Topic
Technology
Insurers urge trucking fleets to use telematics data more proactively
November 17, 2022 by David GambrillInsurance companies are looking for truck fleets to manage their telematics data more proactively through the development of individual driver scorecard programs. “Insurance companies expect that [trucking fleets] don’t just have the [telematics] technology, but they’re doing something with the…
Canadian insurtech announces layoffs
November 16, 2022 by David GambrillVancouver-based insurtech Apollo Insurance has laid off approximately 25% of its workforce of about 125 people across Canada, according to one source familiar with the matter. Employees were told during a 9 a.m. meeting, Pacific Time, according to the source,…
How Canada’s D&O and cyber insurance markets are shifting
November 14, 2022 by David GambrillSofter market conditions in Canada’s D&O insurance market have arrived, with ample capacity and decreased pricing in this class of business in 2023 Q3, according to Aon. “The [Canadian D&O] market transition further accelerated in Q3, especially for public companies…
Delays for new hybrid, electric cars reach years – not months – amid supply crunch
November 14, 2022 Brett Bundale - THE CANADIAN PRESSWhen Jesse Chiasson called a car dealership last month to buy a new vehicle, he ended up paying $1,000 to be put on a waitlist instead. “The salesman was pretty vague but hinted it could be 2024 by the time…
Auto parts producers see supply chains improving but shutdowns still weigh
November 8, 2022 Ian Bickis - THE CANADIAN PRESSCanadian auto parts makers say the supply picture is improving and helping boost their bottom line, but disruptions continue to weigh on operations and profits. Magna International Inc. said Friday the picture has improved significantly from last year as global…
Privacy commissioner recommends ransomware insurance
October 31, 2022 by David GambrillOntario’s privacy commissioner recommends businesses should consider an insurance policy that will cover first-party costs of responding to a ransomware attack. “Consider obtaining a cyber insurance policy that offsets the costs associated with responding to an incident such as forensic…
What your cyber clients are doing right (and wrong)
October 24, 2022 by Jason ContantCyber insurance customers are getting better at protecting their personal information and data from cyberattacks but poor cybersecurity behaviours remain prevalent, according to the results of Chubb’s Fifth Annual Report on Personal Cyber Risk. For the first time, the annual…
Brokers are more like Amazon than they think: IBAO Convention
October 24, 2022 by Alyssa DiSabatinoMuch like Amazon, P&C insurance brokers offer consumers distribution, choice and data, a broker executive observed at the Insurance Brokers Association of Ontario (IBAO) convention in Toronto last Thursday. In the same way, brokers offer insureds three things that…
Are electric vehicles cheaper to insure?
October 18, 2022 by Jason ContantInsuring an electric vehicle (EV) may be cheaper than a gasoline vehicle, but it depends on a multitude of factors that varies for each consumer and the vehicle they’re comparing, according to rate comparison site RatesDotCa. “Many EVs come with…
Why brokerages need to step up their digital insights
October 18, 2022 by Alyssa DiSabatinoOnly 38% of insurance brokerages are using their management systems to produce data analytics solutions for their employees, clients and stakeholders, finds Applied System’s ‘Digital Agency Annual Report.’ That’s concerning, considering 99% of brokerages have a management system, which suggests…
Predictions for regulation in cyber market
October 14, 2022 by Alyssa DiSabatinoRegulators and governments can work with the insurance industry to develop the cyber product through data sharing and consumer education, said Celyeste Power, IBC’s executive vice president of strategic initiatives and advocacy during a Canadian Underwriter webinar. “We think governments and regulators…
Manitoba not doing enough to protect information systems: auditor
October 14, 2022 Steve Lambert - THE CANADIAN PRESSWINNIPEG – The Manitoba government needs to better protect its information systems from internal misuse and outside attacks, the provincial auditor general said Thursday. Tyson Shtykalo’s 21-page report focused on system administrators and other people with deep access to systems…