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The top threat facing Canadian businesses

April 29, 2019 by Jason Contant

Cyber attacks and data breaches are the Number 1 threat to businesses in North America, according to Aon plc’s newly released 2019 Global Risk Management Survey. Aon surveys thousands of risk managers across 60 countries and 33 industries every two

News RiskTechnology

What a liberal arts gaming enthusiast can bring to the cyber security table

April 29, 2019 by Greg Meckbach

A priest or minister could help your client manage cyber risk, and it’s not by praying that cyber criminals will leave your client alone. “My latest three hires have been a theologian, a political scientist and somebody who has their

News CatastrophesConstructionInsurance

Is wind “the new water” for Canada’s insurers?

April 25, 2019 by Jason Contant

High winds contributed in part to most catastrophes in Canada over the past few decades, prompting the need for a new national standard on wind resilience, the Institute for Catastrophic Loss Reduction (ICLR) said Thursday. A report released by ICLR

News InsuranceRiskTechnology

How tech will change the way you price risk

April 25, 2019 by Jason Contant

Insurance risk categories in the future will become so small they will become very difficult to price properly, a speaker predicted earlier this month at the CIP Society Symposium in Toronto. The number of distinct risk transfer categories appears to

News InsuranceRisk

Why moving to the cloud poses a greater security risk

April 24, 2019 by Jason Contant

As businesses increasingly move to the cloud to provide services, their cyber risk is also being greatly heightened, a cyber security professional told Canadian Underwriter recently. Many companies are outsourcing sensitive activities such as human resources or payroll to cloud

News InsuranceRiskTechnology

M&A tip: how to avoid acquiring a “data lemon”

April 23, 2019 by Jason Contant

Insurance companies or brokerages looking to acquire another company should perform due diligence not just on the financials of the target firm, but also its regulatory vulnerabilities during the M&A process. “The idea is to identify potential data breaches and

News RiskTechnology

Help your client overcome the stigma of the “breach” word

April 23, 2019 by Greg Meckbach

Managing cyber risk effectively means considering the business objectives and setting rules on who can declare a breach has occurred, speakers told insurance professionals at a recent conference. “There is a big connotation as it relates to the word ‘breach,’”

News InsuranceLegislation / RegulationRestorationRisk

This aging infrastructure problem could force residents out of homes

April 18, 2019 by Greg Meckbach

A substantial number of Ontario residents are at risk of becoming temporarily homeless because they live in old high-rise buildings with critical infrastructure that needs to be replaced, a politician told Canadian Underwriter Wednesday. “Across Toronto and across Ontario we

News RiskTechnology

Should your clients have a chief security officer on the board?

April 17, 2019 by Greg Meckbach

Your client may or may not not need a chief security officer [CSO] on its board of directors, but cyber risk should nevertheless be high on its radar screen, speakers told insurance professionals Tuesday. “If the board doesn’t say, ‘Cyber

News AdjustersBrokersClaimsClimate ChangeInsurance

How brokers can stop a flooded basement

April 16, 2019 by David Gambrill

A recent study suggests brokers have a golden opportunity to talk to homeowners one-on-one about how to protect homes from basement floods. With the right information and often for less than $500, homeowners can protect themselves from the increasing risks

News ClaimsLegalRisk

How this dry cleaner got sued over 50-year-old pollution

April 11, 2019 by Greg Meckbach

An Ottawa dry cleaner is liable for nearly $2 million in environmental clean-up costs resulting from spills that occurred at least 45 years ago, as a result of a Supreme Court of Canada ruling released Thursday. The top court’s ruling

News ClaimsRisk

The liability risk from climate change

April 9, 2019 by Greg Meckbach

Large companies face liability risk if they emit greenhouse gas emissions, and shareholders are asking directors and officers what they are doing about climate-related risks, a speaker suggested at a recent insurance conference in Toronto. Panelists at the Property and