The insurance industry needs to ensure its own flood risk maps are widely available and the federal government needs to make it easier to spend money on disaster mitigation projects, says Insurance Bureau of Canada CEO Don Forgeron. The federal…
Women will comprise nearly half the boardroom of Canada’s largest property and casualty insurer if shareholders vote for Intact Financial Corp.’s recently-released slate of board nominees. Jane Kinney, a former global chief risk officer for Deloitte, is a new nominee…
Large companies face liability risk if they emit greenhouse gas emissions, and shareholders are asking directors and officers what they are doing about climate-related risks, a speaker suggested at a recent insurance conference in Toronto. Panelists at the Property and…
The busy catastrophe season in Canada thus far is continuing with no signs of slowing down. Two severe weather storms in Ontario this year, one in February and one in March, cost insurers more than $70 million in insured damage,…
When it comes to privacy breaches in the healthcare sector, “snooping” is definitely a concern. Snooping, or unauthorized access, breaches occur when an employee (such as a hospital worker) has access to identifiable information and abuses their authority to look…
Machine learning and artificial intelligence can create liability risk if it makes decisions that would be inappropriate or even illegal if a real person made them, a risk expert warns. “If you train an algorithm with data that has underlying…
Will reputational harm coverage grow into its own coverage or will it remain sublimited, as is often the case? There is currently a lot of variance within the market in how this coverage is offered, if at all. Some insurers…
The federal Office of the Privacy Commissioner of Canada (OPC) has already seen a four-to-five times increase in the number of breaches reported to its office since the mandatory breach notification requirements came into effect last November. On Nov. 1,…
Brokers are telling the Insurance Bureau of Canada that for some homeowner clients, the deductible on earthquake coverage is so high that the clients could still end up broke after a major tremor. “Right now, the deductible on some of…
Coastal flooding is expected to increase in many areas of Canada, bringing with it increased risk of damage to coastal infrastructure, according to a report released Tuesday by the federal government. “Local sea level is projected to rise, and increase…
Customers lined up at Ontario’s first brick-and-mortar cannabis stores on Monday, but fewer than half of the province’s government-licensed outlets were ready to open. The Progressive Conservative government had planned to have 25 private stores launch on April 1, but…
There is a direct correlation between scalability of intelligent automation (IA) technologies and financial performance, a new KPMG International study has found. Based on a survey of nearly 600 business leaders (including 100 top-level executives) across 13 countries, including Canada,…