How cyberattacks can sabotage the plants of your industrial clients
February 27, 2018 by Jason ContantIndustrial control systems (ICS) at manufacturing plants are perfect targets for cybercriminals because they are not designed with security in mind, Zurich Canada’s head of specialty products, Greg Irvine, said recently. Speaking at NetDiligence’s Cyber Risk Summit in Toronto on…
Airbnb rentals being used for alleged human trafficking: Toronto police
February 22, 2018 Michelle McQuigge - THE CANADIAN PRESSToronto police say a recent case of alleged human trafficking is the latest in a growing trend involving people using Airbnb rentals to conduct their illicit transactions. Det. Sgt. Nunzio Tramontozzi said police have seen a surge in such cases…
What to ask your D&O clients before a market correction
February 15, 2018 Greg Meckbach, Associate EditorThe latest stock market roller coaster ride should prompt brokers placing directors’ and officers’ liability to ask their clients about independent audits and internal controls. The week ending Feb. 9 saw a “a steep and broad-based selloff” in the stock…
Drone collisions on radar of risk managers
February 15, 2018 Greg Meckbach, Associate EditorA recent collision between a passenger plane and a drone has prompted Canada’s airplane accident investigation agency to warn of the risk of flying drones near airports. “The use of drones near an aerodrome or within controlled airspace poses a…
Workplace harassment policies should include non-employees, risk manager says
February 14, 2018 Greg Meckbach, Associate EditorManaging liability risk includes making workplaces free from harassment for not only employees, but also for non-employees, advises Darius Delon, an independent risk consultant based in Calgary. Lawsuits arising from harassment are one major emerging area of risk, said Delon,…
Sexual harassment lawsuit? Why it pays for a risk manager to be a pack rat
February 13, 2018 by Greg MeckbachRisk managers who retain insurance policies for only seven or 10 years need to rethink this practice, an independent risk consultant warns. Having a copy of a 15- or 20-year-old liability insurance policy is “like owning a bank note in…
Invasion of privacy class-action against Equifax proceeds in Ontario
February 1, 2018 by Greg MeckbachA class-action lawsuit arising from last year’s Equifax cyber breach is proceeding in Ontario on the basis of a new invasion-of-privacy tort that has caught the eye of Canada’s property and casualty insurers because it allows courts to award damages…
Risk management still a concern post-Lac Mégantic
January 22, 2018 by Greg MeckbachRisk management continues to be an issue for major Canadian railways, the Transportation Safety Board of Canada (TSB) said Wednesday in an investigation report into a freight train collision in Alberta. The report came just days before a jury acquitted…
Gore Mutual welcomes two new executives
January 18, 2018 by Jason ContantPaul Jackson has been appointed chief marketing and distribution officer for Gore Mutual, effective immediately. Jackson will report to the insurer’s president and CEO Heidi Sevcik. Jackson has played a key role in Gore Mutual’s transformation since joining the organization…
What Canada’s largest city is doing to help reduce flood insurance claims
January 10, 2018 by Greg MeckbachAs climate experts forecast more frequent extreme rain events, Toronto is working towards protecting properties by modernizing its storm drainage system. With its Basement Flooding Protection Program, Toronto’s city government brought in a new standard of accommodating a one-in-100-year storm…
Why Canadian insurers paid $1.33 billion for cat claims in a benign cat year
January 9, 2018 by David GambrillCanadian insured losses from catastrophic events in 2017 totaled $1.33 billion, CatIQ Inc. reports, the fifth time that’s happened over the past seven years. “It’s becoming increasingly common to have Canadian annual insured losses to be greater than $1 billion,”…
2018 Outlook: Sean Murphy, President, Lloyd’s Canada
January 2, 2018 Sean MurphyMost people in the industry anticipate a hardening of the market in 2018, the aftermath of an historic year of natural catastrophes. Some of the first signs of rising rates in the Canadian P&C industry are already starting to emerge.…