Risk
Women will comprise nearly half the boardroom of Canada’s largest property and casualty insurer if shareholders vote for Intact Financial Corp.’s recently-released slate of board nominees. Jane Kinney, a former global chief risk officer for Deloitte, is a new nominee to Intact’s board. Four women currently serving as members of Intact’s board include Carol Stephenson […]
By Greg Meckbach | April 9, 2019
2 min read
When it comes to privacy breaches in the healthcare sector, “snooping” is definitely a concern. Snooping, or unauthorized access, breaches occur when an employee (such as a hospital worker) has access to identifiable information and abuses their authority to look at electronic health records of friends, family or co-workers. In Ontario, the province’s information and […]
By Jason Contant | April 8, 2019
Will reputational harm coverage grow into its own coverage or will it remain sublimited, as is often the case? There is currently a lot of variance within the market in how this coverage is offered, if at all. Some insurers require a double trigger, such as a cyber event and a media event following a […]
3 min read
The federal Office of the Privacy Commissioner of Canada (OPC) has already seen a four-to-five times increase in the number of breaches reported to its office since the mandatory breach notification requirements came into effect last November. On Nov. 1, 2018, amendments to the Personal Information Protection and Electronic Documents Act (PIPEDA) came into effect, […]
By Jason Contant | April 5, 2019
Customers lined up at Ontario’s first brick-and-mortar cannabis stores on Monday, but fewer than half of the province’s government-licensed outlets were ready to open. The Progressive Conservative government had planned to have 25 private stores launch on April 1, but some were still working through a lengthy approval process. Premier Doug Ford defended his government’s […]
By Jason Contant | April 3, 2019
4 min read
Property risk could get harder to place in the Lloyd’s market this year. “Difficult decisions regarding existing accounts, or indeed the appropriateness of new accounts, will continue to have to be made during 2019,” the Corporation of Lloyd’s said of commercial property insurance in its annual report for 2018, released Wednesday. 2018 was the second […]
By Greg Meckbach | March 28, 2019
When Kinga Surma moved eight kilometres to a new home, her auto insurance rate went up by $80 a month. “I wasn’t moving very far away,” Surma, Progressive Conservative MPP for the Toronto riding of Etobicoke Centre, told the Ontario legislature last week during debate on Bill 42. If passed into law, Bill 42 would […]
By Greg Meckbach | March 25, 2019
If Ontario insurers want to reduce the risk of huge barn fires, they might want to consider advocating for the removal of an existing exemption for mandatory fire inspections of farms that is contained in the province’s Fire Code. As it stands right now, mandatory fire inspections of farms are linked to land occupancy and […]
By David Gambrill | March 22, 2019
Insurance Bureau of Canada officials are hoping a $145-million commitment by the federal government towards cyber security will help the industry better understand how much a cyber incident could cost. In the 2019-20 budget document tabled Tuesday, federal Finance Minister Bill Morneau proposed to spend $144.9 million over five years critical cyber systems, including those […]
By Greg Meckbach | March 21, 2019
Despite using a wholly-owned captive insurance subsidiary and third-party insurance, ridesharing company Lyft Inc. cannot ensure its coverage will sustain all of its business risks and costs, the company acknowledged in a recent stock-listing prospectus of risk factors. San Francisco, Calif.-based Lyft uses the subsidiary and third-party insurance, which may include deductibles and self-insured retentions, […]
By Jason Contant | March 20, 2019
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