Brokerage owners shouldn’t just invest in digitization for its own sake, says one financial advisor. They should do it to make a purchase and integration easier for consolidators. Consolidators don’t necessarily expect small brokerages to digitize before acquisition, said Alex Wong, partner at Smythe Advisory, because they’re not necessarily buying them for their technology. “The […]
By Phil | December 2, 2022
3 min read
New exclusions and strict requirements to obtain cyber insurance have dramatically improved the sophistication of underwriting processes, but one large consulting and advisory firm is questioning whether this is the right approach for the market to take. “[Chief information security officers] are now in the room speaking to underwriters to help them understand their risk,” […]
By Jason Contant | November 29, 2022
3 min read
TORONTO – The union representing public high school teachers in Ontario says it was the victim of a ransomware attack earlier this year that compromised members’ personal information. The Ontario Secondary School Teachers’ Federation says it discovered in late May that an “unauthorized third party” accessed and encrypted its systems between May 25 and 30. […]
By Jason Contant | November 24, 2022
1 min read
Canada’s ongoing hard market in cyber has seen most insurers capping their coverage at somewhere between $3-million and $5-million, experts observed in a Gallagher Talks session. “We’re seeing exclusions for known [software] vulnerabilities [and] capacity restrictions as well,” said Paige Cheasley, team leader and account executive of the knowledge-based economy division at Gallagher GPL. […]
By Alyssa DiSabatino | November 21, 2022
3 min read
Insurance companies are looking for truck fleets to manage their telematics data more proactively through the development of individual driver scorecard programs. “Insurance companies expect that [trucking fleets] don’t just have the [telematics] technology, but they’re doing something with the data,” Joe Palmer, senior vice president of transportation at Gallagher said Wednesday at Gallagher Talks. […]
By David Gambrill | November 17, 2022
3 min read
Employees were told during a 9 a.m. meeting, Pacific Time, according to the source, at which time the CEO spoke of a restructuring that would eliminate positions company-wide. The company acknowledged the staffing reductions (but did not confirm the 25% number) in a statement released Tuesday. “We have made some changes today to our team […]
By David Gambrill | November 16, 2022
2 min read
Softer market conditions in Canada’s D&O insurance market have arrived, with ample capacity and decreased pricing in this class of business in 2023 Q3, according to Aon. “The [Canadian D&O] market transition further accelerated in Q3, especially for public companies and excess layers,” Aon observes in its Q3 2022 Aon Global Market Insights. “Private companies […]
By David Gambrill | November 14, 2022
3 min read
Canadian auto parts makers say the supply picture is improving and helping boost their bottom line, but disruptions continue to weigh on operations and profits. Magna International Inc. said Friday the picture has improved significantly from last year as global third-quarter auto production rose 24 per cent. The rebound helped the company’s sales rise 17 […]
By Jason Contant | November 8, 2022
3 min read
Ontario’s privacy commissioner recommends businesses should consider an insurance policy that will cover first-party costs of responding to a ransomware attack. “Consider obtaining a cyber insurance policy that offsets the costs associated with responding to an incident such as forensic investigations, legal fees, data recovery services, and financial fraud,” the office notes in a 13-page […]
By David Gambrill | October 31, 2022
2 min read
Much like Amazon, P&C insurance brokers offer consumers distribution, choice and data, a broker executive observed at the Insurance Brokers Association of Ontario (IBAO) convention in Toronto last Thursday. In the same way, brokers offer insureds three things that underpin the offerings of big tech firms like Google, Facebook, Uber and Airbnb, said Sherif […]
By Alyssa DiSabatino | October 24, 2022
3 min read