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Since 2016, the federal government’s slated nearly $100 billion to support development of transit extensions, shipping port improvements, affordable housing and more. When private-sector construction slowed in March 2020, federal infrastructure building quickly filled the gap. And, throughout 2021, both private and public construction picked up. The sector is now humming along. This has created […]
By Phil | March 17, 2022
3 min read
To help clients detect their cyber exposures, insurers are recommending ‘powerful’ preventative measures such as endpoint detection responses (EDR) — dubbed ‘antivirus on steroids.’ Used in combination with multi-factor authentication, EDR is deemed superior to traditional anti-virus software because the malware cybercriminals use nowadays is more sophisticated at evading traditional detection measures. “Usually, the first […]
By David Gambrill | March 16, 2022
4 min read
REGINA – Saskatchewan’s auditor says the Ministry of Energy and Resources violated government legislation by handing out grants for cleaning up inactive oil wells before getting approval. Tara Clemett says the ministry paid $125 million to the Saskatchewan Research Council in instalments in 2020-21. The money was part of a total of $400 million the […]
By Alyssa DiSabatino | March 16, 2022
Ransomware has long been a thorn in the side for insurers, particularly in recent years. And, although the market will continue to see rate changes in reaction to ransomware losses over the next year, “insurers will be equally focused on ensuring their portfolios are resilient against any unanticipated changes in the threat landscape and future […]
By Phil | March 15, 2022
2 min read
HALIFAX – Powerful and potentially damaging winds and heavy precipitation are forecast to hit the East Coast over the weekend, with hurricane-force gusts expected in Newfoundland and Labrador. Environment Canada is calling for an extended period of strong gusts beginning Saturday evening and lasting into Sunday. In Newfoundland and Labrador, where the strongest winds are […]
By Alyssa DiSabatino | March 15, 2022
A driver pleading guilty and spending nine months in jail on a charge of dangerous driving causing bodily harm does not necessarily prove he intended to cause the injuries, an Alberta court has found. In other words, an auto insurer cannot necessarily use a dangerous-driving conviction to claim a policy exclusion for intent to injure, […]
By David Gambrill | March 14, 2022
For nearly a quarter century, the Office of the Superintendent of Financial Institutions (OSFI) has required Canadian P&C carriers to demonstrate capacity for handling major earthquakes, including so-called one-in-500 year events. Canada’s P&C industry is well capitalized and backed by high levels of reinsurance from global firms. Nothing can go wrong, right? Wrong, said Alister […]
By Phil | March 14, 2022
Human-altered stream flows, such as dams, canals or areas of heavy urbanization, are at a greater risk of flooding, new research finds. And this could potentially impact flood risk ratings, P&C industry experts say. A study by researchers at the University of Waterloo studied 2,272 streams in Canada and the United States. It found human-managed […]
By Alyssa DiSabatino | March 11, 2022
Canada’s legal community is reminding the Canadian property and casualty industry about proposed new regulatory guidance for financial incentives to buy insurance. Among the proposed expectations of Canadian insurance regulators, it will be assumed that once insurers offer brokers financial incentives to sell certain products, post-sale controls must be in place to detect unsuitable sales […]
By David Gambrill | March 11, 2022
While cyberattacks have increased since Russia invaded Ukraine and numerous countries responded with tighter sanctions, most of those attacks have been more basic distributed denial-of service attacks on both sides of the conflict, said a DBRS Morningstar commentary on cyber warfare’s potential impact on North American and European insurers. “Although acts of war (declared or […]
By Phil | March 10, 2022
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