Canadian Underwriter

Topic Technology

News CatastrophesMergers and AqcuisitionsTechnology

Business interruption insurance moving into IT realm: NetDiligence Cyber Risk Summit speaker

May 3, 2016 by Jason Contant, Online Editor

More and more, the conversation surrounding business interruption (BI) is moving from the physical aspect of BI to the information technology side of things, attendees to the NetDiligence Cyber Risk Summit heard on Friday. Miki Ho, senior underwriter in the

News Mergers and AqcuisitionsTechnology

Autonomous vehicles will have “whole host of impacts” on municipalities: Insurance Telematics Canada speaker

May 3, 2016 by Greg Meckbach, Associate Editor

Autonomous vehicles will “shrink” the auto insurance industry but could also increase liability risk for municipalities, speakers suggested at a recent conference in Toronto. “Over time, this is going to transform mobility and what cities look like,” said Stephen Buckley,

News LegalTechnology

Mandatory privacy breach notification will ‘probably be in force’ in late 2017: Insurance Telematics Canada speaker

May 2, 2016 by Greg Meckbach, Associate Editor

A Canada-wide regulation mandating disclosure of privacy breaches might not be in place until late 2017, an official with the Office of the Privacy Commissioner of Canada suggested Friday. In June, 2015, the Digital Privacy Act was passed into law.

News EducationMergers and AqcuisitionsTechnology

Loss of confidential information key to understanding interactions between crime and cyber coverage: conference speaker

May 2, 2016 by Jason Contant, Online Editor

The loss of confidential information can be crucial to understanding the interactions between cyber and crime coverage, attendees to the NetDiligence Cyber Risk Summit heard on Friday. Matthew Davies, assistant vice president of Chubb Insurance Company of Canada, said that

News Mergers and AqcuisitionsTechnology

Services related to telematics, not commercial vehicle itself, becoming more of a focal point

May 2, 2016 by Angela Stelmakowich

A transition is occurring in which the focus is not so much on commercial vehicles as on services, including those related to telematics, that are increasingly becoming available, Sandeep Kar, global automotive practice leader for Frost & Sullivan, suggested Friday

News EducationTechnology

Silicon Valley startup accelerator launches new insurance innovation platform

May 1, 2016 by Canadian Underwriter

The Plug and Play Tech Center, a Silicon Valley global technology accelerator and venture fund, announced that it has partnered with the world’s largest reinsurer – Munich Re – to create what it is calling the first ever accelerator program

News Mergers and AqcuisitionsTechnology

Allowing both telematics program discounts, surcharges could secure a solid future for telematics in Canada: speaker

April 30, 2016 by Angela Stelmakowich, Editor

Allowing both discounts and surcharges for all telematics programs are among the changes that could help ensure telematics has a bright future in Canada, Donald Light, director of Celent’s North America property casualty practice, suggested Thursday at Insurance Telematics Canada

News EducationLegalMergers and AqcuisitionsTechnology

Regulatory change demands that insurers show regulators using telematics data for claims management would help consumers

April 28, 2016 by Angela Stelmakowich, Editor

The Financial Services Commission of Ontario (FSCO) has drawn a line in the sand when it comes to using telematics data for claims management, but it is not a given that line will always be in place, Blair Currie, vice

News Technology

Global IT spending in insurance to grow to US$184.9 billion in 2016: Celent

April 28, 2016 by Canadian Underwriter

Global IT spending in insurance will grow to US$184.9 billion this year, according to a report released on Thursday by Celent, a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. The report, titled

News LegalTechnology

Estonian gets prison in cyberscam that infected 4M computers

April 27, 2016 by The Associated Press

NEW YORK – An Estonian businessman has been sentenced in New York to over seven years in prison for his role in a cyberscam that infected 4 million computers in over 100 countries. Vladimir Tsastsin was sentenced Tuesday by U.S.

News Mergers and AqcuisitionsTechnology

The Boiler Inspection and Insurance Company of Canada introduces coverage for invisible risks to microelectronics

April 27, 2016 by Canadian Underwriter

The Boiler Inspection and Insurance Company of Canada (HSB BI&I), part of Munich Re, announced on Wednesday the introduction of TechAdvantage – a product the company is calling the “first equipment breakdown insurance product covering undetectable physical damage to microelectronics.”

News LegalTechnology

Class action filed after privacy breach at one Ontario children’s aid office

April 26, 2016 by Michelle McQuigge - THE CANADIAN PRESS

TORONTO – An eastern Ontario children’s aid society is facing a $75 million lawsuit after a cyber attack resulted in a list of client names being stolen and shared on local Facebook groups. At least three dozen people have expressed