Canada’s auto insurers are calling on the federal and provincial governments to tighten loopholes allowing car thieves to give stolen cars a new Vehicle Identification Number (VIN) and then sell them to unsuspecting customers. In calling for a crackdown on Re-VINning vehicles, Canada’s auto insurers gave a shout-out to all levels of Canadian governments for […]
By David Gambrill | August 8, 2024
4 min read
Financial services companies may find themselves short a few million dollars — C$9.28 million to be exact — if they ever experience a data breach. That industry, followed by technology companies (CA$7.84 million), are hardest hit by costly data breaches in Canada so far in 2024, finds a new report by IBM. On average, […]
By Alyssa DiSabatino | August 7, 2024
2 min read
Although it anticipates significant losses from July’s two major Cat events, Intact remains “comfortable” with its full-year catastrophe loss estimate of $900 million. That’s because this year’s second quarter — which predates typically active summer months for natural disasters — didn’t contribute much by way of catastrophe losses, Intact executives said during their 2024 Q2 […]
By Alyssa DiSabatino | August 6, 2024
3 min read
Post-tropical Storm Debby has veered inland, currently tracking for a direct hit on Montreal Friday night. The Canadian National Hurricane Centre has updated its map of Debby’s projected path, which has shifted eastward. Ottawa is currently in the projected outermost western radius of the storm’s track, while now many of the Maritime provinces are outside […]
By David Gambrill | August 6, 2024
3 min read
Global insured losses for the CrowdStrike software update error could be in the range of US$300 million to US$1 billion, global brokerage Guy Carpenter estimates. But many factors limited the scope of the damage, industry sources say. CrowdStrike released a software update early in the morning on July 19 to its endpoint detection and response […]
By David Gambrill | August 2, 2024
3 min read
JASPER, Alta. – Jasper National Park says wildfires in the area have grown by thousands of hectares and are set to expand further on Friday. The park says the wildfire remains out of control and has grown by about 7,500 hectares, bringing it to about 39,000 hectares. It says the new growth was expected and […]
By Jason Contant | August 2, 2024
1 min read
Sexual harassment is included in a directors and officers (D&O) insurance policy exclusion for ‘sexual misconduct,’ even if the words sexual harassment don’t appear in the definition, the Court of King’s Bench of New Brunswick found Monday. AIG Insurance is therefore not obligated to pay for the legal defence of Crandall University in a wrongful […]
By David Gambrill | August 1, 2024
3 min read
WILLIAMS LAKE, B.C. – British Columbia’s Ministry of Land and Water says personnel are conducting assessments near a landslide that blocked the Chilcotin River in the province’s Interior, including to understand risks that might exist downstream. A government statement says the landslide Wednesday blocked the river that feeds into the Fraser River, and a sudden […]
By Jason Contant | August 1, 2024
2 min read
Canada is not immune to attacks on religious institutions, but such attacks locally and around the world are not affecting insurance pricing here, an industry expert tells Canadian Underwriter. A current climate of religious intolerance has led to various attacks or damage to places of worship, such as churches, mosques and synagogues in Canada and […]
By Jason Contant | July 31, 2024
2 min read
Canadian organizations embroiled in data breaches wind up paying an average $6.32 million to resolve the incidents, a new study from IBM says. That total is down from 2023, when Canadian organizations were paying an average $6.94 million, and from 2022, when the average was $7.05 million, said the study, which was released Tuesday. “There’s […]
By Jason Contant | July 31, 2024
3 min read