Keyword
cryptocurrency
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…
Industry input sought on new crypto-asset guidance
July 28, 2023 Philip PoradoWhile industries seldom relish regulation, Canada’s property and casualty (P&C) insurers can take solace in the knowledge that draft rules around their exposure to crypto-assets are limited. That’s because the latest Office of the Superintendent of Financial Institutions (OSFI) draft…
How OSFI proposes to regulate the P&C industry’s cryptocurrency risk
August 22, 2022 by David GambrillCanada’s solvency regulator is seeking comment on its proposed approach for regulating P&C insurers’ cryptocurrency risk exposure. In a proposed advisory to take effect in 2023 Q2, the Office of the Superintendent of Financial Institutions (OSFI) defines and categorizes two…
Victims lose $2M in cryptocurrency frauds, Vancouver police warn scams more frequent
March 22, 2021 The Canadian PressVANCOUVER — Police say cryptocurrency scams cost victims in the Vancouver-area about $2 million in just one week and investigators believe the frauds are becoming more common. Vancouver police Const. Tania Visintin says she knows of at least four active…
How not to manage risk at a cryptocurrency provider
June 21, 2019 Michael MacDonald - THE CANADIAN PRESSHALIFAX – The accounting firm investigating the unseemly demise of Canada’s QuadrigaCX cryptocurrency exchange is accusing the company’s late founder of creating fake trades and transferring customer funds into his personal accounts, where the money was used for high-risk margin…
How Canadian brokers can cut out the ‘middleman’ – the insurers
July 17, 2018 by David GambrillCanadian insurance brokerages have already made inquiries to an Estonian-based insurance company that is working on a revolutionary blockchain distribution model. Black Insurance is setting its sights on cutting out the “intermediaries” in the insurance sales process – the insurance…
Dozens of North American securities regulators target cryptocurrency schemes
May 23, 2018 The Canadian PressTORONTO – Dozens of North American securities regulators have joined forces to investigate and warn investors about cryptocurrency-related schemes. Operation Cryptosweep includes more than 40 regulators in the U.S. and Canada, including the Ontario Securities Commission, which issued a release…
Who’s afraid of blockchain?
March 14, 2018 Clive Bird, Account Executive, Axis Insurance GroupAs blockchain-related businesses flourish, they are finding a lukewarm reception in the insurance market. Regardless of the company’s coverage needs, most traditional insurers are reluctant to release capacity and often decline to offer any level of coverage. Let’s look at…
Bank of England chief slams cryptocurrencies; urges action
March 2, 2018 Pan Pylas - THE ASSOCIATED PRESSLONDON – Bank of England Governor Mark Carney on Friday launched a withering attack on cryptocurrencies such as bitcoin and urged regulators around the world to monitor them in the same way as other financial assets. In a speech to…
Buying Bitcoin ‘means buying risk,’ says Bank of Canada governor
December 15, 2017 Armina Ligaya and Andy Blatchford - THE CANADIAN PRESSTORONTO – Bank of Canada governor Stephen Poloz is sounding the alarm on Bitcoin, calling the purchase of the cryptocurrency “closer to gambling than investing.” In a speech at the Canadian Club Toronto on Thursday, the governor said Bitcoin is…
Cryptojacking: the latest cyber risk
November 21, 2017 Aleksandra Sagan - THE CANADIAN PRESSVANCOUVER – Anyone casually surfing the internet at home can be deployed as an unwittingly productive member of a hacker’s workforce, a practice known as “cryptojacking” that is on the rise. Internet sleuths have discovered malicious code on the websites…
Cybercriminals capitalizing on blockchain popularity to create fraud schemes: Kaspersky
November 6, 2017 by Canadian UnderwriterCybercriminals are capitalizing on the popularity of blockchain technology by circulating cryptocurrency-themed fraud schemes, according to cybersecurity company Kaspersky Lab’s Spam and Phishing in Q3 2017 report. “While cryptocurrency holders search for new investment opportunities and bitcoin enthusiasts look to…