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Intel predicts autonomous driving will spur new ‘passenger economy’ worth US$7 trillion by 2050

June 2, 2017 by Canadian Underwriter

Technology company Intel Corporation is predicting that autonomous driving will cause a new “passenger economy” to emerge to support the idle time when drivers become riders, an economy that will be more than twice the size of the “sharing economy.”

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

Canadian auto sales set record in May, gain 11.2% compared with a year ago

June 2, 2017 The Canadian Press

RICHMOND HILL, Ont. – DesRosiers Automotive Consultants says Canadian auto sales set a monthly record in May, gaining 11.2 per cent year-over-year. The consulting firm says vehicle sales for the month totalled 216,861 including 75,172 cars and 141,689 light trucks,

News CatastrophesInsuranceMarkets / CoveragesMergers and Aqcuisitions

Forecast thunderstorms add to flooding concerns across southern B.C.

May 31, 2017 The Canadian Press

VANCOUVER – Residents in several areas of British Columbia are bracing for severe thunderstorms as another round of wicked weather bears down on flood-weary regions. Environment Canada has issued severe thunderstorm watches for areas including the Shuswap and Okanagan east

News InsuranceMarkets / CoveragesMergers and AqcuisitionsTechnology

Willis Towers Watson and Roost to establish home telematics consortium of 5-10 U.S. carriers

May 31, 2017 by Canadian Underwriter

Willis Towers Watson (WTW) announced on Wednesday that it has entered into an agreement with Roost, an innovator in smart home technology, to establish a “home telematics consortium” of five to 10 insurance carriers. WTW, the global advisory, broking and

News CatastrophesInsuranceTechnology

Criminal data breaches forecast to cost global business $8 trillion in next five years: Juniper

May 30, 2017 by Canadian Underwriter

Higher levels of Internet connectivity and inadequate enterprise-wide security are expected to pave the way for criminal data breaches costing businesses around the world about $8 trillion over the next five years, suggests U.K.-based Juniper Research. Research released Tuesday indicates

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

Boyd Group Income Fund to acquire collision repair company Assured Automotive for $193.6 million

May 30, 2017 by Canadian Underwriter

Boyd Group Income Fund (BGIF) is looking to cement the Boyd Group’s position as a leading provider of collision repair services in Canada with the announcement it has entered into a definitive agreement to acquire the assets and business of

News InsuranceMarkets / CoveragesTechnology

Modernization of payment systems long overdue amid rapid changes: Bank of Canada official

May 26, 2017 Andy Blatchford - THE CANADIAN PRESS

The country’s payments infrastructure is long overdue for an update to ensure financial system stability amid the rapid advance of new technologies and the risks that accompany them, a senior Bank of Canada official said Thursday. Deputy bank governor Sylvain

News AssociationsCatastrophesEarnings / RatingsInsuranceLegislation / RegulationMergers and AqcuisitionsReinsurance

Relying on government to solve “big shake” problem courts continued procrastination: Tannas

May 25, 2017 by Angela Stelmakowich

The potential for procrastination to address the consequences of a large earthquake in Canada are persistent and pervasive, demanding implementation of a tactical plan that could see “the issue dealt with, one way or another, in the next 12 months,”

News AssociationsInsuranceProductsTechnology

More data-based use cases likely offers greater shot at success for insurers exploring connected insurance: expert

May 24, 2017 by Canadian Underwriter

The greatest value to insurance industry players and their customers will likely not be realized without expanding the number of data-based use cases, Matteo Carbone, founder and director of the Connected Insurance Observatory, recently suggested. “Connected insurance is about gathering

News Technology

Hurdles to digital transformation remain, half of respondents have formal strategy: global survey

May 24, 2017 by Canadian Underwriter

Some things seem to persist, including how inflexible IT systems, organizational silos and security concerns continue to rear their heads as obstacles to global enterprises adopting formal strategies for digital transformation. So suggests the Enterprise Digital Transformation Strategies: Turning Disruption

News InsuranceMarkets / CoveragesMergers and AqcuisitionsTechnology

“Slow but steady” trend in take-up rates among U.S. cyber insurance clients: Council of Insurance Agents & Brokers

May 19, 2017 by Canadian Underwriter

There is a “slow but steady” trend in take-up rates among cyber insurance clients and prices continue to stabilize, according to a recent survey from the Council of Insurance Agents & Brokers (CIAB) in Washington, DC. When it comes to

News CatastrophesInsuranceMergers and AqcuisitionsTechnology

Technology advances to change insurance value chain, offers chance to reboot

May 19, 2017 by Angela Stelmakowich

Technology advances will likely affect – perhaps even eliminate – some current roles in the insurance value chain, but should be regarded as an opportunity to focus more on value-added services and getting a seat at the table where new