Claims
Cyber insurers are recommending “powerful” preventative measures such as endpoint detection responses (EDR) to prevent ransomware attacks.
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
3 min read
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
Canadian lawyers are reminding the Canadian P&C industry about proposed new regulatory guidance for financial incentives to buy insurance.
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
Sanctions on Russian oil and a major insurer’s recent announcement that it will depart oil sands coverage could spark additional interest in Alberta’s plans to allow captive insurers to domicile in the province. On Mar. 1, AIG said it had “committed to no longer invest in or provide insurance for construction of any new coal-fired […]
By Phil | March 9, 2022
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