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Insurance
Understanding of quake protective measures, insurance coverage faulty in Quebec: survey
October 19, 2017 by Canadian UnderwriterThe lion’s share of polled Quebecers remain unprepared for an earthquake, with a mere 8% of respondents understanding the immediate protective measures that should be taken in the event of a quake, Insurance Bureau of Canada (IBC) reports. The concerning…
Aite Group introduces vendor evaluation framework, p&c insurance transforming
October 18, 2017 by Angela StelmakowichAite Group has introduced a proprietary vendor evaluation framework that the global research and advisory firm reports will serve as an actionable guide for market participants looking for viable third-party vendor solutions and services. “I think the biggest problem for…
Frank Cowan Company offering new suite of products for terrorism coverage
October 17, 2017 by Canadian UnderwriterNow available from Frank Cowan Company is a new suite of products designed to help municipalities and public services organizations address the terrorism risk they face and transfer some of that risk via the insurance product. Partnering with XL Catlin…
Octo Telematics to acquire Willis Towers Watson’s UBI assets; firms to partner on insurance-related products
October 12, 2017 by Canadian UnderwriterOcto Telematics and Willis Towers Watson (WTW) have reached an agreement in which the former will acquire the latter’s usage-based insurance (UBI) assets, setting the stage for the two companies to work together on more auto telematics opportunities. Leveraging Octo’s…
Insurtech triggering transformation in personal lines: SMA
October 4, 2017 by Canadian UnderwriterNew research out of the United States assessing 600 start-ups identified as relevant for personal lines insurers indicates these new players may fail, but they are having a tangible impact on the p&c insurance industry and how it delivers services,…
Aviva Canada beefs up identity theft offering to protect customers
October 3, 2017 by Canadian UnderwriterAviva Canada is marking the beginning of Cyber Security Awareness Month (October) with the announcement that it is introducing enhancements to its identity theft coverage at no additional cost to existing customers. The coverage features widespread financial protection if a…
Turo launches car-sharing marketplace in B.C., partners with car rental entrepreneurs
October 3, 2017 by Canadian UnderwriterTuro, which connects local car owners with travellers looking for adventure and in need of a vehicle, has expanded its car-sharing marketplace into British Columbia. To address provincial insurance regulations, the company has structured the expansion by partnering with local,…
Cyber attacks among polled U.S. business costing at least US$5,000
October 2, 2017 by Canadian UnderwriterSeven in 10 of the surveyed U.S. businesses that experienced a cyber attack in the last year spent in excess of US$5,000 to investigate each incident, restore or replace software and hardware, and address any other consequences. However, 38% of…
Willis Re supports B3i blockchain insurance industry initiative
October 2, 2017 by Canadian UnderwriterWillis Re is supporting the B3i initiative – the global blockchain effort launched last fall – by becoming a member and taking part in its prototype market testing phase. The announcement follows the successful launch of a working market testing…
Marijuana impairment-related losses could potentially trigger GL policies: RIMS speaker
September 27, 2017 by Angela StelmakowichInsurers would be well-advised to track the evolving marijuana risk to determine if impairment-related loss history could trigger defence and indemnification obligations under employers’ general liability policies, it was suggested Tuesday during a session at the RIMS Canada Conference in…
Standard would help enhance flood resilience of new communities: report
September 26, 2017 by Angela StelmakowichResearch out of the University of Waterloo recommends a Canadian standard for new flood-resilient residential communities, one that employs almost two dozen best practices, be developed to bolster protection and reduce water-related losses. Requiring that new homes not be built…
“Drastic action” needed to address ICBC ails, remedy hefty rate hikes
September 6, 2017 by Canadian UnderwriterThe British Columbia government has taken the reins to protect drivers and address mounting financial concerns at the Insurance Corporation of B.C. (ICBC), including by limiting rate increases that threatened to reach double-digits. “Drastic action is needed to fix ICBC’s…