Canadian Underwriter

Topic Technology

Illustration of a businessman holding a suitcase standing atop a downward line of stock
News InsurersTechnology

Why insurtech investments are down

August 22, 2022 by Alyssa DiSabatino

Insurtech investments fell by 79.6% in 2021, leading to job losses and tough economic conditions for the sector in the first half of 2022 thanks to a “combination of factors,” said GlobalData’s Deals Database.   This follows after Gallagher Re found

News BrokersEnvironmentalTechnology

Ontario cheers U.S. bill proposing EV tax credits, but still no local incentives

August 22, 2022 by Holly McKenzie-Sutter THE CANADIAN PRESS

Plans to expand a proposed U.S tax credit on electric vehicle purchases to cover North American-made cars is a boon for Ontario’s auto sector, but the province isn’t planning any buyer incentives for local drivers. Ontario’s economic development minister, Vic

Paying a ransomware demand
News ClaimsCommercialCyberOperationsTechnology

Before paying a ransom, hacked companies should consider their ethics and values

August 18, 2022 by The Canadian Press

Michael Parent, Professor, Management Information Systems, Simon Fraser University – THE CONVERSATION   The recent cyberattacks in August on Bombardier Recreational Products and the Ontario Cannabis Store highlight the continuing scourge of cyber criminals and ransomware. Ransomware is a piece

A person wearing goggles and controlling a drone in the sky
News Business InterruptionClaimsCommercialEmerging RisksInsurersLoss ControlTechnology

How tech is helping insurers mitigate equipment breakdown losses

August 17, 2022 by Alyssa DiSabatino

The use of drones has accelerated some loss control operations in equipment breakdown insurance, but there are pros and cons to using these technology advancements says Doug Laurin, Director, National Energy & Equipment Breakdown at Intact. A benefit is that

Malware detected on a computer
News ClaimsCommercialCyberOperationsTechnology

Ski-Doo maker ramping up operations after cyberattack forced suspension

August 16, 2022 by The Canadian Press

VALCOURT, Que. – BRP Inc. says it is ramping up production at four of its factories after a cyberattack brought its operations to a halt earlier this month. The Ski-Doo and Sea-Doo maker says manufacturing sites in Valcourt, Que., Sturtevant,

little boy in high grass searching for something...
News B.C.BrokersCatastrophesClaimsCommercialEmerging RisksInsurersTechnologyTrending

Why Deloitte doesn’t anticipate a soft market ‘for the next few years’

August 15, 2022 by David Gambrill

Canada’s commercial P&C insurance market may not soften “for the next few years,” said a report on the industry published by Deloitte. “While there may be products where the market becomes more competitive on new business with good claims experience,

Electric vehicle at a charging station
News Emerging RisksPersonal AutoTechnology

Unifor calls for national auto strategy, dedicated ministry to capture EV potential

August 12, 2022 by Ian Bickis - THE CANADIAN PRESS

TORONTO – Unifor is calling for a national auto strategy, and a dedicated federal government ministry to lead it, at a time of “significant and uncertain change” in the industry amid the transition to electric vehicles. The recommendations are contained

Concept of ransomware - businessman buying back data from a hacker
News CommercialCyberInsurersLoss ControlTechnology

Do your clients have enough (or any) coverage for ransomware attacks?

August 10, 2022 by Jason Contant

Businesses in Canada and the United States are increasingly concerned about how they will pay ransomware demands and more than half would like governments to cover damages when future attacks are linked to other nation states, according to a new

Concept of employee retention
News HRManagementOperationsTechnology

Where employers are having difficulty attracting and retaining talent

July 27, 2022 by Jason Contant

Attracting and retaining IT and digital talent remains the biggest challenge for companies around the world, and it’s an even bigger problem for employers than it was in 2021, according to a recent survey from WTW. IT/digital talent remains the

Digital fingerprint
News Business InterruptionClaimsCyberEmerging RisksLiabilityLoss ControlLoss TrendsRisk ManagersTechnology

Can multi-factor authentication beat smarter cybercriminals?

July 26, 2022 by Jason Contant

Multi-factor authentication (MFA) is becoming a standard requirement to obtain cyber insurance. But just as your clients are improving their insurability, cybercriminals too are designing their attacks around MFA. “It’s kind of like a game of Whack-a-Mole,” said Neal Jardine,

Cybersecurity threat to healthcare information
News ClaimsCyberNewfoundland & LabradorTechnology

At least 37,800 people affected by cyberattack last year on N.L. healthcare system

July 22, 2022 by The Canadian Press

ST. JOHN’S, N.L. – About 37,800 people in Newfoundland and Labrador have been sent privacy breach notices stemming from a cyberattack last year on the province’s healthcare system, a spokesperson with the Eastern Health authority said Thursday. The letters were

A cell phone displaying a Rogers service interruption alert
News Business InterruptionClaimsLegalLiabilityQuebecTechnology

Class action lawsuit seeks damages for Rogers network outage

July 12, 2022 by Jason Contant

Quebec law firm LPC Avocat Inc. has launched a class action lawsuit alleging misrepresentation, breach of civil liability and negligence in connection with the recent national Rogers outage. In the early morning hours of Friday, July 8, Rogers’ wireless network