Segment
Risk Management
What’s at the heart of today’s hardening market cycle
August 1, 2019 by Jason ContantThe origin of today’s hardened market cycle is a natural evolution of a very long soft market cycle, a senior risk manager told Canadian Underwriter recently. “I really believe that we had a soft market that lasted too long,” said…
How it happened: Capital One’s $100-million cyber loss
July 30, 2019 by Greg MeckbachCredit card issuer Capital One Financial Corp. expects that a massive cyber breach affecting millions of Canadians could cost the firm more than $100 million. “Expected costs are largely driven by customer notifications, credit monitoring, technology costs, and legal support,”…
Two dead after tow plane and glider collide in southern Alberta
July 30, 2019 THE CANADIAN PRESSBLACK DIAMOND, Alta. – Emergency medical officials say two people are dead after a glider crashed southwest of Calgary. EMS responded to reports of the crash near the Cu Nim Gliding Club, east of Black Diamond, Alta., shortly before 4…
Should risk managers assume more risk?
July 29, 2019 by Jason ContantRisk 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…
Why data breaches are particularly costly for Canadian financial firms
July 26, 2019 by Jason ContantThe 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…
How the hard market affects these risk managers
July 24, 2019 by Jason ContantThe 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…
Three reasons innovation labs almost always fail
July 22, 2019 by Jason ContantLack 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…
Observations on cyber from Canadian Lloyd’s coverholder
July 15, 2019 by Greg MeckbachYour 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.…
These behaviours raise your client’s cyber risk
June 28, 2019 by Greg MeckbachDo 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…
Why record Great Lakes levels could cause billions in business losses
June 28, 2019 Christopher Reynolds - THE CANADIAN PRESSRising 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…
How not to manage risk at a cryptocurrency provider
June 21, 2019 Michael MacDonald - THE CANADIAN PRESSHALIFAX – 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…
Why insurers can expect claims from the Raptors parade
June 21, 2019 by Adam MalikIt 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…