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News InsuranceLegislation / RegulationRisk

How OSFI proposes to regulate the P&C industry’s cryptocurrency risk

August 22, 2022 by David Gambrill

Canada’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

News Insurance

Victims lose $2M in cryptocurrency frauds, Vancouver police warn scams more frequent

March 22, 2021 The Canadian Press

VANCOUVER — 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

News InsuranceRiskTechnology

How not to manage risk at a cryptocurrency provider

June 21, 2019 Michael MacDonald - THE CANADIAN PRESS

HALIFAX – 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

News BrokersInsurance

How Canadian brokers can cut out the ‘middleman’ – the insurers

July 17, 2018 by David Gambrill

Canadian 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

News InsuranceLegislation / RegulationTechnology

Dozens of North American securities regulators target cryptocurrency schemes

May 23, 2018 The Canadian Press

TORONTO – 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

Feature Technology

Who’s afraid of blockchain?

March 14, 2018 Clive Bird, Account Executive, Axis Insurance Group

As 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

News Technology

Bank of England chief slams cryptocurrencies; urges action

March 2, 2018 Pan Pylas - THE ASSOCIATED PRESS

LONDON – 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

News InsuranceLegislation / Regulation

Buying Bitcoin ‘means buying risk,’ says Bank of Canada governor

December 15, 2017 Armina Ligaya and Andy Blatchford - THE CANADIAN PRESS

TORONTO – 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

News InsuranceLegalMarkets / CoveragesTechnology

Cryptojacking: the latest cyber risk

November 21, 2017 Aleksandra Sagan - THE CANADIAN PRESS

VANCOUVER – 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

News InsuranceMarkets / CoveragesTechnology

Cybercriminals capitalizing on blockchain popularity to create fraud schemes: Kaspersky

November 6, 2017 by Canadian Underwriter

Cybercriminals 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

News AssociationsInsuranceMergers and AqcuisitionsReinsuranceTechnology

ATB Financial joins R3 distributed ledger consortium

March 10, 2017 by Canadian Underwriter

ATB Financial announced Thursday that the Alberta-based financial services provider has joined the consortium of financial innovation firm R3 to design and apply distributed and shared ledger-inspired technologies to global financial markets. The company will be collaborating with more than

News InsuranceMergers and AqcuisitionsTechnology

Blockchain for enterprise applications market to reach US$19.9 billion by 2025: report

December 14, 2016 by Canadian Underwriter

The blockchain for enterprise applications market will reach US$19.9 billion by 2025, according to market intelligence firm Tractica. The Blockchain for Enterprise Applications report, released on Wednesday, said that annual revenue for enterprise applications of blockchain will increase from US$2.5