Canadian Underwriter

Segment
Risk Management


News InsuranceRisk

Should risk managers assume more risk?

July 29, 2019 by Jason Contant

Risk managers should stop “trading dollars” with an insurer and consider increasing their deductibles and assuming some of the risk, suggested Stéphane Cossette, senior director of risk management with Quebecor Media Inc. “Get rid of the noise, get rid of

News Insurance

Why data breaches are particularly costly for Canadian financial firms

July 26, 2019 by Jason Contant

The average cost of a data breach in the Canadian “financial” industry is US$6.4 million – $2-million higher than the average cost for all other businesses, according to a new report from IBM Security and Ponemon Institute. The average cost

News InsuranceMarkets / CoveragesRisk

How the hard market affects these risk managers

July 24, 2019 by Jason Contant

The hardening market is even affecting risk management in post-secondary institutions. One risk manager in Calgary said the challenges he is seeing are less about tightening of conditions in an insurance contract than underwriting unique exposures. The post-secondary environment has

News InsuranceRisk

Three reasons innovation labs almost always fail

July 22, 2019 by Jason Contant

Lack of alignment with the business is one of the three main reasons innovation labs fail, according to Simone Bhan Ahuja, an author, speaker and founder of innovation advisory Blood Orange. The lack of metrics to track success and lack

News Insurance

Observations on cyber from Canadian Lloyd’s coverholder

July 15, 2019 by Greg Meckbach

Your commercial clients may be able to get cyber insurance with fewer underwriting questions than in the past, but you should still pay close attention to those clients’ risk management practices, the head of a Toronto managing general agent suggests.

News Insurance

These behaviours raise your client’s cyber risk

June 28, 2019 by Greg Meckbach

Do your clients know how often their workers click on links they receive in emails that should have been flagged as suspicious? “I wouldn’t find it unreasonable for an insurer to ask questions about phishing click-through rates,” Srinath Sampath, senior

News Insurance

Why record Great Lakes levels could cause billions in business losses

June 28, 2019 Christopher Reynolds - THE CANADIAN PRESS

Rising water levels are causing delays in the St. Lawrence Seaway that could cost the economy more than $1 billion, shippers and port operators say. A new study from the Chamber of Marine Commerce warns that opening the floodgates further

News InsuranceRiskTechnology

How not to manage risk at a cryptocurrency provider

June 21, 2019 Michael MacDonald - THE CANADIAN PRESS

HALIFAX – The accounting firm investigating the unseemly demise of Canada’s QuadrigaCX cryptocurrency exchange is accusing the company’s late founder of creating fake trades and transferring customer funds into his personal accounts, where the money was used for high-risk margin

News ClaimsInsuranceLegal

Why insurers can expect claims from the Raptors parade

June 21, 2019 by Adam Malik

It won’t surprise at least one lawyer to hear about insurance claims stemming from the Toronto Raptors championship parade. There were plenty of exposures present during the event on June 17, mainly because of a lack of resources available and

News InsuranceTechnology

Digitizing your brokerage? Pay attention to the ‘frozen middle’

June 21, 2019 by Jason Contant

What’s the secret to successful digital transformation? The key is to get buy-in from the lower levels of the organization, said Paul Chapman, chief information officer (CIO) at Box Inc., a provider of cloud content management and file-sharing service for

News Climate ChangeRisk

The key role of risk managers during climate change

June 20, 2019 by Adam Malik

Financial companies, including insurers, are moving positively towards dealing with climate change but more needs to be done – and it will need to be risk managers at the forefront to prepare their companies, according to a new study. The

News RiskTechnology

Data breach affects nearly 3 million Desjardins Group members

June 20, 2019 THE CANADIAN PRESS

MONTREAL – Desjardins Group said Thursday the personal information of more than 2.9 million of its members has been shared with individuals outside of the organization. The Quebec-based financial institution said the breach affects 2.7 million individual members and 173,000