The Centre for Study of Insurance Operations (CSIO) has finalized the minimum data set for CSIO XML standards in commercial lines, paving the way for implementation of commercial data standards in the broker channel. The minimum data set comprises of…
Brokers placing commercial insurance for the risk of theft should pay close attention to exclusions. Exclusions on some policies covering crime losses for financial institutions may be leaving a gap in cover computer crime, a new paper from Marsh Inc.…
Managing general agent Burns & Wilcox has announced an exclusive partnership with a cybersecurity company to pair its specialty insurance products with data breach monitoring and notification services. The partnership with London, UK-based BreachAware, which specializes in data breach research…
The International Accounting Standards Board (IASB) has voted to propose a one-year deferral of the effective date for IFRS 17 to 2022. Insurance companies globally have lobbied for the extension as they prepare their transition to the International Financial Reporting…
The Canada-wide data breach law, which has been in effect for two weeks, is pushing businesses manage cyber risk more effectively, a computer security expert says. The federal Digital Privacy Act makes it mandatory for clients to disclose data breaches…
Supply challenges associated with marijuana legalization in Canada will lead to potentially costly business interruption (BI) and contingent business interruption (CBI) claims, an adjusting firm told Canadian Underwriter Tuesday. Because it’s an emerging market, there are a limited number of…
Claims adjusters handling recreational cannabis claims will need to consider the value of the plant at any given time in the growing process to determine actual loss, an independent adjusting firm said Tuesday. Potential cannabis greenhouse loss is much greater…
Commercial clients who allow off-road vehicles to be driven on their property could have insurance coverage gaps, a commercial lawyer warns. In Ontario, off-road vehicles are generally required to have liability insurance, but some types of machinery – such as…
Lawsuits arising from corporate mergers and acquisitions and “creative theories of liability” are reducing Chubb Limited’s appetite to insure directors’ and officers’ liability. Since 2016, there has been an increase in the frequency of lawsuits against directors and officers, said…
If your mid or large-sized commercial clients are involved in mergers and acquisitions, there are risks involved and insurance to address those risks, but it’s not like selling fire insurance. “It is not a simple case of saying, ‘Fill out…
Employer medical cost inflation in Canada is trending lower than global averages, which is “welcome news for employers providing employee benefits in Canada,” commercial brokerage Aon said Tuesday. For the second year in a row, medical cost inflation in Canada…
Commercial brokers advising Canadian clients with operations in foreign countries need to understand consumer protection and pollution laws in those countries. “It’s up to a broker to make sure that he or she is well versed in what those countries’…