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The Insurance Bureau of Canada is calling 2016 the most costly year in insurable damage the country has ever seen, Environment Canada has issued a special weather warning for the Greater Toronto Area and a new agreement between Walmart Canada and Visa could spell trouble for small business owners. Here’s the TruShield Top Five for this week—a snapshot of news from around the world that may have an impact on your company.

TruShield Top 5 – January 9, 2017

  1. The Insurance Bureau of Canada (IBC) issued a statement calling 2016 Canada’s most costly year for insurable damage. The root cause of the spike in claims was the Alberta wildfires. The IBC is now asking governments to introduce new policies and procedures to better prepare Canadians for the effects of climate change. Via the Toronto Star.
  2. Environment Canada has issued a warning for the GTA due to a storm that will hit Monday night. Up to 10 cm of snow is expected followed by rain early Tuesday morning, which will make for icy driving conditions. Via Global News.
  3. A recent agreement between Walmart Canada and Visa over merchant fees has the Canadian Federation of Independent Business (CFIB) concerned. CFIB president Dan Kelly suspects Walmart was able to negotiate lower merchant fees but fears this will lead to higher costs for smaller business owners. Via Canadian Business.
  4. An individual has been arrested on charges of conspiracy following the high-profile Volkswagen emissions scandal. Oliver Schmidt, who was in charge of the company’s regulatory compliance office in the US, was taken into custody by federal investigators on January 9. Via CBC News.
  5. A student has been arrested for the massive cyber attack on the University of Alberta in November 2016. The attack found malware on 287 computers and affected over 3,300 faculty members, staff and students. Via Canadian Underwriter.

This blog is provided for information only and is not a substitute for professional advice. We make no representations or warranties regarding the accuracy or completeness of the information and will not be responsible for any loss arising out of reliance on the information.