Topic Technology
Automated technology in Toronto public transit scheduled for executive committee discussion
June 21, 2016 by Canadian UnderwriterA recommendation to ask the Toronto Transit Commission to report on a plan for automated vehicle technology is on the agenda of a June 28 meeting of local politicians. The executive committee – comprised of 13 of Toronto’s city councillors…
Insurance telematics policies in force in North America expected to grow from 6.3 million in Q4 2015 to 42.1 million in 2020: report
June 21, 2016 by Canadian UnderwriterThe number of insurance telematics policies in force in North America is expected to grow at a compound annual growth rate (CAGR) of 45.8% from 6.3 million in the fourth quarter of 2015 to 42.1 million in 2020, according to…
VerticalScope, online forum operator, hacked; says it’s beefing up security
June 20, 2016 by The Canadian PressTORONTO – VerticalScope, a Toronto-based company that operates hundreds of websites and online forums, was the victim of a hacker earlier this year who stole millions of user records. “We believe that any potential breach is limited to user names,…
Aviva Canada launches Pitch Day event; Aviva Ventures investing $180 million over five years in disruptive, high potential digital startups
June 20, 2016 by Canadian UnderwriterAviva Canada announced on Monday that it will host its first-ever Pitch Day event in Toronto on Oct. 11. Aviva Canada said in a press release that Aviva Ventures is investing $180 million over the next five years in “disruptive,…
Federal government announces investment in unmanned aircraft systems range in Alberta
June 17, 2016 by Canadian UnderwriterThe Government of Canada announced on Friday an investment of $300,000 to support the development of an unmanned aircraft systems (UAS) range for training and field testing in the southeastern Alberta farming village of Foremost. Navdeep Bains, the Minister of…
Quebec and Saskatchewan join forces for carbon capture and storage technologies
June 17, 2016 by Canadian UnderwriterThe Premiers of Quebec and Saskatchewan announced on Thursday that they have agreed to accelerate the development and deployment of technologies related to carbon capture and storage (CCS). Quebec Premier Philippe Couillard (above right) and Saskatchewan Premier Brad Wall (above…
Kaspersky exposes massive underground market selling more than 70,000 hacked servers
June 17, 2016 by Canadian UnderwriterCybersecurity company Kaspersky Lab has reported that its researchers have uncovered a global forum where cybercriminals can buy and sell access to compromised servers for as little as US$6 each. The xDedic marketplace, which appears to be run by a…
Quebec’s financial services regulator creates fintech working group
June 16, 2016 by Canadian UnderwriterThe Autorité des marchés financiers (AMF), Quebec’s financial services regulator, has announced the creation of a financial technology (fintech) working group whose primary mandate is to analyze technological innovations in the sector and anticipate regulatory and consumer protection issues. “The…
Silicon Valley technology accelerator announces call for applications from insurance startups
June 16, 2016 by Canadian UnderwriterPlug and Play Tech Center, a Silicon Valley global technology accelerator and venture fund, announced on Thursday a call for applications from startups in its insurance platform. Plug and Play Insurance, which was launched in late April in partnership with…
Data breaches detection, escalation costs highest in Canada: global IBM/Ponemon report
June 16, 2016 by Canadian UnderwriterDetection and escalation costs related to data breaches were the highest in Canada and lowest in India, note findings of a new global survey released Wednesday. “The average detection and escalation costs for Canada was US$1.60. In contrast, the average…
200-year loss scenario from flood in Canada could produce insured losses of $5.7 billion: Swiss Re
June 15, 2016 by Canadian UnderwriterFlood is clearly the number one peril in Canada, with Swiss Re estimating that a “perfect storm” flood scenario would result in economic losses of $13.8 billion and insured losses of $5.7 billion. Developed using the company’s new probabilistic flood…
Photo radar, no right turn on red recommended for some Toronto streets
June 14, 2016 by Canadian UnderwriterA proposal to prohibit right turns on red lights at some Toronto intersections and to ask the Ontario government to approve “automated speed enforcement” or photo radar, is scheduled for debate next Monday at a Toronto city council committee meeting.…