Topic
Technology
Sharing economy an opportunity for insurers, government should focus on objectives: OMIA speaker
April 1, 2016 by Angela StelmakowichRegulators would do well to resist taking a “whack-a-mole” approach to the sharing economy – something that could result in a $20 billion market in Canada within the next decade – and, instead, consider their ultimate objectives, Sunil Johal, policy…
Cyber insurance underwriters may want to consider less “absolute” questionnaires: ICRMC speaker
April 1, 2016 Jason Contant, Online EditorInsurers who underwrite cyber insurance may want to consider less “absolute” questions during their coverage questionnaires, a speaker suggested on Thursday at the 2016 International Cyber Risk Management Conference (ICRMC), held in Toronto. “I was the one that completed the…
Beazley’s data breach response insurance product now available in Canada
April 1, 2016 by Canadian UnderwriterBeazley announced Thursday it has launched its flagship breach response product in Canada, which protects the personal data of as many as five million individuals per breach. “Canada’s Digital Privacy Act, passed in 2015, will soon impose additional obligations on…
DDoS attacks now a threat to interior network applications: US test
March 31, 2016 by Canadian UnderwriterNew test research out of the United States is shedding light on emerging trends around distributed denial-of-service (DDoS), indicating related attacks are now targeting applications inside the networks of enterprise organizations. Released this week by information security research and advisory…
Second U.S. hospital in as many months becomes victim of malware attack
March 31, 2016 by Canadian UnderwriterJust over one month after the president and CEO of a hospital in Los Angeles admitted to paying about US$17,000 to hackers following a ransomware attack, another hospital in the United States has become victim of a malware attack. On…
Over-regulation of “driverless” vehicles could stifle industry, say advocates
March 30, 2016 Terry Pedwell - THE CANADIAN PRESSKANATA, Ont. – Driverless cars, trucks and buses are going to cause a major economic headache, and the federal government needs to be ready, say advocates for the country’s high tech and automotive sectors. But Ottawa also needs to tread…
IBC, Tesera Systems announce transfer agreement for bureau’s Municipal Risk Assessment Tool
March 30, 2016 by Canadian UnderwriterInsurance Bureau of Canada (IBC) has announced the intellectual property rights for its municipal risk assessment tool (MRAT) – a made-in-Canada solution to help communities be more resilient and adaptable to climate change – is being transferred to Tesera Systems…
Technology playing ever larger role in U.S. specialty lines carriers’ ability to attract and retain clients: Novarica
March 30, 2016 by Canadian UnderwriterSpecialty lines in the United States continue to be hypercompetitive, with technology playing an ever larger role in insurers’ ability to attract, retain and serve clients and brokers (agents) profitably, according to a new report from Novarica. The Business and…
IBAO president anticipates ‘bright future for brokers who are willing to change’
March 29, 2016 Greg Meckbach, Associate EditorThe insurance industry may not be known for technological innovation, but there is a future for brokers who are willing to change, speakers said Tuesday during the annual general meeting of the Insurance Brokers of Toronto Region. “The only thing…
Auto insurers face long-term challenges from self-driving cars; avoidance technologies to benefit insurers: Moody’s
March 29, 2016 by Canadian UnderwriterSelf-driving cars could translate into significantly lower premiums and profits in the long-term for auto insurers as the number of accidents declines dramatically, Moody’s Investors Service said on Tuesday. A new report from Moody’s – titled P&C Insurance – Global:…
Uncertain times highlight need for change at the CFO, finance levels: Deloitte
March 29, 2016 by Canadian UnderwriterAn increasingly uncertain business climate means finance departments have just four to five years to modernize if they are to meet the rising expectations of the organizations they serve, suggests a report issued Tuesday by Deloitte. Chief financial officers (CFOs)…
Cyber risk, interest rates, economy remain major concerns for insurers: A.M. Best
March 28, 2016 by Canadian UnderwriterConcerns regarding cyber risk, interest rates and the economy remain prominent among insurers, according to the latest quarterly survey from A.M. Best Company. The Best’s Special Report, released on Thursday, included several hundred responses, representing property and casualty (70.4%), life…