losses for financial institutions may be leaving a gap in cover computer crime, a new paper from Marsh Inc.

News ClaimsLegislation / Regulation

Oil spill off Newfoundland shore can’t be cleaned up

November 22, 2018 Holly McKenzie-Sutter - THE CANADIAN PRESS

JOHN’S, N.L. It’s now impossible to clean up Newfoundland’s largest-ever oil spill that leaked into the ocean last week, according to the regulatory board that oversees the province’s offshore activities. The 250,000-litre spill happened on Friday morning while Husky Energy’s

News MGAsProductsRiskTechnology

Exclusive partnership will extend MGA’s cyber offerings

November 21, 2018 by Jason Contant

Managing general agent Burns & Wilcox has announced an exclusive partnership with a cybersecurity company to pair its specialty insurance products with data breach monitoring and notification services. The partnership with London, UK-based BreachAware, which specializes in data breach research

News RiskTechnology

How fraudsters can dupe even tech-savvy risk analysts

November 20, 2018 by Jason Contant

Think it’s just your clients that can get tricked into revealing personally identifiable information (PII)? Not always. A recent experiment has shown that even tech-savvy individuals are willing to provide PII without due diligence. A Vancouver-based global identity and business

News InsuranceRiskTechnology

The Top 3 risk concerns for Canadian executives

November 19, 2018 by Jason Contant

Business executives in Canada and the United States say economic risk (21%) is their primary concern, followed closely by cyber risk (20%) and technology risk (16%). CNA Hardy released its first global Risk and Confidence Survey Monday. While over two-thirds

News ClaimsInsuranceLegislation / Regulation

How risk of explosion arises from marijuana legalization

November 19, 2018 Bill Graveland - THE CANADIAN PRESS

CALGARY – Alberta law enforcement officials say they are worried that the legalization of marijuana could lead to potentially explosive consequences for users taking a do-it-yourself approach to making cannabis derivatives at home. Just over a month ago, Canadians were

News InsuranceRisk

Insurers weigh in on how automated vehicles should be covered

November 15, 2018 by Jason Contant

The Insurance Bureau of Canada (IBC) has recommended a single insurance policy to cover driver negligence and automated technology to facilitate liability claims associated with autonomous vehicles. “The automated vehicle’s insurer would compensate injured people if the automated vehicle caused

News ClaimsLegislation / RegulationTechnology

What led to massive Nova Scotia privacy breach

November 14, 2018 THE CANADIAN PRESS

HALIFAX – An investigation by Nova Scotia’s privacy commissioner says health officials have been caught “snooping” on personal health records, something she says is a serious invasion of privacy and a prosecutable offence. In an annual report released Wednesday, commissioner