Topic
Markets / Coverages
Want to offer real-time claims payments? Start planning now
February 19, 2018 by Jason ContantCanadian insurance companies should start to plan now how they will implement ISO 20022, an international standard that supports electronic payments, the chief operating officer of Payments Canada told Canadian Underwriter Wednesday. “Your large insurance companies… ought to be thinking…
Artificial Intelligence, the latest cybersecurity threat
February 19, 2018 by Jason ContantArtificial intelligence (AI) could be a double-edged sword for Canada’s property and casualty insurance industry, offering several potentially positive outcomes, but at the same time a new cybersecurity threat. AI is consistently touted by the insurance industry for its potential…
Ride-hailing on its way to B.C.
February 19, 2018 Dirk Meissner - THE CANADIAN PRESSVICTORIA – Ride-hailing is on its way to British Columbia after the online services received the unanimous support of an all-party committee of the legislature on Thursday. The committee made 32 recommendations to help pave the way for introducing and…
What to ask your D&O clients before a market correction
February 15, 2018 Greg Meckbach, Associate EditorThe latest stock market roller coaster ride should prompt brokers placing directors’ and officers’ liability to ask their clients about independent audits and internal controls. The week ending Feb. 9 saw a “a steep and broad-based selloff” in the stock…
Former privacy commissioner offers tip on reporting data breaches
February 15, 2018 by David GambrillCEOs, not chief information officers (CIOs), should be making the call on whether to report a data breach when a company falls victim to a targeted cyberattack, a former privacy commissioner told a cyber loss management seminar organized by Crawford…
How red tape is bringing telematics to a standstill
February 14, 2018 by Jason ContantRestrictions imposed on how insurers price usage-based insurance pricing (UBIP) are hampering innovation in the insurance industry, the Insurance Bureau of Canada (IBC) told Canadian Underwriter Monday. Canadian Underwriter asked IBC on Monday for examples of red tape that could…
Sexual harassment lawsuit? Why it pays for a risk manager to be a pack rat
February 13, 2018 by Greg MeckbachRisk managers who retain insurance policies for only seven or 10 years need to rethink this practice, an independent risk consultant warns. Having a copy of a 15- or 20-year-old liability insurance policy is “like owning a bank note in…
GM brings Maven car-sharing startup to Toronto
February 13, 2018 David Paddon - THE CANADIAN PRESSTORONTO – General Motors Co. is bringing its Maven car-sharing business to Canada for the first time as part of the Detroit-based company’s broader strategy for navigating through a rapidly changing automotive world. Toronto will be the first city outside…
A new way for brokerages to assign clients to advisors
February 12, 2018 by Jason ContantAn Ontario brokerage has done away with the traditional alphabetized way of assigning clients to brokers. Under the alphabetized approach, sometimes referred to as the “alpha split,” a brokerage divides its clients evenly by the number of account managers it…
Intact sounds alarm on escalating collision repair costs
February 12, 2018 by Greg MeckbachEscalating collision repair costs have commended the attention of Intact Insurance, as company officials continue to express disappointment with the Toronto-based insurer’s financial results in personal auto. Company officials said they had “unsatisfactory” performance in personal auto, with the chief…
Why Intact plans to raise auto insurance premiums
February 12, 2018 by Greg MeckbachIntact Financial Corp. plans to apply nation-wide for rate increases in personal auto, a move to improve the firm’s profitability in personal auto insurance. “In terms of additional rate actions in 2018, we are expecting a further 5% [increase] in…
LCBO chooses Shopify to run online cannabis sales
February 12, 2018 The Canadian PressTORONTO – The Ontario government has inked a deal to use Shopify Inc.’s e-commerce platform for cannabis sales online and in stores as part of its plan to be the province’s sole distributor of legal recreational marijuana. The Ontario Cannabis…