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Incumbent insurers should rethink businesses, embrace opportunity in digital technology: McKinsey & Company
March 9, 2017 by Canadian UnderwriterThe insurance industry is not impregnable and companies would be well-advised to reinvent themselves by incorporating digital technology and allowing it to become a catalyst, suggests a new report issued Thursday by McKinsey & Company. Some executives “know that staying…
Driverless cars to “revolutionize” motor insurance as liability shifts towards manufacturers: Fitch
March 8, 2017 by Canadian UnderwriterWidespread adoption of autonomous vehicles will completely transform the motor insurance sector in the long-term as liability shifts towards manufacturers and the traditional risk pool shrinks, Fitch Ratings said in a new report on Wednesday. Simply put, insurers will be…
Disruption becoming more of a motivator for cyber attacks: ICRMC panel
March 2, 2017 by Angela StelmakowichThe motivation and rationale behind certain cyber attacks seems to be undergoing a transition, with some actors looking to inflict the most disruption possible on a target entity simply for the “fun” of it, it was suggested Thursday during the…
Companies can come to grips with cyber risk, government back-stop may be needed for certain risks: Swiss Re
March 1, 2017 by Canadian UnderwriterConcern about cyber resilience is on the rise – as are the potential costs associated with attacks – but insurers and companies should understand steps can be taken to manage the risk, suggests the latest sigma report from Swiss Re…
One in four U.S. consumers victim of healthcare data breach: Accenture
February 21, 2017 by Canadian UnderwriterJust over one in four consumers (26%) in the United States have had their personal medical information stolen from technology systems, according to results of a survey from Accenture released on Monday. The findings related to the U.S. portion of…
Most Canadian IT professionals report some security solutions “outdated and inadequate”: study
February 14, 2017 by Canadian UnderwriterMost IT professionals in Canada (73%) feel strongly that some of their security solutions are outdated and inadequate, according to the Canadian results of a global study released last week. The Need for a New IT Security Architecture: Global Study…
Reinsurers face challenging market conditions, technology to play important role: Novarica
January 31, 2017 by Canadian UnderwriterReinsurers can expect huge losses from man-made and natural catastrophes, open-ended liabilities like asbestos and terrorism, and developing creative technology solutions to become increasingly important in future, Novarica notes in a new report. The new challenges are in the wake…
IoT botnets present unmanageable cyber security risk: Juniper Research
January 23, 2017 by Canadian UnderwriterThe scale of embedded connectivity could lead to an unmanageable cyber security risk created by botnets, Juniper Research Limited cautioned Monday in releasing data indicating the consumer Internet of Things (IoT) installed base will reach 15 billion-plus units by 2021.…
Wider mandate for Ontario’s auto insurance regulator would be welcomed
January 19, 2017 by Angela StelmakowichA wide mandate for the body regulating Ontario’s auto insurance sector – one that promotes competition, innovation and responsiveness – would be welcomed, Karin Ots, senior vice president of regulatory and government relations for Aviva Canada, suggested Thursday during a…
More than 40% of data science tasks will be automated by 2020: Gartner
January 16, 2017 by Canadian UnderwriterMore than 40% of data science tasks will be automated by 2020, resulting in increased productivity and broader usage of data and analytics by “citizen data scientists,” according to Gartner, Inc. Gartner, a Stamford, Conn.-based information technology research and advisory…
2016 deadliest year on Manitoba roads in a decade: MPI
January 12, 2017 by Canadian UnderwriterManitoba Public Insurance (MPI) reported on Wednesday that it has recorded the deadliest year on provincial highways in a decade. Based on preliminary data, there were 101 fatal collisions on public roadways in Manitoba in 2016, resulting in the deaths…
Seven of 10 global consumers would welcome robo-advice for banking, insurance and retirement services: Accenture
January 11, 2017 by Canadian UnderwriterSeven in 10 consumers around the world would welcome robo-advisory services – computer-generated advice and services that are independent of a human advisor – for their insurance, banking and retirement planning, according to a new report by Accenture. The 2017…