Segment
Consumers

Insurers have ‘hidden behind’ regulators: Executive Forum speaker

Technological innovation is not among the goals of some government regulators overseeing insurance markets, but some can be persuaded to allow innovation if a determined insurance provider presents “a good case study,” speakers suggested Tuesday at the Insurance-Canada.ca Executive Forum. “We as insurers have hidden behind the regulators for a long time and have said, ‘Gosh, I would love to do that but I won’t be allowed to,” said David Crozier, president and chief executive officer of Everest Insurance Company of Canada. “We…

Chubb broadens cyber enterprise risk management solutions for Canadian and American clients

Chubb announced on Wednesday that it has broadened its enterprise risk management solutions for Chubb commercial cyber policyholders in the United States and Canada. Two new policy forms, Cyber Enterprise Risk Management and DigiTech Enterprise Risk Management, combine cyber insurance…

Saskatchewan Party leadership candidate proposes rolling back PST on insurance products

Jeremy Harrison, a candidate for the leadership of the Saskatchewan Party and MLA for Meadow Lake, said on Tuesday that he would roll back the charging of provincial sales tax (PST) to insurance products as announced recently as part of…

Insurance providers advised to check assumptions that younger generation is comfortable buying online

There is a “convergence” of attitudes towards technology across all age groups and insurance providers need to question their assumptions about buying habits of different demographic groups, speakers suggested Tuesday at the Insurance-Canada.ca Executive Forum. “We want to make sure…

Quebec, Airbnb reach agreement to collect lodging tax in the province

MONTREAL – Airbnb and the province of Quebec have announced what is being called a first tourist tax agreement on short-term rentals in Canada. Quebec Tourism Minister Julie Boulet and officials with the Canadian arm of the home-sharing platform made…

Worldwide wearable device sales to grow 16.7% in 2017 to 310.4 million units: Gartner

Research and advisory company Gartner, Inc. is forecasting that 310.4 million wearable devices will be sold in 2017, a 16.7% increase from last year. Sales of wearable devices – including smartwatches, fitness trackers and other smart devices – will generate…

55% of poll respondents will not ride in a fully autonomous vehicle, Gartner survey finds

An online survey from research and advisory company Gartner, Inc. has found that 55% of polled respondents “will not consider riding in a fully autonomous vehicle.” The Gartner Consumer Trends in Automotive survey polled 1,519 people in the United States…

BIP Talk aims to let brokers ‘better understand’ underlying problems with Ontario auto insurance: Forgeron

More than four months after the release of David Marshall’s report on auto insurance, Insurance Bureau of Canada’s president and chief executive officer is hoping Ontario’s brokers will “add their voice” to calls from the industry to “fundamentally overhaul” auto…

Authorities confirm tornado hit Quebec town as cleanup operations continue

MONTREAL – Environment Canada says a tornado touched down in a Quebec town during intense thunderstorms that caused considerable damage in different parts of the province, including the felling of century-old trees in Montreal. Meteorologist Amelie Bertrand said Wednesday a team dispatched to Lachute confirmed an EF-1 tornado with winds reaching about 175 km/h struck in the town about 85 kilometres north of Montreal.

Bertrand said an EF-1 tornado can cause wind gusts ranging from about 135 to 175 km/h, placing Tuesday’s tornado at the higher end of…

83% of polled organizations had standalone cyber insurance policies: 2017 RIMS Cyber Survey

Organizations with standalone cyber insurance policies increased three points from 2016 to 83%, according to the 2017 RIMS Cyber Survey. “Risk professionals’ continued to show confidence in standalone cyber insurance policies as the number of practitioners who purchased the coverage…

ICBC reports 124 claims and $500,000 in costs from wildfires to date

The Insurance Corporation of British Columbia (ICBC) reported on Wednesday that it has received 124 claims to date, at a cost of $500,000, from the wildfires burning in the province. Most vehicle damage claims were related to extreme heat and smoke damage, with some vehicles even rendered as total losses, ICBC reported in a press release.
Recognizing that it is experiencing the “worst wildfire season in the province’s history,” ICBC added that it has made formal changes to its policies to reflect “these special circumstances for customers on evacuation…

Home telematics startup Roost closes second round of funding with investments from Desjardins Insurance and Aviva Ventures

Roost, a U.S.-based innovator in smart home telematics for the insurance industry, announced on Wednesday it has closed its second round of funding with US$10.4 million in investments from three companies, including Desjardins Insurance. The US$10.4 million Series B funding includes strategic investments from three companies, led by Aviva Ventures, with participation from Desjardins Insurance and Fosun RZ Capital in China, noted information from Sunnyvale, Calif.-headquartered Roost. Existing investors also participated in the round, bringing total funding to date to US$17 million.…