How federal budget could improve cyber underwriting
March 21, 2019 by Greg MeckbachInsurance Bureau of Canada officials are hoping a $145-million commitment by the federal government towards cyber security will help the industry better understand how much a cyber incident could cost. In the 2019-20 budget document tabled Tuesday, federal Finance Minister…
How BC Hydro fares in managing its cyber security risk
March 20, 2019 by Jason ContantBritish Columbia’s electric utility is managing its cyber security risk for system components that must conform to mandatory reliability standards, but not for components to which the standards do not apply, the province’s auditor general has found. “We concluded that…
The challenges in navigating the ridesharing insurance minefield
March 20, 2019 by Jason ContantDespite using a wholly-owned captive insurance subsidiary and third-party insurance, ridesharing company Lyft Inc. cannot ensure its coverage will sustain all of its business risks and costs, the company acknowledged in a recent stock-listing prospectus of risk factors. San Francisco,…
Collision damages ships in Vancouver Harbour
March 20, 2019 by Greg MeckbachRICHMOND, B.C. – Transport Canada says two ships collided in Vancouver Harbour Sunday after one lost power, but no one was injured and no pollutants were released. The federal department says in a statement that the bulk carrier MV Caravos…
How small potatoes from federal budget can help insurers
March 20, 2019 by Greg MeckbachThe federal government’s commitment Tuesday to spend $1 million a year on hazard awareness training – from a total budget of nearly $350 billion – will go a “long way” towards helping Canadians understand property risk, the Insurance Bureau of…
Economical clears major hurdle to demutualization
March 20, 2019 by Greg MeckbachEconomical Insurance is a step closer to demutualization and becoming publicly traded on the stock exchange. An overwhelming majority (99%) of the insurer’s mutual policyholders voted Wednesday in favour of a demutualization proposal released in January. Several more steps are…
BFL Canada appoints vice chair
March 19, 2019 by Jason ContantCommercial insurance brokerage BFL Canada has announced the appointment of Norman M. Steinberg as vice chair. Steinberg was appointed to BFL’s board of directors in June of 2018. He was previously global chair of international law firm Norton Rose Fulbright.…
This Supreme Court ruling could drive environmental insurance sales
March 19, 2019 by Greg MeckbachBrokers could see more demand for environmental liability insurance because of a recent Supreme Court of Canada ruling in favour of the Alberta Energy Regulator, a Toronto underwriter suggests. In Orphan Well Association v. Grant Thornton Ltd., the Supreme Court…
How this broker is binding Lloyd’s policies online
March 19, 2019 by Greg MeckbachA Calgary-based Lloyd’s coverholder has re-launched its website to make it easier for brokers to bind policies for special events without having to deal with a lot of paper forms. PAL Insurance Brokers Canada Ltd. has allowed clients to apply…
Is Aviva-Desjardins fraud collaboration the dawning of a new era?
March 19, 2019 by Jason ContantCould an insurance fraud collaboration between the second and third largest insurers in Canada herald the beginning of a broader trend across the industry? “Hopefully, this is laying the foundation for great, big things to come,” said Ashish Bhargava, vice…
How the Big 5 banks insure their directors’ liability
March 18, 2019 by Greg MeckbachCanada’s five biggest banks are paying nearly $8 million a year collectively in premiums, for billions in directors’ and officers’ liability insurance with no deductibles, recent security filings show. The total coverage limit and the circumstances under which those policies…
Paid You’ve Filed Your Taxes. What Comes Next?
March 18, 2019 David Smagata, DASAt some point in their lives, most Canadians will be subject to a tax audit from the Canada Revenue Agency (CRA). While the process can be anxiety-inducing and stressful, having the right insurance policy can help you prepare for an…