Is political risk the next NatCat?
May 1, 2023 Philip PoradoMuch like NatCat events, political risk losses tend to be low frequency but high severity, said a new Oxford Analytica survey, produced for WTW, on how global businesses are managing current political risks. “Political risk losses occur rarely but tend…
Are driver shortages fuelling a spike in Alberta trucking claims?
October 11, 2022 Philip PoradoBorder crossing issues stemming from COVID-19 health restrictions, as well as an aging workforce that’s rapidly reaching retirement, has led to an exodus of drivers from Canada’s trucking sector over the past two years. Stresses from that situation are amplified…
How not to manage risk at a cryptocurrency provider
June 21, 2019 Michael MacDonald - THE CANADIAN PRESSHALIFAX – The accounting firm investigating the unseemly demise of Canada’s QuadrigaCX cryptocurrency exchange is accusing the company’s late founder of creating fake trades and transferring customer funds into his personal accounts, where the money was used for high-risk margin…
The real reason for spike in cyber claims
June 17, 2019 by Greg MeckbachThe number of reported cyber claims has jumped significantly, but it’s not because of the major breaches you’ve been reading in the headlines. Small to mid-sized organizations are at greater risk of cyber losses than large organizations, A.M. Best Company…
How this cyber breach defendant got a six-figure cost award
June 13, 2019 by Greg MeckbachDefendants who won a class-action lawsuit were recently awarded $166,000 to reimburse them for legal costs, but the plaintiffs are appealing. Casino Rama, located near Orillia, Ont. was the target of a cyber breach in 2016 by an unknown criminal.…
CU Total Loss Series: Bending Time
June 13, 2019 David Gambrill, Editor-in-ChiefTotal Loss Series, Part 3: Solutions Imagine Canada’s auto insurance industry saving millions of dollars each year in total loss costs and passing that along to Canadian drivers in the form of premium decreases. And all by simply reducing total…
$107-million Saskatchewan oil leak results in guilty plea
June 12, 2019 Colette Derworiz - THE CANADIAN PRESSLLOYDMINSTER, Sask. – Husky Energy has pleaded guilty in a pipeline leak that sent oil spilling into a major river and fouled the source of drinking water for thousands of people. The spill into the North Saskatchewan River in July…
Finding solutions as brokers face cancelled contracts
June 11, 2019 by Adam MalikReal, sustainable solutions are needed to curb what’s being called a “devastating” time for some brokers in Alberta. The Insurance Brokers Association of Alberta (IBAA) has put together a task force to come up with ways to resolve what the…
Is your client covered from business interruption arising from terrorism?
June 6, 2019 by Greg MeckbachWhat if a terrorist attack interrupts your client’s business, but causes no actual injuries or damage to that client? Some insurers today are covering non-damage costs and loss of attraction. This could come into play if there is a terrorist…
How an insurtech uses pre-fill data to a homeowner’s best advantage
June 6, 2019 by Jason ContantOne insurtech based in the United States is pre-filling data in home insurance application forms to help answer questions that customers may not be able to answer themselves. California-based home insurance company Hippo Insurance uses trusted public data sources like…
How reliable are severe weather emergency alerts?
June 5, 2019 by Jason ContantTwo tornadoes that swept through the Ottawa region Sunday have prompted questions about the effectiveness of Canada’s emergency alert system. Questions arose after numerous residents reported that they never received warnings about a tornado that hit Orléans, an east-end suburb…
This commercial line could get a lot more exciting soon
June 4, 2019 by Jason ContantThe Canadian marine insurance market could get a lot more interesting in the next year-and-a-half as major infrastructure projects get underway. “There are more large infrastructure projects on the drawing board and it could be a very interesting 18 months…