Residents of Saskatchewan: Can’t live without your smartphone? Never fear, the province follows Manitoba’s lead in regulation of portable electronics.
On June 22, 2017, new regulations (the “Insurance Regulations[1]“) under Saskatchewan’s Insurance Act[2] were filed with the Registrar of Regulations. The Insurance Regulations will broaden the availability of insurance covering smart phones in the province.
Smartphones are ubiquitous and fully integrated into all of our daily lives. In 2016, 76 percent of Canadians owned a smartphone.[3] Given the widespread and ever-growing use of smartphones, and the ease with which they may be lost, stolen or damaged, there is a burgeoning market for insurance products covering these and other portable electronics.
Programs which cover risk of loss to a product which is unrelated to a defect or failure arising from the manufacture of the product may be considered to cover fortuitous loss, and thus may be … Continue reading “Saskatchewan follows Manitoba's lead in regulation of portable electronics”
Cyber risk insurance: Driving the risk management process
Insurers and other insurance professionals have traditionally been well positioned to drive improvements in risk management processes. Cyber-security risk is a modern phenomenon which has arisen in the electronic information and internet age, and the insurance industry is demonstrating that it can play a key role both in educating and equipping public and private sector organisations to manage this emerging risk, and in providing insurance protection.
Cybersecurity in the boardroom: The new reality for directors
Not long ago, cybersecurity was a term rarely, if ever, heard in the boardroom. Rather, information security was deemed to be a risk managed solely by the chief information or technology officer. Those days are gone. With the litany of high profile cybersecurity hacks—and the potential resulting drop in shareholder value, regulatory inquiries and litigations which inevitably follow—cybersecurity has become an increasingly challenging risk that boards must address.