Topic
Technology
How generative AI is enabling cyber criminals
September 29, 2023 by Alyssa DiSabatinoGenerative 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…
AI won’t take your insurance job. Here’s what it’ll do instead
September 28, 2023 by Alyssa DiSabatinoArtificial intelligence (AI) will undoubtedly change the property and casualty insurance industry, but not in the ways you might assume. No, it’s not going to take your job. But it will make it easier, Sinead Bovell, futurist and founder of…
How to insure emerging tech companies
September 27, 2023 Jason ContantTechnology companies today can run the gamut from those resembling traditional manufacturers to others dabbling in artificial intelligence or emerging tech – which are more difficult to insure. This variety means both insurers and brokers need to thoroughly understand a…
The cyber scam that’s trending more than ransomware
September 27, 2023 by Alyssa DiSabatinoFraudulent funds transfer is the scam method that’s edging out ransomware when it comes to cyber claims frequency, one expert shared with Canadian Underwriter. Fraudulent funds transfers (FFT) is a method whereby cyber scammers trick a company’s employees into sending…
Why your cyber clients need to keep an eye on ransomware
September 25, 2023 by Jason ContantCanada was the third most affected country in the world for successful ransomware-as-a-service (RaaS) and extortion attacks in the first and second quarters of 2023, said a report from cybersecurity company Trend Micro. The report, LockBit, BlackCat, and Clop Prevail…
Toronto self-driving company strikes partnership with Uber Freight
September 22, 2023 The Canadian PressTORONTO – Self-driving tech company Waabi says it has struck a partnership with Uber Technologies Inc.’s freight division to accelerate autonomous trucking adoption. Toronto-based Waabi says the partnership will combine its core self-driving technology with Uber Freight’s logistics platform and…
How ransomware claims are trending
September 20, 2023 by Jason ContantRansomware claims have transformed from mostly third-party liability claims into first-party liability, a cyber insurance expert tells Canadian Underwriter. “It used to be third-party liability; you were concerned about monitoring credit, and somebody sues you because of a hack,” said…
Why captives will stick around after a hard market
September 20, 2023 by Alyssa DiSabatinoCanada’s P&C insurance industry is showing signs of market softening in some lines, but captives remain a viable option for commercial clients — particularly in fledgling tech industries such as cryptocurrency. Alternative risk transfer solutions have merit even when hard…
New guide published to expedite industry data exchange
September 18, 2023 by David GambrillThe Centre for the Study of Insurance Operations (CSIO) has published an implementation guide to help insurers and vendors program JSON API Standards into their systems, providing faster data exchange between brokers and insurers. CSIO today published its JavaScript Object…
Why insurers worry about clients’ crime coverage
September 15, 2023 Alyssa Di SabatinoAs clients tighten their purse strings in anticipation of an economic downturn, they are increasingly underinsured for their crime-related losses. Crime insurers are seeing an uptick in social engineering (i.e., phishing) claims, says Katherine Gauthier, vice president of specialty solutions…
Weather Network app still can’t send alerts days after cyberattack
September 15, 2023 Mia Rabson - THE CANADIAN PRESSOTTAWA – The Weather Network and MeteoMedia still can’t send weather alerts through push notifications from its app following a “malicious cyberattack” on Monday. But Pelmorex, the parent company of the two weather services, says the attack is not affecting…
UBI app offers quarterly price adjustments for drivers
September 14, 2023 by Jason ContantDefinity Financial Corporation has launched a usage-based insurance (UBI) product it describes as the first-ever to offer quarterly price adjustments based on recent driving scores. “We wanted to make sure drivers were able to benefit quickly from their safe driving…