2019 Executive Outlook | Louis Gagnon, Intact
January 2, 2019 Canadian UnderwriterCanadian Underwriter approached Canadian P&C industry executives with two questions: 1) What is the single most important change the industry must make looking forward into 2019? 2) How might this change be brought about? Their answers, featured in our 2019…
Not all Ontario schools follow this cyber security rule
December 14, 2018 by Greg MeckbachSome former school board employees can still look at children’s records – including address and date of birth – over the Internet because their access to this system has not been revoked, the Auditor General of Ontario suggested in a…
How costly is the fire peril for Canadian insurers?
December 13, 2018 by Jason ContantThe traditional fire peril continues to cost Canadian insurers, with fire/explosion accounting for almost a quarter (23%) of commercial claims by value, Allianz Global Corporate & Specialty (AGCS) said in its new Global Claims Review report, released Thursday. AGCS analyzed…
Disputed claim from $1.2-billion ponzi scheme goes to trial in Ontario
December 3, 2018 by Greg MeckbachA $300 million professional liability insurance claim from a bank could be the subject of a court trial in Ontario. The Supreme Court of Canada announced last week it will not hear an appeal of Toronto-Dominion Bank, N.A. v. Lloyd’s…
Why brokers need to talk about ransomware
November 28, 2018 by Jason ContantRansomware attacks are increasing, and as a result, there will likely be a shift in brokers and clients alike starting to recognize the value of the business interruption component of a cyber insurance policy, a specialist insurer said Monday. “Cybercrime…
Why this commercial line is unprofitable
November 27, 2018 by Greg MeckbachCommercial brokers could see fewer carriers offering directors and officers (D&O) liability in the future. That’s because “market consolidation is something that you might see on the carrier side,” said Ian Fraser, assistant vice president of technology, cyber and professional…
What carriers want from this insurtech brokerage
November 27, 2018 by Greg MeckbachSome insurers are looking for brokers who can help them use big data to customize products for small businesses, an insurtech founder suggests. “Big data is a loose term,” Mark Morissette, founder and CEO of Foxquilt said Tuesday in an…
Why Canada’s constitution is driving D&O losses
November 26, 2018 by Greg MeckbachWould directors’ and officers’ liability costs be lower if Canada had a national securities regulator? D&O liability insurance kicks in when shareholders go to court alleging a company misrepresented the true state of its financial affairs at the time they…
Intact director named one of Canada’s most powerful women
November 23, 2018 by Greg MeckbachEileen Mercier, a member of the board of directors of Intact Financial Corporation, was named one of Canada’s 100 most powerful women this week by the Women’s Executive Network. Mercier, 70, has been on Intact’s board since 2004. The 100…
Exclusive partnership will extend MGA’s cyber offerings
November 21, 2018 by Jason ContantManaging general agent Burns & Wilcox has announced an exclusive partnership with a cybersecurity company to pair its specialty insurance products with data breach monitoring and notification services. The partnership with London, UK-based BreachAware, which specializes in data breach research…
Paid IFRS 17: Filling the Gaps in Data & Technology Systems
November 21, 2018 BDOIFRS 17 is an accounting standard that will result in a complete overhaul of an insurer’s financial statements, though finance alone cannot work through this complex change in isolation. Considering the significance of the impact across the organization, IFRS 17…
The Top 3 risk concerns for Canadian executives
November 19, 2018 by Jason ContantBusiness executives in Canada and the United States say economic risk (21%) is their primary concern, followed closely by cyber risk (20%) and technology risk (16%). CNA Hardy released its first global Risk and Confidence Survey Monday. While over two-thirds…