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Cyber insurance is set to become as essential as workers’ compensation insurance in the near future, a cyber insurance provider CEO has predicted. Vishal Kundi, CEO and co-founder of Toronto-based cybersecurity and insurance specialist MGA BOXX Insurance, told Canadian Underwriter that he foresees cyber insurance becoming mandatory as it increasingly becomes “vital to most countries’ […]
By Melissa Shin | October 7, 2021
3 min read
Large brokerages Westland Insurance Group Ltd. and Hub International Limited have both announced recent mergers and acquisitions activity. On Tuesday, Surrey, B.C.-headquartered Westland said it had acquired personal and commercial lines brokerage Insurance Unlimited in Mississauga, Ont. The following day, Hub announced the acquisition of another personal and commercial lines brokerage — Montreal-based H.W. Hollinger […]
By Jason Contant | October 7, 2021
2 min read
TORONTO – Ontario’s electricity system operator says phasing out natural gas generation by 2030 would result in rotating blackouts and higher electricity bills. The Independent Electricity System Operator examined the idea after 31 municipal councils in the province called for the move by the end of the decade. A report released today by the IESO […]
1 min read
Wedding revenues dropped by almost 40% drop in Ontario last year, according to HelloSafe.ca, due largely to the COVID-19 pandemic. Wedding insurance, as a result, was also affected. Pre-pandemic, Front Row Insurance Brokers was receiving about 200 orders a month for third-party general liability, said Mike Groner, the brokerage’s vice president. “That was what forced […]
By Melissa Shin | October 6, 2021
Consumers are looking for a hybrid claims processing model — an intermixing of virtual and self-service with human adjuster interaction, according to the Future of Claims 2021 Report from LexisNexis Risk Solutions. “No matter how great the technology is, consumers still want a human touch when they need it,” the white paper said. “Consumers appreciate […]
By Jason Contant | October 6, 2021
4 min read
OTTAWA – A group representing thousands of small businesses says uncertainty over the fate of federal pandemic supports is causing its members to lose confidence in their financial prospects, and pushing the Liberals to provide more life support for ailing companies. The Canadian Federation of Independent Business said sentiment in its monthly barometer from September […]
The hybrid workplace increases your client’s cyber risk exposure, as cybercriminals have spotted new opportunities with a distributed workforce and are determined to exploit soft spots associated with remote work, HP suggests. According to the HP Wolf Security Blurred Lines and Blindspots report released in May, 91% of Canadian IT decision-makers now believe endpoint security […]
By Jason Contant | October 5, 2021
Accelerated digitization continues to drive strong M&A activity in P&C, with brokerages that prioritize the customer in their digitization strategies more likely to succeed. “Understanding the customer and how to change the customer experience will be the key differentiator for brokers going forward,” Philip Heywood, partner and national financial services deals leader with PricewaterhouseCoopers (PwC) […]
By Melissa Shin | October 5, 2021
Canadian managing general agent BOXX Insurance Inc. is about to set up an office in Miami and is looking for carriers to underwrite its cyber coverages outside of Canada. Toronto-based BOXX announced last week it is expanding to the United States and has hired Hilario Itriago to lead that expansion. In Canada, BOXX’s insurer partners […]
By Greg Meckbach | October 5, 2021
Cybersecurity experts say a new poll that suggests nearly 70 per cent of Canadian organizations facing a ransomware attack last year paid the demands is evidence that such payments should be made illegal. Of the businesses surveyed, 17 per cent said they faced such attacks, according to the Canadian Internet Registration Authority’s (CIRA) annual cybersecurity […]
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