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Majority of cybersecurity executives expect to budget more to cope with COVID: study

December 4, 2020 The Canadian Press

TORONTO – A new study estimates more than half of executives responsible for cybersecurity expect to grow their budgets in response to new challenges raised by the COVID pandemic. Consulting firm PwC Canada says a poll of 3,000 executives around

News Insurance

Investors increasingly asking about insurers’ environmental practices: CFOs

December 2, 2020 by Jason Contant

Investors are increasingly asking insurers about environmental, social and corporate governance (ESG) practices and how they are being managed, Intact Financial Corporation’s senior vice president and chief financial officer, Louis Marcotte, said recently. “In some cases, when we meet investors,

News Insurance

Auditor general says N.S. slow to act on cybersecurity amid increasing risk

December 1, 2020 The Canadian Press

HALIFAX – Nova Scotia’s auditor general says the COVID-19 pandemic is highlighting the need for more robust cybersecurity and anti-fraud measures as government employees are forced to work remotely. However, he says the provincial government isn’t working fast enough to

News ClaimsClaims CanadaCommercial LinesLegal

$5-million cyber claim for phishing scam heads to top court

November 30, 2020 by Greg Meckbach

A $5-million coverage dispute with The Co-operators that arose from a phishing attack is headed to the Supreme Court of Canada. Canada’s top court is booked Dec. 7 to hear arguments in Co-operators General Insurance Company v. Sollio Groupe Coopératif.

News ClaimsClaims CanadaCommercial LinesLegislation / RegulationRisk

How COVID-19 workplace risk advice has evolved

November 26, 2020 by Greg Meckbach

As the pandemic enters its ninth month, risk managers are seeing more emphasis on the length of conversations and the importance of wearing proper masks. “The key thing now is the length of contact with somebody else. Right now, if

News Insurance

Cyber insurance: Most frequent and costly claims revealed

November 24, 2020 by Jason Contant

External attacks on companies result in the most expensive cyber insurance losses, but internal failures like employee mistakes and technical problems are the most frequent generator of claims by number (albeit with a lower financial impact), a new report says.

News Insurance

Independent report calls for major changes to rid RCMP of ‘toxic’ culture

November 20, 2020 Jim Bronskill - THE CANADIAN PRESS

OTTAWA – An independent report on harassment of women in the RCMP says fundamental change is needed to rid the national police force of a toxic culture that tolerates hateful and homophobic attitudes. The report released Thursday by former Supreme

News Insurance

Bank of Canada and OSFI team up for pilot project on climate change risk

November 18, 2020 Jordan Press - THE CANADIAN PRESS

OTTAWA – Canada’s top central banker is making a plea for the country to more quickly address the impacts of climate change to avoid any economic ripple effects on households and businesses. Tiff Macklem made the case in a speech

News Insurance

Powerful winds, high tides raise flooding concerns as storm sweeps across B.C.

November 17, 2020 The Canadian Press

VANCOUVER – Much of coastal British Columbia is braced for a brief but powerful windstorm while snowfall and winter storm warnings stretch from the inland north coast all the way to the northeast corner of the province. Environment Canada says

News Catastrophes

Lessons for the industry from pandemic business interruption coverage disputes

November 10, 2020 by Greg Meckbach

Massive business interruption losses resulting from COVID-19 have encouraged discussion about how governments can work with the property and casualty insurance industry to handle global disasters such as future pandemics, the CEO of an Ontario mutual suggests. “Public and private

News Insurance

GM recalls 217,000 vehicles to fix leak that can stop travel

November 10, 2020 The Associated Press

DETROIT – General Motors is recalling more than 217,000 cars and SUVs in the U.S. and Canada because transmission oil can leak, causing them to stop moving or possibly catch fire. The recall covers certain versions of the 2018 through

News Insurance

Track failure led to train derailment in northern B.C.: safety board

November 5, 2020 The Canadian Press

RICHMOND, B.C. – The Transportation Safety Board says a track failure contributed to the derailment of a freight train in northern British Columbia in January. No one was hurt when 34 cars carrying wood pellets on the Canadian National Railway