Canadian Underwriter

Topic Technology

Looking to the future
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Industry’s 2022 results won’t be as good as 2021, Definity CEO predicts 

May 13, 2022 by Jason Contant

Definity Financial Corporation president and CEO Rowan Saunders doesn’t expect the Canadian P&C insurance industry’s return on equity to remain as elevated as it was last year.  In 2021, the industry’s ROE hit 17%. The industry also recorded the lowest-ever

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News BrokersInsurersTechnology

Legacy systems create IT talent crunch for the industry

May 6, 2022 by Alyssa DiSabatino

The industry’s heavy reliance on outdated legacy systems may be holding it back from modernizing, panellists note during a Canadian Underwriter webinar — and this could be a problem for attracting IT talent.  “Legacy platforms are a big challenge for

News B.C.CatastrophesEnvironmentalTechnology

Alert Ready system expands to floods, fires in B.C., not heat domes

May 4, 2022 by The Canadian Press

VICTORIA – An automated alert system will be ready to warn British Columbians of spring flooding and summer wildfires but not yet for extreme heat, Public Safety Minister Mike Farnworth said Tuesday. Farnworth told a news conference the Alert Ready

Businessman buys data from a hacker
News ClaimsCommercialCyberEmerging RisksHRInsurersLegalTechnology

In the crosshairs: Why insurance remains a target for cybercriminals

April 27, 2022 by Jason Contant

Cybercriminals are now specifically searching for terms like ‘insurance’ when looking for data, a partner with Norton Rose Fulbright Canada LLP said during an industry event last week. “They’re not just looking for any data. They’re actually quite smarter,” says

Email cybersecurity concept
News CommercialCyberTechnology

Investigation launched into email breach at N.L. fuel company North Atlantic

April 26, 2022 by The Canadian Press

JOHN’S, N.L. – A fuel company in Newfoundland and Labrador is investigating after an employee’s email account was breached and information was downloaded from the account. A release from NARL Marketing, which operates the North Atlantic outlets across the province,

Computer security concept
News ClaimsClaims ProfessionalsCyberEmerging RisksInsurersLoss ControlLoss TrendsMGAsRisk ManagersTechnology

Why multi-factor authentication isn’t the cure-all for your client’s cyber woes

April 21, 2022 by Jason Contant

Staying one step ahead of cybercriminals seems to be a never-ending battle for insurers and insureds, cyber experts said during an industry event Wednesday. “The problem is, as we increase our cyber hygiene and become better insureds, the criminals adapt

Medical mask on a car mirror
News AlbertaInsurersNew BrunswickNova ScotiaOntarioPersonal AutoQuebecTechnology

By how much UBI use increased during the pandemic

April 20, 2022 by Jason Contant

Canadian drivers appear to be gravitating toward usage-based insurance (UBI) as the COVID-19 pandemic stretches past its second year. Since 2019, there has been a 40% increase in the number of drivers opting into UBI when filing out a car

Cybersecurity concept - hacker working on a code
News CommercialCyberTechnology

Cyberbreach at Rideau Hall was ‘sophisticated’ intrusion, internal documents reveal

April 19, 2022 by Jim Bronskill - THE CANADIAN PRESS

OTTAWA – Newly disclosed documents reveal the breach of an internal computer network at Rideau Hall was described to senior government officials as a “sophisticated cyber incident” in the days before the public was told of the security lapse. Internal

Sales tax papers on the office table
News InsurersNewfoundland & LabradorOperationsPersonal HomeTechnology

What IBC likes and dislikes about removing sales tax on home insurance

April 14, 2022 by Jason Contant

Insurance Bureau of Canada (IBC) supports one provincial government’s plan to temporarily remove retail sales tax (RST) from home insurance, but is concerned about the administrative costs associated with the move. In its 2022 budget released Apr. 7, the Government

A young man sits at a desk. He is writing on a notepad with one hand and is scrolling on his phone in the other. He sits in front of a desk with a laptop.
News BrokersTechnologyTrending

Key ways to keep up with your millennial consumers

April 12, 2022 by Alyssa DiSabatino

Millennial consumers are about twice as likely to buy insurance online, so the industry needs to make some major tech innovations to keep up with these changing expectations. More than that, communication between brokers and customers need to take a

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News Claims ProfessionalsClaims TechnologyCommercialCyberLiabilityLoss ControlPropertyTechnologyTrending

What companies prioritize over cybersecurity

April 1, 2022 by Philip Porado

Even as instances of cyberattacks grow in North America and worldwide, business leaders in charge of cybersecurity appear to be putting other priorities first, according to a recent study from cybersecurity firm Trend Micro. It found that if push came

Train derailment near Field, B.C. on Feb. 4, 2019
News B.C.ClaimsCommercialEnvironmentalLiabilityTechnology

TSB says brake failure, cold weather led to deadly train derailment

March 31, 2022 by The Canadian Press

CALGARY – An investigation into a fatal train derailment near the British Columbia-Alberta boundary has found the locomotive’s brakes failed with prolonged exposure to cold temperatures. The Transportation Safety Board of Canada on Thursday released its findings into the February