Canadian Underwriter


Hacker attacking the internet
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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

Illustration of a businessman chatting with the AI robot in his computer
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AI won’t take your insurance job. Here’s what it’ll do instead

September 28, 2023 by Alyssa DiSabatino

Artificial 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

Digital brain microchip
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How to insure emerging tech companies

September 27, 2023 Jason Contant

Technology 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

Blocking spam e-mail, warning pop-up for phishing mail, network security concept. Business woman working on laptop computer at home with warning window on screen
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The cyber scam that’s trending more than ransomware

September 27, 2023 by Alyssa DiSabatino

Fraudulent 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

Warning of ransomware detected on machine
News ClaimsClaims CanadaCommercial LinesInsuranceMarkets / CoveragesTechnology

Why your cyber clients need to keep an eye on ransomware 

September 25, 2023 by Jason Contant

Canada 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

Autonomous smart truck
News InsuranceMarkets / CoveragesTechnology

Toronto self-driving company strikes partnership with Uber Freight

September 22, 2023 The Canadian Press

TORONTO – 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

Hacker with a laptop
News ClaimsClaims CanadaCommercial LinesInsuranceMarkets / CoveragesTechnology

How ransomware claims are trending

September 20, 2023 by Jason Contant

Ransomware 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

A life preserver being lowered into a pit where three business people are trapped
News Commercial LinesInsuranceMarkets / CoveragesRiskTechnology

Why captives will stick around after a hard market

September 20, 2023 by Alyssa DiSabatino

Canada’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

Technology concept of clock face in binary codes of one and zero
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New guide published to expedite industry data exchange

September 18, 2023 by David Gambrill

The 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

Cybercriminal coming to steal your data
News ClaimsInsuranceTechnology

Why insurers worry about clients’ crime coverage

September 15, 2023 Alyssa Di Sabatino

As 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

Dramatic panorama of heavy raining and storm clouds with graph
News ClaimsClaims CanadaCommercial LinesInsuranceMarkets / CoveragesTechnology

Weather Network app still can’t send alerts days after cyberattack

September 15, 2023 Mia Rabson - THE CANADIAN PRESS

OTTAWA – 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

Using GPS on a road trip
News ClaimsClaims CanadaInsuranceMarkets / CoveragesProductsTechnology

UBI app offers quarterly price adjustments for drivers

September 14, 2023 by Jason Contant

Definity 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