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Do sophisticated water models select against smaller insurers?

May 22, 2018 by Jason Contant

The sophistication of technology for rating overland flood could conceivably lead to smaller insurers ending up with a disproportionate share of flood risks on their books in the event of a cat, which could spell trouble for consumers. Insurance Brokers

News InsuranceTechnology

How you can make artificial intelligence more than just a ‘sexy sound bite’

May 22, 2018 by Greg Meckbach

Artificial intelligence may make for a wonderful sound bite, but insurance providers need to use this emerging technology to cut costs and serve customers better, two financial services executives warn. The financial services industry is “still at a stage where

News InsuranceLegislation / RegulationMarkets / CoveragesTechnology

The challenge with insuring autonomous ships

May 20, 2018 by Jason Contant

The large body of regulations known as maritime law should be addressed before or in concert with insurance considerations when it comes to autonomous vessels, British Columbia-based author Blake Desaulniers told Canadian Underwriter last week. “That large body of regulations

News InsuranceLegislation / Regulation

One way IFRS 17 might actually offer “business value”

May 20, 2018 by David Gambrill

While many in the P&C industry view IFRS 17 as an expensive time-suck that offers “no business value,” others believe the new financial standard could be a boon for product pricing. “One thing I’m really hoping that IFRS 17 [can

News Climate ChangeInsurance

Feds heed industry’s call for investment in disaster mitigation

May 19, 2018 by Jason Contant

The federal government will invest $2 billion over 10 years in projects to help communities better withstand natural hazards such as floods, wildfires, seismic events and droughts. The Disaster Mitigation and Adaptation Fund (DMAF) will support large-scale infrastructure projects with

News ClaimsInsuranceLegal

How long will it take before distracted driving campaigns take hold?

May 16, 2018 by Jason Contant

Similar to drunk driving campaigns that took years to take hold before people realized others were getting injured or killed and that it was unacceptable, distracted driving campaigns may also take a while to fully work, Aviva Canada’s chief underwriting

News Legislation / Regulation

Political deadlock ties up train safety measures

May 15, 2018 by Greg Meckbach

A controversial proposal touted as a way to help railways manage risk has put the Canada’s transport minister at odds with the Senate. If passed into law, Bill C-49 would make voice and video recorders mandatory in locomotives in Canada.

News InsuranceTechnology

Why risk managers should check the social media profiles of their company accountants

May 15, 2018 by Greg Meckbach

Risk managers for companies transferring money outside of Canada might want to check the social media profiles of workers in their accounting departments. Criminals sometimes research the social media profiles of workers at financial institutions and people who have authority

News InsuranceMarkets / Coverages

Ontario police sound alarm over impending pot legalization

May 15, 2018 Nicole Thompson - THE CANADIAN PRESS

TORONTO – Ontario’s chiefs of police are again sounding alarm bells about the impending legalization of recreational cannabis, saying federal funding for police operations may not go far enough to cover increased costs. At a news conference held by the

News InsuranceLegal

Why Supreme Court ruling in car theft case offers little comfort to insurers

May 14, 2018 by Greg Meckbach

Liability risk for companies having control of vehicles may be somewhat lessened with the Supreme Court of Canada’s recent ruling in Rankin (Rankin’s Garage & Sales) v. J.J., but a plaintiff injured as a result of a vehicle theft can

News InsuranceTechnology

“Don’t be on the sidelines,” speakers say of blockchain

May 14, 2018 by Greg Meckbach

Blockchain, the technology behind Bitcoin, does not have a foothold in insurance yet, but it will no doubt disrupt some industries, speakers said last week at a financial industry conference. Blockchain promises “massively new business models,” Andrew Maxwell, director of

News CatastrophesClaimsInsurance

Report to government suggests hot opportunity for brokers right now

May 14, 2018 by Jason Contant

Brokers in British Columbia looking to place overland flood cover should review a recent study that found polled respondents did not have access to overland flood insurance, did not know about it, or found it unaffordable. Even more alarming, most