Much has been made of the new electronic safety tech in cars, but it doesn’t seem to be making a dent in auto insurers’ claims costs, according to a new report by Rates.ca. “You might expect that with more safety…
To the surprise of no one in the broker channel, the ongoing hard market in cyber still plays a significant role in why clients decline to buy coverage. About 40% of brokers responding to a recent CU survey selected ‘Price…
Air Canada has been ordered to uphold a policy fabricated by its AI customer chatbot in a recent Civil Resolution Tribunal (CRT) dispute. The decision is a cautionary tale for why clients need to be sure their AI chatbots…
OTTAWA – Government departments lacked adequate protections to fend off a “sophisticated and co-ordinated” cyberattack that compromised the sensitive information of tens of thousands of Canadians, the federal privacy watchdog has found. In a report tabled Thursday, privacy commissioner Philippe…
As the Toronto Public Library gradually works to restore full service following a crippling October cyberattack, experts are warning that public organizations need to find ways to bolster their ransomware defences, despite having limited resources. A few months after the…
Vendors of underwriting models need to be transparent about the models’ limitations so underwriters and actuaries can understand where these limits could come into play, a speaker said last week at the CatIQ Connect conference in Toronto. Every single data…
Professional services firm KPMG in Canada has purchased an insurance claims practice that offers income replacement benefit and related calculations, as well as commercial loss claims calculations for insurance companies and their customers. The acquisition of the claims practice of…
Brokerages in Ontario are rapidly embracing bots to automate repetitive tasks, the provincial brokerage association told Canadian Underwriter. “Like all new technology, it takes time to drive awareness and articulate value, but the adoption curve seems to have accelerated more…
Global insurtech funding dropped 43.7% year over year to the lowest level since 2018, according to a new report by Gallagher Re. Funding went from US$8.0 billion in 2022 to US$4.51 billion in 2023, according to the Global InsurTech Report. …
Consumer interest in electric vehicles (EVs) in Ontario appears to be waning as drivers raise concerns over costs and charging infrastructure, said a new survey from LowestRates.ca. While 43% of polled Ontario drivers said they were considering making an EV…
OTTAWA – Global Affairs Canada announced Tuesday it is investigating a cyberattack and data breach that has forced it to limit remote access to its networks. The department said in a statement, which confirmed earlier media reports, that early results…
With its taxi clients left in the lurch from insurer market withdrawals, one regional brokerage ventured to improve taxi fleet safety. After conducting research and leveraging data, CMB Insurance Brokers developed a loss program using telematics to ensure its clients…