Industry
SAINT JOHN, N.B. – The City of Saint John, N.B., has shut down its information technology systems after it says it experienced a “significant” cyber attack. The City says in a Facebook post that the 911 communication centre is operational, but many other online services have been shut down. It says the city website, online […]
By Jason Contant | November 16, 2020
1 min read
Fire following a severe earthquake in the Vancouver area could cause more than $10 billion in damage, and the municipality should establish alternative sources of water supply to help fight the anticipated fires arising from the quake, according to a new study released Friday by the Institute for Catastrophic Loss Reduction (ICLR). “Strong shaking in […]
By David Gambrill | November 13, 2020
3 min read
Shrinking capacity arising from hard market conditions in many commercial lines have created a favourable environment for self-insuring through captives, senior Canadian executives will propose in a live webinar hosted Monday at noon ET by Canadian Underwriter. Scheduled panellists include Patrick Ferguson, captive sales executive and senior vice president at Marsh’s Captives Solutions Group; Alonso […]
2 min read
Westland Insurance’s mergers and acquisition strategy continues in an easterly direction from its roots in British Columbia. Just days after closing its first-ever brokerage acquisition in Ontario, Westland Insurance Group Ltd. announced its second acquisition in Manitoba. On Nov. 10, Westland announced the closing of its acquisition of MIG Insurance Group, effective Nov. 6. Headquartered […]
By Jason Contant | November 13, 2020
Manitoba went into lockdown Thursday morning after the province’s COVID-19 numbers ranked among the worst in the country and its healthcare system approached capacity. But this time, unlike the first go-around in the spring, brokers say they are in an advanced state of readiness for the latest lockdown rules. This isn’t to say brokers didn’t […]
By Adam Malik | November 13, 2020
CHURCHILL FALLS, N.L. – Nalcor Energy says about 45,000 litres of oil spilled at the Churchill Falls hydroelectric plant switchyard in Labrador. In a news release Thursday, the Newfoundland and Labrador energy corporation says the oil spilled from a transformer on Oct. 29 after a mechanical failure and a fire. Original estimates from Nalcor said […]
Cyber insurance is a relatively new line of business in Canada and so it hasn’t seen any hard markets historically — until now, that is. And it seems that insurers have ransomware to thank for that. “I think it is indeed the first hard market we have seen in cyber,” Tim Zeilman, vice president and […]
By David Gambrill | November 12, 2020
4 min read
Litigation funding provides companies and individuals with an important strategic tool. But a few leaders in the insurance industry warn us to “watch out” for litigation funding. They claim it could “significantly raise insurers’ costs.” Good news: They’re wrong. Writer Carl Sandburg said, “If the facts are against you, argue the law. If the law […]
By Adam Malik | November 12, 2020
ST. JOHN’S, N.L. – The Transportation Safety Board says a fire in January aboard a large factory-freezer trawler started in the ship’s sauna as the vessel was catching and processing shrimp off the coast of Newfoundland. The independent agency, in an investigation report released Thursday, said it appears a wooden footrest left on the sauna’s […]
By Jason Contant | November 12, 2020
We’ve all heard about an insurer launching a subrogated claim on behalf of its insured, but how about an insured launching a subrogated claim on behalf of its insurer? B.C.’s Civil Resolution Tribunal, a type of small claims court, recently allowed two co-owners of a strata unit to launch a subrogated $8,554 water damage claim […]
By David Gambrill | November 11, 2020
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