Canadian Underwriter

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Technology


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Augmented and virtual reality poised to impact insurance industry: Novarica

August 29, 2017 by Canadian Underwriter

Augmented and virtual reality each boast considerable potential for impact within the insurance industry, with implications spanning risk mitigation, improved efficiency and loss ratios and enhanced customer service, Novarica said in a new executive brief. While their effect will be

News InsuranceMarkets / CoveragesMergers and AqcuisitionsTechnology

EY polls Canadian oil & gas refinery operators on equipment failure

August 28, 2017 by Canadian Underwriter

Some operators of Canadian oil and gas upgraders and refiners are delaying scheduled maintenance due to budget cuts and there is a heightened risk of equipment failure, especially with valves and pumps, Ernst & Young LLP suggested in a recent

News InsuranceMarkets / CoveragesTechnology

Worldwide wearable device sales to grow 16.7% in 2017 to 310.4 million units: Gartner

August 28, 2017 by Canadian Underwriter

Research and advisory company Gartner, Inc. is forecasting that 310.4 million wearable devices will be sold in 2017, a 16.7% increase from last year. Sales of wearable devices – including smartwatches, fitness trackers and other smart devices – will generate

News AssociationsCatastrophesInsuranceMergers and AqcuisitionsTechnology

Harvey creating life-threatening flooding in southeastern Texas, early damage estimate up to US$2 billion

August 28, 2017 by Canadian Underwriter

Catastrophic and life-threatening flooding persisted over parts of southeastern Texas as of early Monday morning despite Harvey being downgraded from an anticipated Category 3 hurricane to a tropical storm. “Do not attempt to travel in the affected areas if you

News InsuranceMarkets / CoveragesTechnology

55% of poll respondents will not ride in a fully autonomous vehicle, Gartner survey finds

August 26, 2017 by Canadian Underwriter

An online survey from research and advisory company Gartner, Inc. has found that 55% of polled respondents “will not consider riding in a fully autonomous vehicle.” The Gartner Consumer Trends in Automotive survey polled 1,519 people in the United States

News InsuranceLegalLegislation / RegulationMergers and AqcuisitionsTechnology

Volkswagen engineer gets prison, $200,000 fine in diesel scandal

August 25, 2017 The Associated Press

DETROIT – A Volkswagen engineer who had a key role in the company’s diesel emissions scandal was sentenced Friday to more than three years in prison and a $200,000 fine, a steeper punishment than prosecutors requested. Robert Liang, 63, knew the German automaker was cheating and worked to cover it up, U.S. District Court Judge Sean Cox said during the sentencing hearing in Detroit. The judge imposed a 40-month prison sentence.
“The conspiracy perpetrated a massive … and stunning fraud on the American consumer that attacked and destroyed…

News InsuranceMarkets / CoveragesMergers and AqcuisitionsTechnology

83% of polled organizations had standalone cyber insurance policies: 2017 RIMS Cyber Survey

August 24, 2017 by Canadian Underwriter

Organizations with standalone cyber insurance policies increased three points from 2016 to 83%, according to the 2017 RIMS Cyber Survey. “Risk professionals’ continued to show confidence in standalone cyber insurance policies as the number of practitioners who purchased the coverage

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Home telematics startup Roost closes second round of funding with investments from Desjardins Insurance and Aviva Ventures

August 23, 2017 by Canadian Underwriter

Roost, a U.S.-based innovator in smart home telematics for the insurance industry, announced on Wednesday it has closed its second round of funding with US$10.4 million in investments from three companies, including Desjardins Insurance. The US$10.4 million Series B funding includes strategic investments from three companies, led by Aviva Ventures, with participation from Desjardins Insurance and Fosun RZ Capital in China, noted information from Sunnyvale, Calif.-headquartered Roost. Existing investors also participated in the round, bringing total funding to date to US$17 million.…

News ConstructionEarnings / RatingsInsuranceMarkets / CoveragesMergers and AqcuisitionsTechnology

Cyber market ‘softer than ever,’ commercial property, general liability rates down in U.S. in Q2: CIAB

August 23, 2017 by Canadian Underwriter

Responses from brokers surveyed indicate commercial property insurance rates in the United States dropped an average of 3.6% during the three months ending June 30, with average premium pricing down 1.44% in cyber, in a market that is “softer than

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Collaboration leads to milestone achievement to define data exchange standards between companies, brokers

August 23, 2017 by Canadian Underwriter

The long-standing objective of standardized real-time data exchange between insurance brokers and companies has taken a big step forward with Tuesday’s announcement that initial testing of the process has been successfully completed. A team of players in Canada’s p&c insurance

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Ironshore establishes computer emergency response team to help policyholders with cyber response

August 22, 2017 by Canadian Underwriter

New York-based Ironshore Inc. is taking steps to help manage cyber claims for all in-force policies, regardless of line, with the launch of a dedicated computer response team. Comprised of cyber claims co-ordinators representing each of the insurer’s specialty lines

News InsuranceLegislation / RegulationProductsTechnology

Worldwide spending on IT security products and services to reach US$86.4 billion in 2017: Gartner

August 22, 2017 by Canadian Underwriter

Worldwide spending on information technology security products and services will reach US$86.4 billion in 2017, an increase of 7% over 2016, according to the latest forecast from Gartner, Inc.
Spending is expected to continue its growth to US$93 billion in 2018, the Stamford, Conn.-based research and advisory company said in a press release last week.
Within the infrastructure protection segment, Gartner forecasts fast growth in the security testing market (albeit from a small base) due to continued data breaches and growing demands for application security testing as part of…