Keyword
Third Parties
What the regulator’s focus on digital risk means for you
June 27, 2022 by David GambrillExpect Canada’s solvency regulator to become more active in overseeing the P&C industry’s digital risks. “Insurers have become more digital with changes in business models and service delivery,” OSFI superintendent Peter Routledge said in prepared remarks to insurers attending the…
AIG, IBM and Standard Chartered Bank pilot “first multinational insurance policy powered by blockchain”
June 15, 2017 by Canadian UnderwriterAmerican International Group Inc. (AIG), IBM and Standard Chartered Bank plc announced on Thursday that they have successfully piloted what they are calling the “first multinational ‘smart contract’ based insurance policy using blockchain.” Working together, AIG, IBM and international banking…
Canadian insurance industry needs clear direction and proper framework to address marijuana legalization, industry event hears
June 2, 2017 Jason Contant, Online EditorThe insurance industry in Canada needs clear direction from governments and a proper framework to address the upcoming legalization of marijuana, attendees to an industry event heard on Thursday. “First and foremost, we do not as an industry, and cannot,…
Lack of oversight regarding security of third-party IoT implementation: survey
May 31, 2017 by Canadian UnderwriterA gap in understanding how best to mitigate and communicate risks around the Internet of Things (IoT) persists despite organizations reporting high concern about related security, notes a new report from Ponemon Institute and Shared Assessments Program. Released Wednesday, The…
Willis Towers Watson launches new cyber product for global airlines
April 11, 2017 by Canadian UnderwriterGlobal advisory, broking and solutions company Willis Towers Watson (WTW) announced on Tuesday that it has introduced a new “flexible insurance solution” specifically tailored to cover cyber exposure affecting the global airline industry. CyFly forms part of WTW’s integrated approach…
Use of technology could help to enhance compliance efforts: KPMG LLP report
March 14, 2017 by Canadian UnderwriterThe majority of chief compliance officers (CCO) in the United States taking part in a KPMG LLP survey are struggling to integrate and automate compliance activities across their organizations. Six in 10 polled CCOs report “their company’s technology infrastructure has…
Beazley’s data breach response insurance product now available in Canada
April 1, 2016 by Canadian UnderwriterBeazley announced Thursday it has launched its flagship breach response product in Canada, which protects the personal data of as many as five million individuals per breach. “Canada’s Digital Privacy Act, passed in 2015, will soon impose additional obligations on…