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Monthly Archives: December 2020

Insurers Are Now Treating Distracted Driving as a Major Conviction

In keeping with actions previously taken by Canada’s auto insurers, Northbridge General Insurance Company will start treating driving while using a hand-held communication device as a major conviction for the purpose of setting insurance rates in Nova Scotia.

The change takes effect Jan. 4, 2021 for new business and Feb. 4, 2021 for renewal business, the Nova Scotia Utility Review Board announced in a decision released Nov. 13. The change applies to both Northbridge General and Zenith Insurance Company.

In approving the change, NSURB noted many other insurers also treat distracted driving as a major conviction.

The three categories of conviction are minor, major and serious. Northbridge treats each classification differently, with respect to how many are allowed before the risk is no longer written and what level of surcharge applies, NSURB member Jennifer Nicholson wrote.

Speak to your broker or agent to see if this change will apply to your policy in the near future.

For more information, read the article at: https://www.canadianunderwriter.ca/legislation-regulation/insurers-now-treating-distracted-driving-as-major-conviction-1004200002/

New Study Finds that Majority of Cybersecurity Executives Expect to budget More to Cope With COVID

A new study estimates over half of executives responsible for cybersecurity expect to grow their budgets in response to new challenges raised by the COVID-19 pandemic.

A poll of 3,000 global executives found that 55% expected to budget more for security, with Canadian responses about the same. But only 34% of the 100 Canadian participants in the survey were confident their cyber budgets are being spent correctly, compared with 44% globally.

The concern raised most often by the Canadians is their ability to prepare for with security events that are unlikely to happen but of high impact if they do occur.

Another top issue related to COVID, both for the Canadian respondents and globally, was being able to take cybersecurity and privacy into consideration with every business decision.

To find out more, visit https://www.canadianunderwriter.ca/insurance/majority-of-cybersecurity-executives-expect-to-budget-more-to-cope-with-covid-study-1004200921/