Industry
Trucks or vehicles used in freedom convoy blockades will have their insurance suspended, Deputy Prime Minister and Finance Minister Chrystia Freeland said in a press conference Monday. For property and casualty insurance professionals, the federal government’s path may raise more questions than it answers. A lot remains unclear after Prime Minister Justin Trudeau announced he […]
By Alyssa DiSabatino | February 15, 2022
3 min read
OTTAWA – The committee of MPs and senators which oversees federal security policy has uncovered gaps in Canada’s cyberdefences that could leave many agencies vulnerable to state-sponsored hackers from countries like China and Russia. In a new report, the National Security and Intelligence Committee of Parliamentarians says cyberthreats to government systems and networks are a […]
By Jason Contant | February 15, 2022
The Insurance Council of British Columbia has reprimanded Westland Insurance Group Ltd. for failing to take appropriate action after becoming aware of a possible compromise of client information. Council executive director Janet Sinclair found that while Westland co-operated with agencies investigating criminal activity involving client credit card data, “there is no record of [Westland] otherwise […]
By Jason Contant | February 14, 2022
Focus on improving its commercial business has paid off, Definity Financial Corporation’s president and CEO Rowan Saunders told a Feb. 14 fireside chat with BMO Capital Markets equity analyst Tom MacKinnon. “It’s really a very different-looking portfolio now than it was just a few years ago,” Saunders said. “That then has given us the ability […]
By Phil | February 14, 2022
2 min read
Canada’s P&C insurance industry needs to adapt its climate risk business model to focus more on loss prevention rather than indemnity, a speaker says Thursday at an industry event. And pricing needs to be forward-looking rather than based on historical events. Although resorting to historical data for pricing, and paying out for Cat losses (i.e. […]
By Jason Contant | February 11, 2022
Erika Chamberlain, Professor and Dean, Faculty of Law, Western University – THE CONVERSATION This article was originally published on The Conversation, an independent and nonprofit source of news, analysis and commentary from academic experts. Disclosure information is available on the original site. The leaders of the so-called freedom convoy in Ottawa have been served […]
4 min read
As part of business, insureds and their customers sign contracts setting out the terms of their arrangements regarding price, payment terms, delivery schedule and more. But boilerplate legal terms, which often aren’t even read, also contain binding terms and may contain insurance requirements. Clients often ask me about such requirements, including those requiring the insured […]
By Phil | February 10, 2022
The pandemic’s prompted Canadians to spend more time researching and evaluating their insurance options online, according to a recent Ratehub.ca report. Ratehub.ca’s 2021 Digital Money Trends Report, looked at how Canadians interact and evaluate insurance policies and services, based on survey data from roughly 1,500 respondents. Findings suggest COVID-19 is shifting Canadian insurance shopping behaviours. […]
By Alyssa DiSabatino | February 10, 2022
Market conditions for cyber and directors’ and officers’ (D&O) lines of business remain challenging in Canada, according to Aon plc’s latest quarterly Global Market Insights Report. Aon’s report for the fourth quarter of 2021, released Wednesday, emphasizes how new forms of volatility are impacting insurance market trends and the risk agenda for organizations, driving the […]
By Jason Contant | February 10, 2022
VICTORIA – The mayor of the fire-ravaged community of Lytton, B.C., says rewriting the village’s bylaws from scratch will be about as entertaining as going to the dentist but it’s another step in the massive rebuilding effort. The village’s records and backup servers were lost in last summer’s wildfire, with the content of many of […]
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