Topic
Technology
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…
4 reasons why remote work is here to stay
September 7, 2023 by Jason ContantExecutives expect both hybrid and fully remote work to keep increasing over the next five years, a new survey has found. Many CEOs are publicly gearing up for yet another return-to-office push, but privately they’re expecting hybrid and fully remote…
Canada ‘trailing partners’ on securing vital utilities and services: internal memo
September 5, 2023 Jim Bronskill - THE CANADIAN PRESSOTTAWA – A newly released federal memo concedes Canada is “trailing key international partners” who have updated their approaches to securing vital utilities and services from a growing array of risks. The Public Safety Canada memo says “new and rapidly…
Why ransomware is still a threat to your cyber clients
August 31, 2023 by Jason ContantRansomware is “almost certainly the most disruptive form of cybercrime facing Canada” because it’s pervasive and can have a serious impact on an organization’s ability to function, said a new report from the Canadian Centre for Cyber Security. However, it’s…
How artificial intelligence benefits brokers
August 31, 2023 Adam MitchellWe’ve all seen stories about AI and what programs like ChatGPT will mean for the future of work. The general consensus – for now at least – is that it won’t replace insurance brokers. But as this technology becomes more…
Regulator approves proposed ‘novel way’ of commercial insurance distribution
August 30, 2023 by Jason ContantThe Financial Services Regulatory Authority of Ontario’s (FSRA) Innovation Office has approved its first application under its test-and-learn environment — a regulatory ‘sandbox’ that allows the industry to test out new ideas, concepts and innovations. An insurance company is proposing…
Will generative AI impact your career prospects?
August 22, 2023 Philip PoradoWill generative artificial intelligence (AI) make your skill sets obsolete? If you answered yes, you have the same belief as 17% of Canadian workers recently surveyed by recruiting and business consulting firm Robert Half. Survey respondents worked in occupations ranging…