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Canadian Underwriter - June 2015


Drought to Deluge
Both data and technology are having an impact on the development of flood insurance products. With recent breakthroughs that advance the ability to perform stochastic modelling, more insurers appear open to writing flood insurance, a move that could help shrink the coverage gap for homeowners.

The country's regulators are taking corrective actions and issuing penalties related to Canada's Anti-Spam Legislation, which took effect last July. The serious consequences arising from breaching related requirements, though, make clear that companies need to take steps to develop corporate compliance programs.

Big Data, Big Opportunity
How can the tremendous amounts of data generated in the insurance industry be used to enhance broker operations and profitability? Business intelligence solutions have become a necessity for companies of all sizes, industries and verticals to be highly competitive in today's marketplace.

Digital Transformation
Digital technology is poised to transform the property and casualty insurance industry both here at home and abroad. Canadian carriers that take steps today to address trends will move from having a digital consumer strategy to having an overall business strategy that is digital.

Poised for Change
Proposed amendments to Canada's Personal Information Protection and Electronic Documents Act, if passed, would vastly change the current privacy landscape. Beyond modernizing the way personal information is protected, Bill S-4 may impact how cyber insurance is underwritten. This new environment will demand a corresponding change in cyber insurance's approach and coverage to remain in step.

Living Vicariously
When considering excess auto coverage in British Columbia, it is important to remember that even in a leasing or rental car scenario, the owner's policy remains primary. A recent ruling by B.C.'s Court of Appeal illustrates the limits of vicarious liability and makes clear that underwriters looking to limit coverage to the leasing company alone must include related language in a prominent place in the policy.

Age of Disruption
Canada's economy, like others around the world, is facing rapid advances in technology. The incredible disruptive potential of these changes - including, but not limited to, artificial intelligence, advanced robotics, networks, advanced manufacturing and collaborative connected platforms - clearly demonstrate the need to be prepared.


Cover story

Learning to Share
The "sharing economy" of services like Uber and Airbnb represents a murky area for property and casualty insurance. Brokers, insurers and regulators in Canada have issued warnings about the gaps in coverage as the lines blur between personal and commercial usage of property and vehicles. The trench fighting about insurance deficiencies masks a bigger issue - the growing popularity of these unique shared economic services will require a new approach to risk and rate assessment.



Part of the Conversation
The "connected world" is the focus of InsureMy Ltd., a Calgary brokerage specializing in telematics and headed by Hugh McTavish.