Segment
Vendors
Ontario government pledges ‘further study’ on insurance-type products covering new home warranties
October 19, 2017 by Canadian UnderwriterThe Ontario government proposes to separate the administrator of the new home warranty program from the regulator of new home builders and vendors, but the ruling Liberals want to further study a recommendation to implement a multi-provider insurance system for…
Known risks and new technology such as Hyperloop can pose challenges: Munich Re
October 18, 2017 Jason Contant, Online EditorThe combination of known risks with a new technology is challenging, Christian Höft, client manager with Munich Re, told Canadian Underwriter one day after the (re)insurer released a comprehensive risk analysis of the Hyperloop technology. Hyperloop Transportation Technologies’ (HTT) technology…
Aite Group introduces vendor evaluation framework, p&c insurance transforming
October 18, 2017 by Angela StelmakowichAite Group has introduced a proprietary vendor evaluation framework that the global research and advisory firm reports will serve as an actionable guide for market participants looking for viable third-party vendor solutions and services. “I think the biggest problem for…
Average cyber breach costs US$394,000, higher in financial services sector: NetDiligence
October 12, 2017 by Canadian UnderwriterThe aggregated average total breach cost of a cyber event is US$394,000, with an average claim for a large company of US$3.2 million, a new report from NetDiligence has found. NetDiligence, a provider of cyber risk readiness and response services,…
Guidewire’s planned acquisition of Cyence to help p&c clients deal with 21st-century risks
October 10, 2017 by Canadian UnderwriterGuidewire Software, Inc.’s planned acquisition of Cyence Inc. will ensure Guidewire clients can access a cloud-based data listening and risk analytics solution to help them manage emerging risks for which long claims histories may not be available. California-based Guidewire Software,…
AEIC speaker predicts blockchain applications in insurance
October 6, 2017 Greg Meckbach, Associate EditorBlockchain technology – which forms the basis for the Bitcoin cryptocurrency – could enable insurers to collaborate with each other when two share the same customer and enable coverages through “smart contracts,” a speaker suggested Thursday at the annual Insurance…
Turo launches car-sharing marketplace in B.C., partners with car rental entrepreneurs
October 3, 2017 by Canadian UnderwriterTuro, which connects local car owners with travellers looking for adventure and in need of a vehicle, has expanded its car-sharing marketplace into British Columbia. To address provincial insurance regulations, the company has structured the expansion by partnering with local,…
Nearly two billion data records compromised in first half of 2017: report
September 22, 2017 by Canadian UnderwriterMore than 900 data breaches led to nearly two billion records being compromised worldwide in the first half of 2017, digital security company Gemalto said in a new report. In the first six months of this year, 918 data breaches…
Data Converging
September 21, 2017 Jason Contant, Online Editor; and Greg Meckbach, Associate EditorTrue, it is all about data these days. That said, determining how best to employ the ever-growing store of internal and external data is necessary to gain forward-looking insights. For Canada’s property and casualty insurance market, knowing what to do with data to meet customer needs and demands will likely prove the end-game.
Deep learning to help drive fraud predictions by 2019: Gartner
September 20, 2017 by Canadian UnderwriterDeep learning – a variation of machine learning (ML) – will be a “critical driver for best-in-class performance for demand, fraud and failure predictions” by 2019, research and advisory company Gartner, Inc. suggested on Wednesday. Deep learning represents the major…
Legislation would mandate surety bonds on public sector construction projects in Ontario
September 13, 2017 by Canadian UnderwriterSurety bonds written by licensed insurers will be mandatory for certain public construction projects in Ontario if a bill tabled Tuesday is passed into law. Bill 142, if passed into law, will “require surety bonds to be posted on public…
Construction industry ‘particularly vulnerable to cybercrime,’ Northbridge warns
September 12, 2017 by Canadian UnderwriterLarge and small construction contractors are vulnerable to cyber crime, with “smart” building devices and lucrative engineering drawings in particular presenting vulnerabilities, Northbridge Insurance warns. “Major advancements in digital connectivity have left the construction industry particularly vulnerable to cybercrime,” Northbridge…