There’s a small upside to Canada’s current auto theft wave, industry sources have told Canadian Underwriter. Thieves’ adoption of technologies that can capture vehicle key fob signals means criminals no longer need to resort to violent methods like carjacking to steal cars, trucks and SUVs. But those more sophisticated methods also mean that if a […]
By Phil | December 11, 2023
2 min read
MONTREAL – The hamlet of Gore, Que., had the foresight to start preparing for more intense annual flooding due to climate change a decade ago. That’s when the rural township 60 kilometres northwest of Montreal began quadrupling the size of its culverts to accommodate greater water flow under its roads. But that still wasn’t enough […]
By Jason Contant | December 11, 2023
4 min read
With so many NatCats affecting the real estate property insurance sector, catastrophe (Cat) modelling is becoming a fixture for clients seeking coverage in a tightening market, a Hub International report states. “Catastrophe (CAT) modeling is…becoming essential in real estate resiliency,” Hub’s report says of the U.S. real estate insurance sector. “One of HUB’s large real […]
By David Gambrill | December 8, 2023
3 min read
HALIFAX – Nova Scotia’s information and privacy commissioner has launched an investigation into the theft of personal information from a file-transfer system used by the provincial government. In June, the government confirmed a cybersecurity breach involving a third-party system known as MoveIt. Tricia Ralph issued a statement Thursday saying the system was used by many […]
By Jason Contant | December 8, 2023
2 min read
Canada’s federal government is aware of the need for a government financial backstop for earthquake losses, but the question is, will an earthquake happen before then? Panellists at Canadian Underwriter’s 2024 Economic Outlook webinar Nov. 27 were asked if there was any status update on the federal government’s work on an earthquake backstop. The questioner […]
By David Gambrill | December 7, 2023
3 min read
A recent court ruling in Australia concerning the primary purpose of a forensics report following a cyberattack serves as a crucial reminder about legal privilege for Canada’s cyber insurance market. In a Nov. 10 decision, the Federal Court of Australia dismissed telecommunications company Optus’ claim of legal privilege over a Deloitte forensics report related to […]
By Jason Contant | December 7, 2023
2 min read
Insurance Council of British Columbia has fined a former broker $1,500 for failing to notify his commercial client that the company’s address change — which located the business in a floodplain — triggered a lack of coverage during a subsequent wildfire evacuation. The brokerage, unnamed in the council’s decision, terminated ex-broker Brian Liam Jackson’s employment […]
By David Gambrill | December 6, 2023
4 min read
Persistent labour shortages, forecasted lower levels of travel, elevated inflation and rising property insurance rates will threaten the hospitality industry’s profitability in 2024, Hub International predicts in its 2024 Outlook series. Yet, with prolonged periods of government mandated shutdowns, low customer engagement during the pandemic, and an increase in property Cat risk, the need for […]
By Alyssa DiSabatino | December 6, 2023
4 min read
VANCOUVER – Residents in coastal and southern British Columbia are mopping up after an atmospheric river brought torrential rain and wind, while disrupting travel and utility services. The B.C. River Forecast Centre says Metro Vancouver, the south coast and Lower Fraser regions remain under a flood watch, meaning rivers and stream levels continue to rise […]
By Jason Contant | December 6, 2023
2 min read
Hacking courses for amateurs, leaked nudes and AI-supported scams are popular cyber threats identified in dark web forums, a cybersecurity firm has warned. NordVPN is a global virtual private network (VPN) service provider founded in 2012. It establishes secure digital connections between computers and remote servers, allowing encryption of personal data, masking of IP addresses, […]
By David Gambrill | December 5, 2023
3 min read