Canadian Underwriter

Topic
Technology


News InsuranceMarkets / CoveragesTechnology

Cybercrime drains US$11.7 million per business annually, up 62% in five years, study finds

September 29, 2017 by Canadian Underwriter

The average cost of cybercrime globally climbed to US$11.7 million per organization, a 23% increase from US$9.5 million reported in 2016, according to new research from Accenture and the Ponemon Institute. The year-over-year increase also represents a “staggering” 62% increase

News InsuranceLegalMarkets / CoveragesTechnology

ICBC issues warning on text message scam

September 29, 2017 by Canadian Underwriter

The Insurance Corporation of British Columbia (ICBC) is warning customers to delete any text messages purporting to be sent from the insurer, after “a number” of customers reported to have received these texts over the last 24 hours. ICBC reported

News InsuranceMarkets / CoveragesTechnology

Shifting liability related to autonomous vehicles among challenges for risk managers: RIMS speaker

September 29, 2017 Jason Contant, Online Editor

Shifting liability and “the period of intersection” between conventional vehicles and fully autonomous vehicles (AVs) will be among the challenges facing risk managers in the future, attendees to the RIMS Canada Conference heard earlier this week. Consider “public road liability”

News InsuranceLegislation / RegulationMarkets / CoveragesTechnology

Global cyber premiums to increase six- to eightfold within a decade: Fitch

September 28, 2017 by Canadian Underwriter

Global cyber premium volume is set to increase six- to eightfold within a decade, according to a new report from Fitch Ratings. Released on Wednesday, the report Cyber Insurance – Risks and Opportunities (Global Non-Life Insurer Underwriting Exposures Examined) found

News InsuranceMarkets / CoveragesTechnology

Nearly one-half of Canadian SMB employees believe their company is at risk of cyberattack: survey

September 27, 2017 by Canadian Underwriter

Nearly one-half (46%) of Canadian small- and medium-sized businesses (SMBs) believe that their organization is at risk of experiencing a cyberattack, according to a new survey from Internet security company ESET Canada. The research, commissioned by ESET Canada and conducted

News InsuranceMarkets / CoveragesTechnology

City of Toronto examining impact of automated vehicles on internal departments: RIMS conference speaker

September 27, 2017 Jason Contant, Online Editor

The City of Toronto is taking an all-encompassing approach to automated vehicles by examining their potential impact on a variety of city departments, attendees to the RIMS Canada Conference heard on Monday. AVs could impact taxi regulations, employment, social services,

News InsuranceMarkets / CoveragesMergers and AqcuisitionsProductsTechnology

belairdirect launches app to reward good drivers in Alberta and B.C.

September 27, 2017 by Canadian Underwriter

belairdirect announced on Tuesday that it is launching a new app to help reward good drivers in Alberta and British Columbia. The automerit app assesses customers’ driving skills, helping them save on their insurance premiums through a discount, while providing

News InsuranceMergers and AqcuisitionsTechnology

Fully online aha insurance launches auto insurance for Ontario market, home insurance “coming soon”

September 26, 2017 by Canadian Underwriter

Waterloo, Ont.-based Ignite Insurance and Ignite Holdings announced on Monday that aha insurance – the online auto and home insurance service – “is available today for the auto insurance market and, coming soon, the home insurance market in Ontario.” aha

News InsuranceLegislation / RegulationMarkets / CoveragesTechnology

Autonomous vehicles will require a reassessment of liability: RIMS Canada Conference speaker

September 26, 2017 Jason Contant, Online Editor

Autonomous vehicle (AV) technology will require a reassessment of liability and the uncertainty surrounding liability may even slow the introduction of AV technology, a speaker suggested on Monday at the RIMS Canada Conference. Jim Kidd, project manager at the City

News InsuranceLegalMergers and AqcuisitionsTechnology

Cyber attacks could include ‘extorting a security guard to look the other way,’ RIMS Canada speaker warns

September 25, 2017 Greg Meckbach, Associate Editor

Cyber extortion can take several different forms, including attempts to blackmail employees into giving away sensitive information, and different insurers have different cyber policy wordings to deal with extortion, RIMS Canada Conference speakers suggested Monday. In addition to “plain Jane

News InsuranceLegalMergers and AqcuisitionsTechnology

Deloitte says email cyberattack affected ‘very few clients’

September 25, 2017 The Associated Press (APR)

LONDON – Accounting firm Deloitte says it has launched a thorough investigation into a cyberattack that hit its email system. The company said in a statement Monday that the breach had affected “very few clients” and that government authorities were

News InsuranceMergers and AqcuisitionsProfessional DevelopmentTechnology

AIG changes organizational structure, adds “standalone technology platform”

September 25, 2017 by Canadian Underwriter

American International Group, Inc. (AIG) announced on Monday that it will transition to General Insurance and Life & Retirement segments, as well as a new “standalone, technology-enabled platform.” AIG said in a statement that it is planning to make changes