Ontario home inspector licensing bill passes second reading
March 7, 2016 by Canadian UnderwriterA bill proposing to introduce home inspectors’ licensing in Ontario – and to provide for regulations mandating liability insurance – was recently referred to a committee of the legislature. If Bill 165, the Licensed Home Inspectors Act, is passed into…
Most U.S. insurance boards of directors don’t know questions to ask about IT: Novarica study
March 3, 2016 by Canadian UnderwriterEighty-nine per cent of insurers in the United States polled for a recent Novarica, Inc. study have said that their board of directors doesn’t know the right questions to ask about IT, presenting a risk to the industry. “Due to…
Multi-layered approach key to tackling cyber risks: Willis Towers Watson
February 26, 2016 by Canadian UnderwriterTaking a multi-dimensional approach as opposed to relying on a sub-set of actions is needed to tackle the growing cyber security risk, Dominic Casserley, president and deputy chief executive officer of Willis Towers Watson, suggested in a recent speech at…
51% of Canadian respondents to cybersecurity study have experienced loss or exposure of sensitive information
February 10, 2016 by Canadian UnderwriterMore than half (51%) of Canadian respondents to a cybersecurity study have experienced an incident involving the loss or exposure of sensitive information within the last 12 months, Toronto-based IT firm Scalar Decisions Inc. said on Tuesday. Commissioned by Scalar,…
Most large organizations will have a chief data officer by end of 2019: Gartner
January 26, 2016 by Canadian UnderwriterThe majority of large companies – 90% – will have a chief data officer (CDO) role by the end of 2019, predicts Gartner, an information technology research and advisory company based in Stamford, Conn. The race to drive competitive advantage…
Nuclear Threat Initiative gives Canada high score on cyber security but much of world’s weapons-grade material ‘still to vulnerable to theft’
January 19, 2016 by Canadian UnderwriterMuch of the world’s enriched uranium and plutonium is “too vulnerable to theft” and a cyber attack on a nuclear facility could “facilitate” either theft of nuclear material or sabotage, the Nuclear Threat Initiative warned in a recent report. “Nearly…
Economical demutualization committee chairman Bowey becomes chair of the board
January 5, 2016 by Canadian UnderwriterJohn Bowey has replaced Gerry Hooper as chairman of Economical Insurance effective Monday, the Waterloo, Ont.-based carrier announced. Hooper, a former chief financial officer of Schneider Foods, stepped down as chair and “intends to continue serving” on the board of…
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.
Lloyd’s to launch insurance-based index in 2016
December 16, 2015 by Canadian UnderwriterLloyd’s of London, the world’s specialist insurance and reinsurance market, announced on Wednesday that it plans to launch its own insurance-based index in the summer of 2016. Lloyd’s said in a statement that the release “would be the first index…
Raising the Bar
December 1, 2015 Doug King, National Data & Analytics Leader, Audit; and Lee Alfrey, National Lean in Audit Leader, KPMG in CanadaAudit professionals are increasingly using two innovative audit techniques – data and analytics, and lean in audit. Offering an opportunity to raise the bar for audit quality and risk detection, the new approaches not only enhance audit value, but often produce insights businesses can use to manage risk and improve business results.
All the Rage
December 1, 2015 Angela Stelmakowich, EditorCyber is all the rage these days. It is also potentially all the harm, all the mischief and all the incalculable loss. This is disconcerting, to be sure, given that cyber is a threat everyone is concerned about and most…
ICBC launches phone line for Cantonese- and Mandarin-speaking customers
November 27, 2015 by Canadian UnderwriterThe Insurance Corporation of British Columbia (ICBC) announced on Friday that customers who speak Cantonese or Mandarin can now speak directly to ICBC in their language of choice, thanks to a new, dedicated phone line. Launched on Friday, the phone…