Canadian Underwriter

Risk Management

A committee looking into how Hockey Canada handled allegations of sexual assault
News Insurance

Hockey Canada has paid $7.6M in sex abuse settlements since 1989

July 27, 2022 The Canadian Press

OTTAWA – Hockey Canada says it has paid out $7.6 million in nine settlements related to sexual assault and sexual abuse claims since 1989, with $6.8 million of that related to serial abuser Graham James. The hockey governing body has

Merger and acquisition partnership
News Insurance

What Navacord’s 15th deal of the year brought into the fold

July 26, 2022 by Jason Contant

Navacord Corp. has completed its 15th M&A deal of the year, this one involving a large commercial brokerage known for its risk management expertise with automotive dealerships. Navacord’s latest partnership is with Ottawa-based Binks Insurance Brokers Limited. Founded in 1918,

Two drivers argue in front of a silver car which crashed into the back of a red car
News BrokersInsuranceRisk

Fast and furious: Which of your clients are more likely to road rage?

July 26, 2022 by Alyssa DiSabatino

Men and young people aged 18-34 are more likely than women and those aged 55+ to engage in road rage behaviours, finds a recent Ratesdotca survey.   Although men and women claim to engage in road rage equally (51% respectively), men

Digital fingerprint
News ClaimsEngineeringInsuranceRiskTechnology

Can multi-factor authentication beat smarter cybercriminals?

July 26, 2022 Jason Contant

Multi-factor authentication (MFA) is becoming a standard requirement to obtain cyber insurance. But just as your clients are improving their insurability, cybercriminals too are designing their attacks around MFA. “It’s kind of like a game of Whack-a-Mole,” said Neal Jardine,

A wildfire is spreading just west of already fire-ravaged Lytton, B.C.
News Insurance

What the latest wildfire near Lytton, B.C. reveals

July 22, 2022 by Jason Contant

The out-of-control wildfire burning near Lytton, B.C. shows the community and its surrounding area are at high risk of repeated fires, said Glenn McGillivray, managing director of the Institute for Catastrophic Loss Reduction (ICLR). The Nohomin Creek wildfire about 1.7

Cybersecurity threat to healthcare information
News Insurance

At least 37,800 people affected by cyberattack last year on N.L. healthcare system

July 22, 2022 The Canadian Press

ST. JOHN’S, N.L. – About 37,800 people in Newfoundland and Labrador have been sent privacy breach notices stemming from a cyberattack last year on the province’s healthcare system, a spokesperson with the Eastern Health authority said Thursday. The letters were

Three yellow taxi cabs lined up on the street
News AnnouncementsBrokersInsuranceMarkets / Coverages

New program aims to bring high-risk drivers back to standard market

July 22, 2022 by Alyssa DiSabatino

Facility Association (FA) is launching a video-enabled telematics program for Ontario taxi drivers, and it may see participants earn their way back to the standard market.  The program, effective Dec. 1, 2022, is meant to help drivers improve their driving

A person holds their smartphone, which displays a credit score dial ranging from green to red.
News InsuranceMarkets / CoveragesTechnology

Why cyber ratings don’t tell insurers enough about the risks

July 21, 2022 by Alyssa DiSabatino

Cyber insurers need to tread lightly when using cyber security rating scores — also known as outside-in security-risk assessments — because the data can be skewed and may mislead consumers into believing they’re more protected than they really are, said

A farmer wearing a straw hat and a plaid shirt kneels with one hand holding his head and one hand reaching towards his corn crop
News BrokersInsuranceRisk

Risk management outlooks crop up for farm insurers

July 20, 2022 by Alyssa DiSabatino

Farmers across Canada are being buffeted by a mix of drought conditions and hail damage in June and July, but insurers may be able to increase farmers’ risk management through drought and hail outlooks, experts explain.   Southern Ontario farmers

a splash of water and a large flame atop a black background
News CatastrophesClaimsClimate ChangeInsuranceRisk

How Canada’s costliest perils compare to the rest of the world

July 19, 2022 by Alyssa DiSabatino

The fire/explosion peril continues to crux Canadian insurers, accounting for 38% of all corporate insurance losses by value of claims, according to Allianz Global Corporate & Specialty’s (AGCS) Global Claims Review 2022. Natural catastrophes peak as Canada’s second highest major

Oil rig in the Alberta Rocky Mountains
News InsuranceReinsuranceRisk

New captive may help Alberta’s energy industry spread risk

July 18, 2022 Philip Porado

At least one insurer has taken Alberta up on its newly legislated option to domicile captive insurance companies in the province. The Captive Insurance Companies Act in Alberta, formerly Bill 76, came into force July 1. NFP this week announced

AI robot driving a car in a futuristic city
News ClaimsInsuranceRiskTechnology

Who owns the risks posed by artificial intelligence? 

July 13, 2022 Alyssa DiSabatino

As artificial intelligence (AI) increasingly affects the performance of products consumers use every day, discussions about who owns the AI risk is likely to become more intricate. For companies making these products, it’s important to know the risks involved, be