Canadian Underwriter

Topic
Technology


AI concept
News InsuranceRiskTechnology

Why AI is keeping P&C regulators up at night

October 31, 2023 by Alyssa DiSabatino

Increasingly concerned about biased uses of artificial intelligence, industry regulators are questioning insurers’ ability to explain why they’ve used certain data in their models or how the AI came to its conclusions, experts told the Insurance Bureau of Canada’s Regulatory

Ransom note to convey increase of cybercrime using ransomware
News BrokersClaimsInsuranceTechnology

What’s driving rising ransomware attacks

October 30, 2023 Philip Porado

Ransomware attacks are increasing globally thanks to evolving cybercrime tactics that make it easier for thieves to transfer data from computers or other devices. “Cyber claims frequency has picked up again this year as ransomware groups continue to evolve their

Member of an IT department
News BrokersCommercial LinesInsuranceMarkets / CoveragesTechnology

Brokers’ Number 1 obstacle when selling cyber

October 18, 2023 by Jason Contant

For brokers, the biggest obstacle in selling cyber insurance to clients might not be what you think. Traditional roadblocks to a sale include price, board approval, and executive complacency. But here’s an unlikely naysayer that’s making the rounds of brokerage

Cyber graphic of an arrow pointing upward
News ClaimsClaims CanadaCommercial LinesInsuranceMarkets / CoveragesProductsReinsuranceTechnology

Which commercial line needs more capital?

October 16, 2023 by Jason Contant

Even though the cyber insurance market is in a much better place now than a few years ago, it still needs an injection of capital to keep up with burgeoning demand, a speaker said during an industry event earlier this

AI concept
News Commercial LinesInsuranceMarkets / CoveragesTechnology

How the industry is using GenAI

October 13, 2023 by Jason Contant

Canadian insurance industry players are using generative AI (GenAI) not just to simplify tasks like ‘traditional’ artificial intelligence, but for a variety of applications ranging from marketing and fraud detection, to legal documents, speakers said during a recent industry event.

Low angle of a black wrought iron kettle pot that has been knocked over spilling it's gold coins onto the grass, with sun flare and rainbow. Mythology says it is the secret hiding place of an Irish Leprechaun's pot of gold, some even say he is tricky.
News BrokersInsuranceMarkets / CoveragesRiskTechnology

How brokers can cash in on a $900-billion cyber opportunity

October 12, 2023 by David Gambrill

With the Global Federation of Insurance Associations (GFIA) citing a $900-billion cyber insurance protection gap, Canadian brokers are seeing a huge growth opportunity in cyber, with some predicting cyber insureds will ultimately overtake the proportion of those covered by property

New rules coming for insurance industry intermediaries
News BrokersInsuranceLegalTechnology

Is FSRA planning to license aggregators?

October 6, 2023 Philip Porado

Ontario’s insurance regulator has confirmed it is considering whether or not aggregators need to be licensed. Since August, when Ontario’s financial services regulator issued a report outlining concerns about auto insurers’ compliance with take-all-comers requirements, Canada’s P&C insurance industry has

Cyber Liability Insurance Data Cover 3d Illustration Shows Internet Fraud Insurers Giving Risk Coverage
News ClaimsInsuranceReinsuranceRiskTechnology

Reinsurers examining alternative ways to insure cyber

October 6, 2023 by David Gambrill

Cyber may be one of the fastest-growing lines of insurance business in both Canada and abroad, but it’s associated with global systemic issues, and reinsurers are pondering how to raise additional capital to help cover the potentially huge demand for

Man riding in a fully autonomous automobile
News BrokersClaimsInsuranceTechnology

How auto insurance will navigate a world with self-driving cars

October 4, 2023 Tim Crljenica, Thomas Gold Pettingill LLP

Self-driving cars have been a part of visions of the future for decades, and what was once only imaginary has started to become reality. Not only do self-driving cars exist, but five U.S. states (Arizona, California, Michigan, New Hampshire and

High end, ultra-modern manufacturing facility
News BrokersClaimsInsuranceTechnology

Tips for insuring properties worth more than $500 million

October 2, 2023 Philip Porado

Coverage for high-value real estate, defined as sites worth $500 million or more, is often based as much on how those sites are used as on the physical assets themselves. Multi-use sites, where activities like manufacturing, distribution, logistics and management

Security awareness training
News Commercial LinesInsuranceMarkets / CoveragesTechnology

Mandatory security awareness training among changes since arrest of employee: RCMP

October 2, 2023 Jim Bronskill - THE CANADIAN PRESS

OTTAWA – The RCMP says it has introduced mandatory security awareness training for employees, one of several changes prompted by the 2019 arrest of a senior civilian member for allegedly leaking classified information. The Mounties say they have also made

Hacker attacking the internet
News Commercial LinesInsuranceTechnology

How generative AI is enabling cyber criminals

September 29, 2023 by Alyssa DiSabatino

Generative AI is revolutionizing how cyber criminals enact their scams, making their targets fail to detect what would usually be obvious phishing attempts, experts shared with Canadian Underwriter.   As these threats become more and more sophisticated, insureds must exercise