Risk
Some insurers are drowning in a sea of data, but by presenting the information in a pictorial or graphical format, professionals can make quick decisions to reduce costs, detect fraud and make better decisions on pricing.
January 31, 2014
4 min read
For property and casualty underwriters, there is probably no line of coverage as badly in need of automation as private passenger auto. Tracking how insured vehicles are actually being used – and detecting high-risk behaviour on the part of policyholders – is critical if insurers want to price according to actual risk. This type of […]
3 min read
1 David Richards [1] has been appointed chief executive officer of JLT Canada, part of the Jardine Lloyd Thompson Group, risk specialists and employee benefit consultants. Having more than 20 years of experience in the insurance and risk management industry, Richards joined JLT Canada in 2013 as executive vice president and national specialty leader for […]
5 min read
CLAIMS $3.2 billion in weather-related losses in 2013 The $3.2 billion in insured losses from severe weather represents the highest ever in Canadian history, the Insurance Bureau of Canada (IBC) recently reported. The late-year ice storm – which wreaked havoc on parts of southern Ontario and eastern Canada – generated an estimated $200 million in […]
6 min read
A recent decision by the Superior Court of Quebec confirms that under Quebec law, an excess insurer's obligation to defend is only triggered by the exhaustion of the primary coverage. The ruling also suggests an insured should be mindful of keeping its excess insurer fully informed of all material facts and keep in mind its defence strategy.
December 31, 2013
As the new president of the Ontario chapter of the Canadian Insurance Claims Managers Association, Alex Walker's priorities include educating members though the use of seminars and motivational speakers.
A recent case out of Ontario serves as a cautionary tale for directors' and officers' environmental liability. It signals the willingness of regulators to seek out all potentially responsible parties to recover the costs of remediation, which could include ordering directors and officers to personally cover interim remediation costs pending the outcome of any regulatory or court proceedings.
Massive cyber crimes may generate big headlines, but major corporations are not the only possible targets. With a recent survey showing that 40% of cyber attacks are on small and medium-sized businesses, smaller organizations also need to protect themselves against related risks.
Canada may not be a hotspot for sinkholes compared to, say, Florida. That said, there have been incidents where cars - even trains - have been damaged or destroyed because they dropped into sinkholes, demanding that care be taken to manage associated risks.
1 In December, On Side Restoration Services Ltd. announced that Amandio Contreiras [1] had been named the company’s new chief operating officer. Before joining On Side Restoration, Contreiras worked for 11 years at Reliance Comfort LP, holding roles such as director of strategic initiatives and residential sales, notes a press release from On Side Restoration. […]
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