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Plans for self-driving cars have pitfall: the human brain

July 19, 2016 Joan Lowy - THE ASSOCIATED PRESS

WASHINGTON – Experts say the development of self-driving cars over the coming decade depends on an unreliable assumption by many automakers: that the humans in them will be ready to step in and take control if the car’s systems fail.

News InsuranceMergers and AqcuisitionsTechnology

Most companies unprepared for emergence of autonomous vehicles: Munich Re survey

July 19, 2016 by Canadian Underwriter

Most companies are unprepared for the emergence of autonomous vehicles (AVs), with 64% of polled risk managers saying that their companies have done nothing to prepare for the emergence of these vehicles in the auto market, according to a Munich

News InsuranceMergers and AqcuisitionsProfessional DevelopmentTechnology

Cyberattacks costing U.S. businesses US$3.5 million annually, 79% of businesses lack strategies to manage these risks: Ponemon Institute

July 18, 2016 by Canadian Underwriter

External cyberattacks are costing businesses in the United States about US$3.5 million in incurred annual costs, with 79% of polled businesses lacking comprehensive strategies to manage these risks, according to a new Ponemon Institute study sponsored by BrandProtect. Despite acute

News InsuranceMergers and AqcuisitionsTechnology

Posting vacation plans, pictures could put polled Quebecers’ home security at risk: Allstate Canada

July 18, 2016 by Canadian Underwriter

Informing everyone via social media just how great a vacation is or is going to be could be putting Canadians’ largest investments – their homes – at risk of breaches in home security, notes a new survey issued Monday by

News CatastrophesClimate ChangeEarnings / RatingsInsuranceTechnology

Endurance’s estimated financial impact of several Cat events in 2016 Q2, including Alberta wildfires, is US$55.5 million

July 15, 2016 by Canadian Underwriter

Bermuda-based Endurance Specialty Holdings Ltd. reported Thursday that the company’s initial estimated net negative financial impact of several catastrophic events in 2016 Q2, including the wildfires in Alberta, is US$55.5 million. The events included in the initial estimate include the

News Earnings / RatingsInsuranceTechnology

Persisting low interest rates, regulatory cost concerns expected to result in lower returns: U.S. insurers

July 15, 2016 by Canadian Underwriter

About three-quarters of polled insurers south of the border “have lowered their target return-on-equity expectations to 10% or lower,” notes a new special report released Thursday by A.M. Best. The lowered expectations are “a reflection of highly competitive market conditions

News InsuranceMergers and AqcuisitionsTechnology

Flight-following software ‘not used as intended’ as airplane hit by severe turbulence in thunderstorm: TSB

July 13, 2016 by Canadian Underwriter

The Transportation Safety Board of Canada recently released an investigation report into a severe turbulence incident in southwestern Ontario, in which the crew of an American airline flew into a line of thunderstorms, temporarily lost control of their airplane and

News Climate ChangeInsuranceTechnology

Ontario to build almost 500 electric charging stations across the province to help reduce greenhouse gas pollution and fight climate change

July 13, 2016 by Canadian Underwriter

Ontario is building nearly 500 electric charging stations at more than 250 locations across the province in a bid to help reduce greenhouse gas pollution and fight climate change, the provincial Ministry of Transportation (MTO) said on Wednesday. The ministry

News InsuranceMarkets / CoveragesTechnology

U.S. telematics, UBI face market limits, value-added services may be key to growth: Novarica

July 13, 2016 by Canadian Underwriter

A focus on services-based programs, and not discounts, will be a crucial differentiator for telematics and usage-based insurance (UBI) in the United States as insurers look to increase customer adoption and market growth, research and advisory firm Novarica said in

News Mergers and AqcuisitionsTechnology

Vulnerability allows printer watering hole attacks to spread malware: Vectra Networks

July 13, 2016 by Canadian Underwriter

Researchers at the Vectra Threat Labs have discovered a critical vulnerability in Microsoft Windows that enables attackers to gain system-level control over computers via infected or fake printer drivers to spread malware. “The vulnerability stems from a Windows process that

News InsuranceLegalMergers and AqcuisitionsTechnology

Feds seek Autopilot data from Tesla in crash probe

July 13, 2016 Tom Krisher - THE ASSOCIATED PRESS

DETROIT – Federal safety investigators are asking electric car maker Tesla Motors for details on how its Autopilot system works and why it failed to detect a tractor trailer that crossed its path in a Florida crash. The National Highway

News CatastrophesInsuranceMergers and AqcuisitionsTechnology

Impact Forecasting launches new cat modelling platform, including new flood models for Canada

July 12, 2016 by Canadian Underwriter

Impact Forecasting announced on Tuesday that it has launched ELEMENTS 10, its complete catastrophe modelling platform, which includes new flood models for Canada. ELEMENTS 10 offers the ability to run insurers’ own or third-party model, plus access to new flood