Topic Technology
Autonomous vehicles will have “whole host of impacts” on municipalities: Insurance Telematics Canada speaker
May 3, 2016 by Greg Meckbach, Associate EditorAutonomous 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,…
Mandatory privacy breach notification will ‘probably be in force’ in late 2017: Insurance Telematics Canada speaker
May 2, 2016 by Greg Meckbach, Associate EditorA 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.…
Loss of confidential information key to understanding interactions between crime and cyber coverage: conference speaker
May 2, 2016 by Jason Contant, Online EditorThe 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…
Services related to telematics, not commercial vehicle itself, becoming more of a focal point
May 2, 2016 by Angela StelmakowichA 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…
Silicon Valley startup accelerator launches new insurance innovation platform
May 1, 2016 by Canadian UnderwriterThe 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…
Allowing both telematics program discounts, surcharges could secure a solid future for telematics in Canada: speaker
April 30, 2016 by Angela Stelmakowich, EditorAllowing 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…
Regulatory change demands that insurers show regulators using telematics data for claims management would help consumers
April 28, 2016 by Angela Stelmakowich, EditorThe 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…
Global IT spending in insurance to grow to US$184.9 billion in 2016: Celent
April 28, 2016 by Canadian UnderwriterGlobal 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…
Estonian gets prison in cyberscam that infected 4M computers
April 27, 2016 by The Associated PressNEW 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.…
The Boiler Inspection and Insurance Company of Canada introduces coverage for invisible risks to microelectronics
April 27, 2016 by Canadian UnderwriterThe 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.”…
Class action filed after privacy breach at one Ontario children’s aid office
April 26, 2016 by Michelle McQuigge - THE CANADIAN PRESSTORONTO – 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…
Worldwide IoT security spending to reach US$348 million in 2016, up 23.7% from 2015: Gartner
April 26, 2016 by Canadian UnderwriterWorldwide spending on security related to the Internet of Things (IoT) will reach US$348 million in 2016, a 23.7% increase from 2015 spending of US$281.5 million, according to Gartner, Inc. Gartner, an information technology research and advisory company based in…