Keyword
banks
Applying blockchain technology could slash US$40 billion in costs for financial services: BIS Research
July 17, 2017 by Canadian UnderwriterImplementing blockchain technology could produce hefty cost savings in the billions of dollars annually for the financial services market, suggests a new report released Friday by Minnesota-based BIS Research. Characterizing blockchain as a revolutionary development, its application “could lead to…
New cyberattack causes mass disruption globally
June 27, 2017 by Canadian UnderwriterOne month after the massive global WannaCry ransomware attack, “a new and highly virulent outbreak of malicious data-scrambling software appears to be causing mass disruption across the world, hitting companies and governments in Europe especially hard,” the Associated Press reported…
Proposal to eliminate farm insurers’ tax exemption before Senate
June 21, 2017 by Canadian UnderwriterAn omnibus bill that proposes to eliminate the tax exemption for insurers covering farming and fishing properties has been referred to a Senate committee. Currently, Section 149 of the federal Income Tax Act stipulates that an insurer is exempt from…
XL Catlin opens political risk, credit and bond insurance practice in Canada
May 30, 2017 by Canadian UnderwriterXL Catlin announced on Tuesday that it has opened its first political risk, credit and bond (PRCB) practice in Canada “to address continued demand” and appointed Marvin Azzopardi as senior underwriter. “We are very excited to open our first Canada-dedicated…
Supreme Court of Canada could hear appeal of lawsuit involving auditors’ duty of care to non-shareholder lenders
May 29, 2017 by Canadian UnderwriterCanada’s highest court will decide June 1 whether it will hear an appeal from a major auditing and accounting firm that could face a trial this fall in a class action lawsuit filed by several banks over the bankruptcy in…
Insurance-related M&A activity explodes, insurance company moves in Canada high: OPTIS Partners
April 13, 2017 by Canadian UnderwriterOPTIS Partners has likened recent mergers and acquisitions (M&A) activity among U.S. and Canadian agencies selling p&c insurance and employee benefits to an explosion, with the 178 reported transactions in 2017 Q1 dwarfing the 115 deals in the prior-year quarter.…
More action needed to better prepare for earthquake in Canada: Scotti
April 6, 2017 by Angela StelmakowichCanada would be well-advised to take a cue from other nations and do more to establish partnerships and requirements that better protect property owners in the event of an earthquake, says Veronica Scotti, president and CEO of Swiss Re Canada.…
Kaspersky finds “invisible” cyberattacks in 40 countries using legitimate software
February 10, 2017 by Canadian UnderwriterGlobal cybersecurity company Kaspersky Lab has reported that it has found “invisible” cyberattacks in 40 countries, attacks that are using only legitimate software. The series of targeted attacks use “widely available penetration-testing and administration tools, as well as the PowerShell…
New transaction laundering detection service released by Trustwave
January 9, 2017 by Canadian UnderwriterTrustwave has expanded its suite of merchant risk management services with the release of a transaction laundering detection (TLD) service designed to helping with monitoring and managing associated risk. The product is designed for acquiring banks, payment processors, payment gateways…
Supreme Court of Canada rules banks not prohibited by PIPEDA from disclosing mortgage statements to creditors trying to seize property
November 17, 2016 by Canadian UnderwriterA bank holding a mortgage on property that a creditor is attempting to seize from the property owner is not precluded, by the Personal Information Protection and Electronic Documents Act, from disclosing the mortgage discharge statement to the creditor, the…
Insurers have untapped opportunity to transform into solutions providers, not just sellers: consumers
September 20, 2016 by Canadian UnderwriterAlmost three-quarters of consumers taking part in a Bain & Company Inc. survey say they would value a platform for providing services well beyond insurance coverage, opening the door for insurers to transform themselves from just sellers into solutions providers.…
Lost or stolen devices account for one-quarter of breaches in U.S. financial services sector: study
September 1, 2016 by Canadian UnderwriterLost or stolen devices accounted for one in four breaches in the financial services sector in the United States, according to a recent study from Bitglass, a total data protection company based in Campbell, Calif. The Silicon Valley cloud access…