The top threat facing Canadian businesses
April 29, 2019 by Jason ContantCyber attacks and data breaches are the Number 1 threat to businesses in North America, according to Aon plc’s newly released 2019 Global Risk Management Survey. Aon surveys thousands of risk managers across 60 countries and 33 industries every two…
How much of the Quebec flooding is insurable?
April 29, 2019 by Greg MeckbachAbout one in three Quebec homeowners have overland flood coverage, but that number could be much lower in areas affected by recent floods. In the Montreal suburb of Ste-Marthe-sur-le-Lac, Que., waters from Lake of Two Mountains breached a dike at about…
What a liberal arts gaming enthusiast can bring to the cyber security table
April 29, 2019 by Greg MeckbachA priest or minister could help your client manage cyber risk, and it’s not by praying that cyber criminals will leave your client alone. “My latest three hires have been a theologian, a political scientist and somebody who has their…
One in 1,000-year flood happening in Quebec
April 26, 2019 Giuseppe Valiante and Stephane Blais - THE CANADIAN PRESSMONTREAL – Quebec public security officials called for the immediate evacuation of an area along the Rouge River west of Montreal on Thursday because of the risk a hydro dam could fail. Simon Racicot, director of production and maintenance with…
Lake levels continue to rise near Bracebridge: mayor
April 25, 2019 THE CANADIAN PRESSBRACEBRIDGE, Ont. – The mayor of a small town in central Ontario’s cottage country says water levels in two nearby lakes have now exceeded those last seen during devastating flooding in 2013, and the weather forecast is “not promising.” Bracebridge…
Is wind “the new water” for Canada’s insurers?
April 25, 2019 by Jason ContantHigh winds contributed in part to most catastrophes in Canada over the past few decades, prompting the need for a new national standard on wind resilience, the Institute for Catastrophic Loss Reduction (ICLR) said Thursday. A report released by ICLR…
How tech will change the way you price risk
April 25, 2019 by Jason ContantInsurance risk categories in the future will become so small they will become very difficult to price properly, a speaker predicted earlier this month at the CIP Society Symposium in Toronto. The number of distinct risk transfer categories appears to…
Why moving to the cloud poses a greater security risk
April 24, 2019 by Jason ContantAs businesses increasingly move to the cloud to provide services, their cyber risk is also being greatly heightened, a cyber security professional told Canadian Underwriter recently. Many companies are outsourcing sensitive activities such as human resources or payroll to cloud…
M&A tip: how to avoid acquiring a “data lemon”
April 23, 2019 by Jason ContantInsurance companies or brokerages looking to acquire another company should perform due diligence not just on the financials of the target firm, but also its regulatory vulnerabilities during the M&A process. “The idea is to identify potential data breaches and…
Help your client overcome the stigma of the “breach” word
April 23, 2019 by Greg MeckbachManaging cyber risk effectively means considering the business objectives and setting rules on who can declare a breach has occurred, speakers told insurance professionals at a recent conference. “There is a big connotation as it relates to the word ‘breach,’”…
Is the industry taking a consistent approach to overland flood coverage?
April 23, 2019 by Jason ContantAre carriers taking a consistent approach to covering overland flood? The flood waters sweeping across New Brunswick and Quebec have brought the issue to the forefront. In general, overland flood was not covered in Canada until 2015; only sewer backup…
Debate rages over whether a cyber attack is an act of war
April 18, 2019 by Jason ContantCan a cyber attack be considered an act of war? That issue came to light in October of 2018 when international food and beverage company Mondelez International sued its insurer Zurich American Insurance Company for declining coverage to Mondelez following…