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Monthly Archives: March 2018

Are you prepared for the Digital Privacy Act changes?

For Canadian organizations, as well as organizations doing business in Canada, a dramatic shift to privacy and cyber security regulations is looming. The amendment to Canada’s Personal Information Protection and Electronic Document Act (PIPEDA), the federal privacy law for private-sector organizations, is expected to take effect in late 2017.

Under this amendment, also known as The Digital Privacy Act, organizations that experience a data breach but neglect their responsibilities as outlined in this act could quickly find themselves in hot water with regulators and customers alike, not to mention facing steep fines.

If you aren’t up to date on what’s happening with PIPEDA and The Digital Privacy Act, this article highlights the implications of the new regulations on businesses. Then ask your broker or insurance company agent about cyber insurance to determine if your risks are being properly managed.

Source: https://www.canadianunderwriter.ca/insurance/digital-privacy-act-changes-coming-prepared-1004122134/

How has Harvey affected global reinsurance rates?

Global reinsurance rates are likely to remain low despite Hurricane Harvey’s impact on parts of Texas and Louisiana. Reinsurance provides some of the financial capacity for insurance companies.

The main differentiator between Harvey and other devastating US storms is the amount of flood damage Harvey has inflicted. This has had considerable impact on economic and insured loss estimates.

There are a number of factors affecting the potential size of these losses. Underinsurance plays a big part on the personal lines side. Not many people take out personal lines flood insurance, so this area is likely to see higher economic losses than insured losses.

Despite Harvey’s significant size, Fitch Ratings is not predicting a huge impact on pricing. Harvey is not large enough to cause a widespread turn in pricing, so global rates are likely to remain low.

Source: http://www.insurancebusinessmag.com/ca/news/flood/what-impact-will-harvey-have-on-global-reinsurance-rates-78119.aspx