Topic Technology
Northwest Territories government spent $716,000 to address cybersecurity breach
April 13, 2023 by The Canadian PressYELLOWKNIFE – The Northwest Territories government says it spent $716,000 to address a cyberattack in November. It says it signed two work orders under existing contracts to help with containment, investigation and response efforts. The territory says the cybersecurity threat…
Why Canadian drivers are increasingly turning to UBI
April 11, 2023 by Jason ContantCanadian drivers are increasingly turning to usage-based insurance (UBI), particularly since the beginning of 2023, new data from rate aggregator RatesDotCa found. Quotes for UBI from the rate comparison site were up 18.22% year-over-year, RatesDotCa said Mar. 31. The data…
How underwriters are tackling cyber exposure in D&O policies
April 6, 2023 by Jason ContantUnderwriters are starting to address cyber exposure in directors and officers (D&O) policies, an insurtech told delegates at the NetDiligence Cyber Risk Summit in Toronto. “What we’re seeing is mandatory cybersecurity exposure questions on D&O submissions,” said Ben Davis, team…
One simple question your cyber clients can’t answer
April 4, 2023 by Jason ContantYour cyber clients likely don’t know the answer to basic questions such as what is being done on a particular server, or even how many computer servers the company has, an expert from a cyber response and recovery firm said…
Why cyber tracking technology litigation could be coming to Canada
March 31, 2023 by Alyssa DiSabatinoInsurers can expect pixel liability to “rear its ugly head” in Canada after recent litigation in the U.S., a lawyer at the NetDiligence Cyber Risk Summit said. Especially as one Canadian home improvement company has been deemed by the…
How insurers are deliberately addressing silent cyber
March 30, 2023 by Jason ContantCyber insurers are now deliberately addressing silent cyber coverage in insurance policies, a Marsh executive said Wednesday at NetDiligence’s Cyber Risk Summit in Toronto. “With property [insurance policies]…I’m not seeing silent cyber anymore. I’m seeing very purposeful underwriting,” Karen Continenza,…
Why brokers say APIs must reach critical mass
March 27, 2023 by David GambrillFor the long-sought application programming interface (API) tech solution to truly benefit the P&C insurance process, brokers stress, it’s important to reach critical mass. Without that, APIs wind up being just one more of many solutions brokers must incorporate into…
Facility’s newest approach for cracking down on trucker misrepresentations
March 22, 2023 by Alyssa DiSabatinoFacility Association (FA) is implementing a telematics program in Alberta that will collect geographic information on its participants to help ensure their premiums accurately reflect their risk. The programs allows FA the side-benefit of seeing who’s misrepresenting where they’re headquartered…
Can cyber coverage recover from past high loss ratios?
March 20, 2023 by Jason ContantThe Canadian cyber market in general has suffered some “pretty bad loss ratios in the last couple of years,” said Jack Bottomley, senior consultant for cybersecurity with KPMG in Canada. Not long ago, the industry saw its cyber loss ratio…
What’s new with API links between broker and carrier systems?
March 17, 2023 by David GambrillBefore the pandemic, brokers started work on a breakthrough application programming interface (API) tech solution, designed to improve communication between a broker BMS and insurance companies’ back-end systems. Where do we stand on this project to date? It’s been a…
How to make a profit on cyber coverage
March 16, 2023 by Jason ContantHow does the industry make cyber insurance a viable and profitable line of business going forward? “I would say cyber is a viable and profitable business line,” said Neal Jardine, global cyber risk intelligence and claims director with Boxx Insurance. “I…
Direct bringing competition to small-business space
March 15, 2023 by Philip PoradoDirect writer TD Insurance has launched TD Insurance for Business, which will offer commercial property, commercial auto for business vehicles and commercial general liability coverage to Canadian small businesses. Coverage will initially be available in Ontario, followed by other provinces, according…