Rule-making authority essential for Ontario’s new FSRA: Cooke
January 20, 2017 by Angela StelmakowichEquipping Ontario’s new Financial Services Regulatory Authority (FSRA) with rule-making authority is critically important to ensuring its effectiveness as an independent, flexible and consumer-focused regulator of financial services and pensions, argues George Cooke, chair of the Board of Directors of…
Wider mandate for Ontario’s auto insurance regulator would be welcomed
January 19, 2017 by Angela StelmakowichA wide mandate for the body regulating Ontario’s auto insurance sector – one that promotes competition, innovation and responsiveness – would be welcomed, Karin Ots, senior vice president of regulatory and government relations for Aviva Canada, suggested Thursday during a…
Alberta Energy Resources Conservation Board immune from $50,000 lawsuit alleging Charter rights violations: Supreme Court
January 16, 2017 by Canadian UnderwriterLaws that shield quasi-judicial decision makers and public inquiry officials from personal damages claims are meant to protect their impartiality, a Supreme Court of Canada judge suggested in a ruling released Friday. Jessica Ernst sought a remedy of $50,000 from…
Canada’s energy, utilities sectors should beef up climate change competency: report
January 13, 2017 by Canadian UnderwriterCompanies in Canada’s most carbon-intensive sectors are not demonstrating “climate competency” in the boardroom and should be doing so to address climate change issues, suggests a report this week by Shareholder Association for Research & Education (SHARE). “Investors are increasingly…
Complexity, speed of change of emerging risk exposures placing greater attention on effectiveness of ERM strategies, new report says
January 9, 2017 by Canadian UnderwriterThe complexity and speed of change of emerging risk exposures are placing greater attention on the effectiveness of enterprise risk management (ERM) strategies across all industry sectors, according to a newly released report. The report, titled Communicating the Value of…
50% of citizens in large cities will share personal data with smart city programs by 2019: Gartner
December 16, 2016 by Canadian UnderwriterHalf of citizens in million-people cities will benefit from smart city programs by voluntarily sharing their personal data by 2019, according to new research from Gartner Inc., an information technology research and advisory company based in Stamford, Conn. Gartner noted…
Swiss Re adopts climate-related financial disclosure recommendations
December 14, 2016 by Canadian UnderwriterSwiss Re announced on Wednesday that it will adopt the climate-related financial disclosure recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD). Swiss Re helped develop the voluntary guidelines on climate risk reporting and is a member of the…
Personal and health-related information most desirable breach target, big risk for insurance: KPMG speaker
December 12, 2016 Angela Stelmakowich, EditorData breaches involving personal and health-related information are a “huge risk for those in the insurance industry” given that the shelf-life of the data likely runs as long as the affected individual remains alive, Kevvie Fowler, national leader of cyber…
Sustainability in insurance gaining steam: KPMG speaker
December 9, 2016 Jason Contant, Online EditorAlthough the issue of sustainability in insurance is a relatively new concept in Canada, it is one that is gaining ground throughout the world, a speaker said on Wednesday at KPMG’s 25th Annual Insurance Conference. Houston Cheng, consulting actuary and…
Ontario to introduce legislation to establish new Financial Services Regulatory Authority
November 14, 2016 by Canadian UnderwriterThe Ontario government has announced that it will introduce legislation to establish the initial parameters for the Financial Services Regulatory Authority (FSRA), “a new independent and flexible regulator of financial services and pensions that, once established, would be more consumer-focused…
Autonomous vehicles may reduce U.S. motor premiums by more than 40% by 2050: Aon Benfield
September 13, 2016 by Canadian UnderwriterAutonomous vehicles may reduce motor pure premiums in the United States by more than 40% by the time they “reach full adoption in 2050,” according to a recent Global Insurance Market Opportunities report from Aon Benfield. Aon Benfield, the global…
Cleaning Up After the Beast
September 2, 2016 Emily Atkins, EditorA hail of glowing embers bounces off the hood of the pickup creeping in gridlocked traffic. Headlights can’t penetrate the billows of greasy smoke swirling in a hot, heavy wind. As the camera pans, pine trees barely a car-length away…