Topic Technology
Global insurance telematics market expected to grow to US$2.21 billion in 2020 from US$857.2 million in 2015
April 5, 2016 by Canadian UnderwriterThe global insurance telematics market size is expected to grow from US$857.2 million in 2015 to US$2.21 billion in 2020, at a compound annual growth rate (CAGR) of 20.9%, according to a report by ReportLinker, a market research technology company…
Aon to launch new global reinsurer trading platform
April 5, 2016 by Canadian UnderwriterAon Benfield will launch its new global reinsurer trading platform Apr. 11, a move meant to enhance placements with real-time data when ABConnect Placements goes live for July 1 treaty placements, the global reinsurance intermediary and capital advisor of Aon…
Cyber risk data ‘not all that robust,’ Willis Re speaker tells ICRMC
April 4, 2016 by Greg Meckbach, Associate EditorCyber insurance has evolved considerably since 1999 but commercial insurers lack standardization in cyber policies and there is not a lot of data available for underwriters, a speaker suggested at a recent conference. For cyber risk, “the data is not…
Peace Hills Insurance launches CSIO eDelivery, obtains certification
April 4, 2016 by Canadian UnderwriterWestern Canadian insurer Peace Hills Insurance has implemented eDelivery, enabling the electronic transmission of personal lines policy documents directly to consumers’ Canada Post epost digital mailboxes in place of traditional mail, the Centre for Study of Insurance Operations (CSIO) said…
Third-party service providers can be ‘hornets nest’ in cyber security: ICRMC speaker
April 2, 2016 by Greg Meckbach, Associate EditorContracts with information technology service providers can be critical in managing risk from cyber incidents, and third-party providers need to be involved in exercising contingency plans for cyber breaches, speakers suggested Friday at the 2016 International Cyber Risk Management Conference…
Sharing economy an opportunity for insurers, government should focus on objectives: OMIA speaker
April 1, 2016 by Angela StelmakowichRegulators would do well to resist taking a “whack-a-mole” approach to the sharing economy – something that could result in a $20 billion market in Canada within the next decade – and, instead, consider their ultimate objectives, Sunil Johal, policy…
Cyber insurance underwriters may want to consider less “absolute” questionnaires: ICRMC speaker
April 1, 2016 by Jason Contant, Online EditorInsurers who underwrite cyber insurance may want to consider less “absolute” questions during their coverage questionnaires, a speaker suggested on Thursday at the 2016 International Cyber Risk Management Conference (ICRMC), held in Toronto. “I was the one that completed the…
Beazley’s data breach response insurance product now available in Canada
April 1, 2016 by Canadian UnderwriterBeazley announced Thursday it has launched its flagship breach response product in Canada, which protects the personal data of as many as five million individuals per breach. “Canada’s Digital Privacy Act, passed in 2015, will soon impose additional obligations on…
DDoS attacks now a threat to interior network applications: US test
March 31, 2016 by Canadian UnderwriterNew test research out of the United States is shedding light on emerging trends around distributed denial-of-service (DDoS), indicating related attacks are now targeting applications inside the networks of enterprise organizations. Released this week by information security research and advisory…
Second U.S. hospital in as many months becomes victim of malware attack
March 31, 2016 by Canadian UnderwriterJust over one month after the president and CEO of a hospital in Los Angeles admitted to paying about US$17,000 to hackers following a ransomware attack, another hospital in the United States has become victim of a malware attack. On…
Over-regulation of “driverless” vehicles could stifle industry, say advocates
March 30, 2016 by Terry Pedwell - THE CANADIAN PRESSKANATA, Ont. – Driverless cars, trucks and buses are going to cause a major economic headache, and the federal government needs to be ready, say advocates for the country’s high tech and automotive sectors. But Ottawa also needs to tread…
IBC, Tesera Systems announce transfer agreement for bureau’s Municipal Risk Assessment Tool
March 30, 2016 by Canadian UnderwriterInsurance Bureau of Canada (IBC) has announced the intellectual property rights for its municipal risk assessment tool (MRAT) – a made-in-Canada solution to help communities be more resilient and adaptable to climate change – is being transferred to Tesera Systems…