Artificial Intelligence set to transform insurance industry, but integration challenges remain: Accenture
April 19, 2017 by Canadian UnderwriterArtificial intelligence (AI) will “significantly transform” the insurance industry in the next three years, with insurers investing in AI to empower agents, brokers and employees to enhance the customer experience with automated personalized services, faster claims handling and individual risk-based…
ICLR to host webinar on lot-level approaches to control urban flood risk and mitigate basement flooding
April 7, 2017 by Canadian UnderwriterThe Institute for Catastrophic Loss Reduction (ICLR) will be hosting a webinar in two weeks on lot-level approaches to control urban flood risk and mitigate basement flooding. The webinar on April 21 at 10 a.m. Eastern time is part of…
44% of The Co-operators’ claims and benefits in 2016 were for property damage, the company’s inaugural integrated report says
April 4, 2017 by Canadian UnderwriterGuelph, Ont.-based The Co-operators has released its inaugural 2016 Integrated Annual Report, reporting that more than four in ten claims and benefits paid in 2016 were for property damage. The Co-operators released the report on Tuesday, joining “a handful of…
IBC supports regional platform for disaster risk reduction outcomes, vows to continue working with government
March 15, 2017 by Canadian UnderwriterInsurance Bureau of Canada (IBC) has voiced the property and casualty industry’s continued support for efforts by the federal government to enhance disaster risk reduction and make communities more resilient. “Our industry remains committed to being a full partner with…
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…
Panelists warn of risks from room rentals through sharing economy
March 7, 2017 Greg Meckbach, Associate EditorProperty owners who want to rent their places to travellers using the “sharing economy” need special insurance coverage and one large risk is when they prepare food for customers, speakers suggested Tuesday at an event hosted by Allianz Global Assistance.…
Need for organizations to fill culture gap when it comes to cyber risk: ICRMC speaker
March 3, 2017 by Angela StelmakowichOrganizations and their boards must treat cyber risk as an enterprise-wide issue to help foster a culture in which every person and every department understands it has a role to play in making the organization as cyber-secure as possible, corporate…
Insurance Brokers Association of Canada appoints former MP Peter Braid as new CEO
February 13, 2017 by Canadian UnderwriterThe Insurance Brokers Association of Canada (IBAC) has announced the appointment of its new CEO, Peter Braid, effective Feb. 27. IBAC chairperson Lorne Perry announced the appointment in a press release on Feb. 10. Braid is a former Member of…
Hacking of driverless cars a concern for mining industry: Deloitte
February 10, 2017 by Canadian UnderwriterThe exploration plans of Canadian mining firms are among the “prime” targets for hackers, while autonomous vehicles used by miners could be influenced by computer viruses, Deloitte Touche Tohmatsu Ltd. warned in a recent report. “Malicious viruses, like Stuxnet, explicitly…
Cybersecurity, privacy, infrastructure management and emerging technologies rank as top tech challenges: survey
February 4, 2017 by Canadian UnderwriterCybersecurity and privacy issues, along with infrastructure management and emerging technologies, rank as the top technology challenges organizations face today, according to a survey report from global consulting firm Protiviti and ISACA, a global business technology professional association for IT…
Canadian non-life insurance market poised for 2017 profit recovery: Fitch
January 25, 2017 by Canadian UnderwriterThe Canadian non-life insurance industry is likely to return to an underwriting profit in 2017, according to Fitch Ratings’ new report on the Canadian non-life insurance market. Following a significant improvement in 2015 underwriting performance, the market in aggregate will…
Munich Re, Insurance Europe welcome U.S.-EU covered agreement
January 20, 2017 by Canadian UnderwriterMunich Re and Insurance Europe are welcoming the successful conclusion of “covered agreement” negotiations between the United States and the European Union. Munich Re said in a press release on Thursday that “finalizing the agreement is an important step to…