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How not to manage risk at a cryptocurrency provider

June 21, 2019 Michael MacDonald - THE CANADIAN PRESS

HALIFAX – 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

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The real reason for spike in cyber claims

June 17, 2019 by Greg Meckbach

The 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

News ClaimsClaims CanadaLegalRiskTechnology

How this cyber breach defendant got a six-figure cost award

June 13, 2019 by Greg Meckbach

Defendants 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.

News AdjustersClaimsClaims CanadaInsuranceLegislation / Regulation

CU Total Loss Series: Bending Time

June 13, 2019 David Gambrill, Editor-in-Chief

Total 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

News EngineeringLegal

$107-million Saskatchewan oil leak results in guilty plea

June 12, 2019 Colette Derworiz - THE CANADIAN PRESS

LLOYDMINSTER, 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

News BrokersLegislation / Regulation

Finding solutions as brokers face cancelled contracts

June 11, 2019 by Adam Malik

Real, 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

News BrokersInsuranceRisk

Is your client covered from business interruption arising from terrorism?

June 6, 2019 by Greg Meckbach

What 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

News InsuranceTechnology

How an insurtech uses pre-fill data to a homeowner’s best advantage

June 6, 2019 by Jason Contant

One 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

News BrokersClaimsInsuranceTechnology

How reliable are severe weather emergency alerts?

June 5, 2019 by Jason Contant

Two 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

News Commercial LinesInsurance

This commercial line could get a lot more exciting soon

June 4, 2019 by Jason Contant

The 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

News Insurance

Guess who’s in the flood prevention business now

May 30, 2019 by David Gambrill

We’ve seen forensic engineering firms apply remediation methods to commercial and residential properties that were affected by flood damage. But now, as flooding has become more severe, they are in the vanguard of building comprehensive and tailored flood prevention and

News AdjustersClaimsInsuranceLegislation / Regulation

How this province is tackling inconsistent adjuster licensing

May 24, 2019 by Jason Contant

Will there soon be a consistent approach to adjuster licensing across Canada? New Brunswick is one province moving towards that goal. Earlier this month, the Insurance Division of New Brunswick’s Financial and Consumer Services Commission released a consultation paper on