Claims Against Directors
January 1, 2016 Greg Meckbach, Associate EditorShareholders’ lawsuits alleging misrepresentation, pollution clean-up orders and privacy breaches are some of the major trends that could influence directors’ and officers’ (D&O) liability claims in Canada, experts suggest. The Supreme Court of Canada in December paved the way for class action lawsuits against a major Canadian bank and a motion picture firm – as well as directors and officers of each firm – arising from a drop in share price. Meanwhile, a clean-up order issued to directors of an insolvent Ontario manufacturer “set off alarm bells” among corporate directors, one lawyer reports.
Marketplace
January 1, 2016 by Canadian UnderwriterCLAIMS Alberta responds to 2013 flood review The Alberta government has accepted several recommendations in relation to an independent review of the province’s response to the floods that occurred in the summer of 2013. The report, called Review and Analysis…
Construction waste landslide buries buildings in Shenzhen, China; 85 people missing
December 21, 2015 Paul Traynor - THE ASSOCIATED PRESSSHENZHEN, China – Rescuers searched Monday for 85 missing people a day after the collapse of a mountain of excavated soil and construction waste that had been piled up over two years in China’s manufacturing centre of Shenzhen. Authorities said…
Employee error most likely cause of data breaches among in-house legal counsel, new report says
December 11, 2015 by Canadian UnderwriterMore than half of in-house legal counsel report that their companies are increasing spending on cybersecurity, while one-third state that their companies have experienced a data breach, according to a new report from the Washington, DC-based Association of Corporate Counsel…
Average large business interruption claim 36% more costly than average property damage claim: Allianz Global Corporate & Specialty
December 9, 2015 by Canadian UnderwriterThe average large business interruption (BI) property insurance claim is now in excess of US$2.4 million, 36% higher than the corresponding average property damage claim of just over US$1.7 million, according to a new report from Allianz Global Corporate &…
Canadian risk management VPs surveyed report median salary of $174,000
December 8, 2015 by Canadian UnderwriterMore than one in four risk managers surveyed in the United States have 25 years’ experience or more on the job, while in Canada fewer than 19% have been managing risk for more than a quarter century, a recent survey…
The Driver’s Seat
December 1, 2015 by Canadian UnderwriterConditions are changing at breakneck speed for Canada’s property and casualty insurance industry. With 2016 providing little promise things will slow down – allowing slow-adopters to catch up – primary insurers need to keep pace or be left in the dust. All that demands plotting the best route forward, knowing when to rev up or slow down, to reach the final destination.
Class action privacy breach lawsuit can proceed against Insurance Corporation of British Columbia
November 18, 2015 by Canadian UnderwriterA class action lawsuit for breach of privacy against British Columbia’s government auto insurer, arising from an employee’s access of clients’ personal information, can proceed, but the province’s appeal court does not recognize a common law tort of invasion of…
Panel appointed by Ontario Ministry of Finance recommends creation of new regulatory agency
November 5, 2015 by Canadian UnderwriterA panel appointed by the Ontario Ministry of Finance has recommended the creation of a new regulatory agency to operate as an “integrated regulator of financial services with distinct market conduct, pensions and prudential regulatory functions; operating independently of each…
Aviva’s combined operating ratio in Canada improves 2.6 percentage points for the first nine months of 2015
October 29, 2015 by Canadian UnderwriterAviva plc announced on Thursday that the combined operating ratio (COR) in Canada improved 2.6 percentage points to 94.2% in the nine months ending Sept. 30 from 96.8% in the nine-month period in 2014, “reflecting better overall weather experience, offset…
Nearly half of Albertans don’t fully understand all aspects of their auto insurance policy: Esurance survey
October 14, 2015 by Canadian UnderwriterNearly half of Albertans don’t fully understand all aspects of their auto insurance policy and about one-third want to manage their insurance online, according to a recent Esurance-sponsored survey. The survey, released on Wednesday, found that more than half of…
Six in ten global businesses purchasing cybersecurity insurance: report
October 13, 2015 by Canadian UnderwriterNearly six in ten global businesses (59%) are purchasing cybersecurity insurance to help mitigate the impact of cybercrimes when they do occur, according to a survey released last week. The Global State of Information Security® Survey 2016, a worldwide survey…