Canadian Underwriter

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News InsuranceLegislation / RegulationMarkets / CoveragesTechnology

The preferred way to transfer risk of automated cars: Travelers

July 22, 2018 by Jason Contant

The public policy division of Travelers is recommending that a “clear risk transfer mechanism” be in place to adapt auto insurance for autonomous vehicles. “While there has not been widespread attention paid to how liability and compensation will be addressed as

News InsuranceTechnology

Winter tire claims statistics took biggest insurer by surprise

July 22, 2018 by Greg Meckbach

When Intact started giving discounts on auto insurance to people with winter tires, the result appeared to be counter-intuitive. Motorists insured by Intact who reported having winter tires installed “were having worse loss ratios” than those driving in the winter

News LegalTechnology

Cyber tip to keep your large retailer clients secure

July 22, 2018 by Greg Meckbach

Computer systems that many retailers use to accept payment and manage inventory can pose a liability risk if they store credit card numbers, and the “ultimate” solution could be expensive. Many “point-of-sale” systems are installed on computers running Microsoft Corp.’s

News ClaimsInsuranceRestorationTechnology

How drone technology is transforming roofing claims

July 19, 2018 by Jason Contant

With the increasing number of catastrophes across the country, there is general consensus in the industry that resources are stretched thin. “The industry has a finite number of roofing companies, adjusters and estimators and to gear up to handle many

News InsuranceLegalTechnology

Fake abduction, Bitcoin ransom latest criminal tactics: RCMP

July 19, 2018 The Canadian Press

RICHMOND, B.C. – Mounties in Richmond, B.C., say it appears criminals have added Bitcoin ransom to the growing list of manoeuvres to swindle money from unsuspecting victims. Officers responded to a report of an abduction on July 16 where a

News InsuranceMarkets / CoveragesTechnology

Top 10 Canadian insurer partners with Slice for new digital brand

July 18, 2018 by Jason Contant

The Co-operators and insurtech Slice Labs announced Wednesday a partnership to allow the insurer to launch a new digital insurance brand in Canada. The first product – underwritten by The Co-operators – will be a pay-per-use homeshare offering under the brand

News ClaimsInsuranceMarkets / CoveragesTechnology

How a $395 gadget can prevent a $43,000 flood claim

July 16, 2018 by David Gambrill

Amid a wave of sump pumps, backwater valves and other methods designed to keep home basements dry comes a new, simple way to mitigate flood risk – an e-sensor. George Tsintzouras, CEO and co-founder of Canadian water tech company Alert

News CatastrophesClaimsInsuranceTechnology

Cyber catastrophe bonds: Coming soon?

July 13, 2018 by Greg Meckbach

With computer security incidents causing business interruption and privacy breaches, there is a “very real possibility” that a catastrophe bond covering cyber risk might be available, the head of a cyber risk modelling vendor predicts. Catastrophe bonds are a form

News BrokersInsuranceTechnology

How blockchain will help brokers bypass traditional insurers

July 12, 2018 by David Gambrill

Vancouver-based Fineqia International Inc. has taken an equity allocation in Black Insurance, a Tallinn, Estonia-based digital insurance startup on the blockchain that has set its sights on creating a direct investor-to-broker relationship, bypassing the need for a traditional insurance company.

News Markets / CoveragesTechnology

Why fully automated cars are a lot further away than you think

July 8, 2018 by Jason Contant

Don’t hold your breath waiting for the first fully autonomous car to hit the streets anytime soon. Car manufacturers have projected for years that we might have fully automated cars on the roads by 2018. But for all the hype that

News InsuranceMarkets / CoveragesTechnology

How to explore an untapped market in identity fraud protection

July 5, 2018 by Jason Contant

While the majority of polled Canadians (86%) believe they are increasingly at risk of identity fraud, only about one-quarter have identity fraud protection, a recent survey has found. Conducted on behalf of Vancouver-based fintech company Mogo, the survey polled 1,514

News InsuranceMergers and AqcuisitionsTechnology

Quebec insurance IT provider V-NEO acquired by German-based tech company

July 3, 2018 by David Gambrill

German-based tech provider GFT Technologies SE (GFT) has acquired V-NEO Inc. (V-NEO), a Quebec-based IT provider to the Canadian property and casualty insurance industry. Founded in 2011, V-NEO has acted as a service partner for the P&C insurance Guidewire platform.