Transportation Safety Board investigating 12 marine incidents in Canada, attributes some deaths to lack of risk assessments
August 11, 2016 by Canadian UnderwriterThree weeks after it expressed concerns about the “safety culture” in Canada’s fishing community, the Transportation Safety Board of Canada noted Thursday it is investigating 12 marine incidents. TSB reported on Twitter it was investigating the occurrences “from coast to…
Mutual insurers seeing revival in recent years: Swiss Re sigma report
August 2, 2016 by Canadian UnderwriterMutual insurers’ share of the overall insurance market increased from 24% of direct premiums written in 2007 to just over 26% in 2014, reversing some of the declines of previous decades, according to Swiss Re’s latest sigma report. Released on…
90% of global consumer product companies have experienced data breach, almost half not complying with regulations: Capgemini report
July 14, 2016 by Canadian UnderwriterNine in ten global consumer product (CP) companies have faced a data breach and nearly one in two do not company with industry regulations, research from Gapgemini has found. The consulting, technology and outsourcing services firm conducted a global survey…
Gore Mutual changes mutual membership system, improves broker contingent compensation
July 5, 2016 by Canadian UnderwriterGore Mutual Insurance Company announced Tuesday a new mutual membership system for clients who have held personal property policies for 10 years or more. Cambridge, Ont.-based Gore Mutual also said Tuesday it has developed a “brand refresh.” In a press…
U.S. executives struggling to measure and mitigate strategic risks: survey
June 21, 2016 by Canadian UnderwriterNearly two-thirds (64%) of executives in the United States see strategic risk as a “highly significant threat” to their organizations compared to other types of risk – including compliance, operational and financial – according to a new survey from independent…
New Ontario financial services regulator should have anti-fraud authority: Panel
June 20, 2016 by Canadian UnderwriterThe Ontario government should establish a new organization that would perform the functions currently performed by the Financial Services Commission of Ontario (FSCO) and the Deposit Insurance Corporation of Ontario (DICO) but also have a “specific fraud-deterrence mandate,” an expert…
Data breaches detection, escalation costs highest in Canada: global IBM/Ponemon report
June 16, 2016 by Canadian UnderwriterDetection and escalation costs related to data breaches were the highest in Canada and lowest in India, note findings of a new global survey released Wednesday. “The average detection and escalation costs for Canada was US$1.60. In contrast, the average…
Board of directors dismissed at Alberta’s Agriculture Financial Services Corp.
June 14, 2016 Dean Bennett - THE CANADIAN PRESSEDMONTON – The Alberta government has sacked the board of a Crown corporation following a report that said there were procurement violations and lavish spending by executives that included golf trips, limo rides, and luxury seats to the Edmonton Oilers.…
60% of digital businesses will suffer major service failures by 2020 due to inability to manage digital risk: Gartner
June 6, 2016 by Canadian UnderwriterSixty per cent of digital businesses will suffer major service failures by 2020 due to the inability of IT security teams to manage digital risk, according to a special report from Gartner, Inc., an information technology research and advisory company.…
Cyberattacks against critical infrastructure, manufacturers likely to target industrial control systems to manipulate operations: AGCS
June 1, 2016 by Canadian UnderwriterRather than stealing data, cyberattacks against critical infrastructure and manufacturers are more likely to target industrial control systems (ICS) to manipulate or shut down operations, Allianz Global Corporate & Specialty (AGCS) said on Wednesday. As energy, transportation or telecommunication companies,…
Single regulatory approach not the same as one-size-fits-all, CIFF speaker emphasizes
May 30, 2016 Jason Contant, Online EditorA single financial services regulatory approach does not mean a one-size-fits-all approach at all, a speaker stressed last week at the Canadian Insurance Financial Forum at the Allstream Centre in Toronto. Lawrence Ritchie, a partner at Osler, Hoskin & Harcourt…
Gaps identified in readiness of Canadian boards to crisis management
May 20, 2016 by Canadian UnderwriterMore diligence is required to protect board members in the wake of a crisis, suggests a new white paper prepared by Osler, Hoskin & Harcourt LLP for the Institute of Corporate Directors (ICD). Based on a survey of 400 Canadian…