Topic Technology
How brokers can keep clients’ data secure when working remotely
September 21, 2023 by Alyssa DiSabatinoBrokers may be at risk of unintentionally exposing client data or other proprietary information when they’re not working from the office. But with much of the industry doing hybrid or remote work — and showing reluctance to return to the…
How ransomware claims are trending
September 20, 2023 by Jason ContantRansomware claims have transformed from mostly third-party liability claims into first-party liability, a cyber insurance expert tells Canadian Underwriter. “It used to be third-party liability; you were concerned about monitoring credit, and somebody sues you because of a hack,” said…
Why captives will stick around after a hard market
September 20, 2023 by Alyssa DiSabatinoCanada’s P&C insurance industry is showing signs of market softening in some lines, but captives remain a viable option for commercial clients — particularly in fledgling tech industries such as cryptocurrency. Alternative risk transfer solutions have merit even when hard…
New guide published to expedite industry data exchange
September 18, 2023 by David GambrillThe Centre for the Study of Insurance Operations (CSIO) has published an implementation guide to help insurers and vendors program JSON API Standards into their systems, providing faster data exchange between brokers and insurers. CSIO today published its JavaScript Object…
Why insurers worry about clients’ crime coverage
September 15, 2023 by Alyssa Di SabatinoAs clients tighten their purse strings in anticipation of an economic downturn, they are increasingly underinsured for their crime-related losses. Crime insurers are seeing an uptick in social engineering (i.e., phishing) claims, says Katherine Gauthier, vice president of specialty solutions…
Weather Network app still can’t send alerts days after cyberattack
September 15, 2023 by Mia Rabson - THE CANADIAN PRESSOTTAWA – The Weather Network and MeteoMedia still can’t send weather alerts through push notifications from its app following a “malicious cyberattack” on Monday. But Pelmorex, the parent company of the two weather services, says the attack is not affecting…
UBI app offers quarterly price adjustments for drivers
September 14, 2023 by Jason ContantDefinity Financial Corporation has launched a usage-based insurance (UBI) product it describes as the first-ever to offer quarterly price adjustments based on recent driving scores. “We wanted to make sure drivers were able to benefit quickly from their safe driving…
What insurers pay to repair EVs
September 11, 2023 by David GambrillAlthough electric vehicles in Canada cost an average of $1,328 more to repair than vehicles with internal combustion engines (ICE), EVs are less likely to be written off as a total loss, says a Mitchell report. The cost of the…
Which clients are cyber underwriters favouring?
September 11, 2023 by David GambrillRecent loss ratio data suggests the hard market in cyber insurance has plateaued. In part, that’s due to underwriters being more discriminating about which risks they select for coverage. “Insurance companies have rightsized their books. They know which clients they…
How potholes lead to serious brain injuries for e-scooter riders
September 8, 2023 by Brittany Sinclair, B.Sc., P.Eng. 30 Forensic EngineeringEditor’s note: This is the second of a two-part series on the biomechanics of rider falls from e-scooters. Part 1 appeared Aug. 25. Road safety is directly linked to maintenance standards. In Ottawa, the city’s recommended maintenance quality standard…
4 reasons why remote work is here to stay
September 7, 2023 by Jason ContantExecutives expect both hybrid and fully remote work to keep increasing over the next five years, a new survey has found. Many CEOs are publicly gearing up for yet another return-to-office push, but privately they’re expecting hybrid and fully remote…
Which coverages will lead brokers out of the hard market?
September 5, 2023 by David GambrillFor several years, Canadian P&C insurance brokers climbed through a hard market in virtually all commercial specialty lines. Now, industry analysts have told Canadian Underwriter, that climb has plateaued in both the cyber and directors and officers (D&O) lines. “Now…