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Passage of U.S. flood insurance bill would boost development of private market: A.M. Best

May 27, 2016 by Canadian Underwriter

Insurance rating firm A.M. Best Company said on Thursday that it believes that pending legislation that would encourage more private insurers to write flood insurance in the United States would be a positive development for the current flood insurance marketplace

News InsuranceLegalLegislation / Regulation

Trans Pacific Partnership makes it “quite likely” that Canadians’ confidential data would be subject to US Patriot Act: MP

May 17, 2016 by Canadian Underwriter

A provision in the Trans Pacific Partnership trade agreement, which Canada has signed but not ratified, makes it “quite likely” that banking information could be “accessible to American security intelligence agencies,” a federal member of parliament recently suggested. The TPP

News InsuranceTechnology

Analyzing new sources of data can help insurers create direct link with customers: speaker

May 13, 2016 by Angela Stelmakowich

Insurers that collect and analyze new data sources – including from sensors – could create direct links with customers, without the need for intermediaries, and promote enhanced personalization, Steve LaValle, a principal at Ernst & Young (EY), suggested during an

News InsuranceMergers and AqcuisitionsProfessional Development

Canadian, U.S. insurance agency mergers and acquisitions in Q1 breaks record, OPTIS Partners’ report reveals

May 12, 2016 by Canadian Underwriter

Insurance agency mergers and acquisitions in Canada and the United States hit an all-time high for the first quarter of the year, with 109 reported transactions in the first three months of 2016, according to OPTIS Partners’ M&A database. The

News InsuranceMergers and AqcuisitionsTechnology

Global market for business services using drones valued at more than US$127 billion: PwC

May 11, 2016 by Canadian Underwriter

The emerging global market for business services using drones is valued at more than US$127 billion, according to a report released earlier this week by PricewaterhouseCoopers (PwC). The “drone revolution” is disrupting industries ranging from agriculture to filmmaking, PwC said

News InsuranceProfessional DevelopmentTechnology

IBM to teach Watson computer system “language of cybersecurity”

May 10, 2016 by Canadian Underwriter

IBM Security has announced that eight universities – including three in Canada – will help train its Watson computer system on the “language of security” as part of a year-long research project. Watson for Cyber Security, a new cloud-based version

News InsuranceMarkets / CoveragesMergers and AqcuisitionsTechnology

Services related to telematics, not commercial vehicle itself, becoming more of a focal point

May 2, 2016 by Angela Stelmakowich

A transition is occurring in which the focus is not so much on commercial vehicles as on services, including those related to telematics, that are increasingly becoming available, Sandeep Kar, global automotive practice leader for Frost & Sullivan, suggested Friday

News InsuranceMergers and AqcuisitionsTechnology

Allowing both telematics program discounts, surcharges could secure a solid future for telematics in Canada: speaker

April 30, 2016 Angela Stelmakowich, Editor

Allowing both discounts and surcharges for all telematics programs are among the changes that could help ensure telematics has a bright future in Canada, Donald Light, director of Celent’s North America property casualty practice, suggested Thursday at Insurance Telematics Canada

News InsuranceLegalTechnology

Class action filed after privacy breach at one Ontario children’s aid office

April 26, 2016 Michelle McQuigge - THE CANADIAN PRESS

TORONTO – An eastern Ontario children’s aid society is facing a $75 million lawsuit after a cyber attack resulted in a list of client names being stolen and shared on local Facebook groups. At least three dozen people have expressed

News InsuranceLegalMergers and Aqcuisitions

Vaughan, Ontario man charged following $63,000 insurance fraud investigation

April 12, 2016 by Canadian Underwriter

Just days after the York Regional Police (YRP) announced that they have laid charges in connection with an alleged staged collision in the Township of King, Ont., police said on Monday that they have charged a 36-year-old Vaughan man in

News Earnings / RatingsInsuranceLegalMarkets / CoveragesMergers and Aqcuisitions

ISO to collect cyber insurance data to help mitigate risk related to cyberattacks

April 6, 2016 by Canadian Underwriter

ISO, a Verisk Analytics business, announced on Wednesday that it will collect, aggregate and analyze cyber insurance data to help address a major issue facing today’s cyber insurance market: the need for more detailed underwriting and rating information. ISO said

News InsuranceLegalMergers and Aqcuisitions

Alberta government confirms that client data may have been compromised by employee

April 5, 2016 by Canadian Underwriter

Alberta’s Minister of Justice and Solicitor General, Kathleen Ganley, confirmed on Monday that client data from the province’s Maintenance Enforcement Program (MEP) may have been compromised by an employee. The MEP collects court-ordered child support, spousal and partner support and