The downside risk of machine learning
April 8, 2019 by Greg MeckbachMachine learning and artificial intelligence can create liability risk if it makes decisions that would be inappropriate or even illegal if a real person made them, a risk expert warns. “If you train an algorithm with data that has underlying…
Some earthquake deductibles too high: IBC
April 5, 2019 by Greg MeckbachBrokers are telling the Insurance Bureau of Canada that for some homeowner clients, the deductible on earthquake coverage is so high that the clients could still end up broke after a major tremor. “Right now, the deductible on some of…
The case for scaling intelligent automation technologies
April 2, 2019 by Jason ContantThere is a direct correlation between scalability of intelligent automation (IA) technologies and financial performance, a new KPMG International study has found. Based on a survey of nearly 600 business leaders (including 100 top-level executives) across 13 countries, including Canada,…
Hub acquires personal and commercial lines brokerage in Alberta
April 2, 2019 by Jason ContantHub International announced Tuesday it has acquired Del Fisher Insurance, an independent brokerage offering personal and commercial lines. Based in Calgary, Del Fisher Insurance has provided personal and commercial insurance solutions, including home, auto, business and contract bonding to area…
How sports hazing and abuse affects insurers
March 26, 2019 by Jason ContantThere seems to be no shortage of hazing and abuse incidents in the news lately. Earlier this month, a Miami University student was allegedly hit “with a paddle with spikes and grooves,” forced to drink large amounts of alcohol and…
How federal budget could improve cyber underwriting
March 21, 2019 by Greg MeckbachInsurance Bureau of Canada officials are hoping a $145-million commitment by the federal government towards cyber security will help the industry better understand how much a cyber incident could cost. In the 2019-20 budget document tabled Tuesday, federal Finance Minister…
BFL Canada appoints vice chair
March 19, 2019 by Jason ContantCommercial insurance brokerage BFL Canada has announced the appointment of Norman M. Steinberg as vice chair. Steinberg was appointed to BFL’s board of directors in June of 2018. He was previously global chair of international law firm Norton Rose Fulbright.…
How the Big 5 banks insure their directors’ liability
March 18, 2019 by Greg MeckbachCanada’s five biggest banks are paying nearly $8 million a year collectively in premiums, for billions in directors’ and officers’ liability insurance with no deductibles, recent security filings show. The total coverage limit and the circumstances under which those policies…
Zurich Canada names new head of property
March 11, 2019 by David GambrillYvonne Steiner has been named head of property for Zurich Canada. She will be a member of the Zurich Canada executive team and report to Zurich Canada CEO Saad Mered, effective Apr. 15. “We are very excited to have a…
Steps to scale innovation at your company
March 8, 2019 by Jason ContantScaling innovation across a business can be a challenge, as most organizations start innovation in a “pocket, team or lab,” a speaker said late last month at the Insurance-Canada.ca Technology Conference. Simon Chan, head of corporate innovation thought leadership at…
Captive insurance programs target commercial auto in Canada
February 15, 2019 by Jason ContanteCaptiv, which provides alternative and captive insurance solutions in Canada and the United States, will be forming two group captives through an exclusive group of independent insurance brokers to “combat commercial auto trends in Canada.” The programs are in the…
Why post-tropical storms can be worse than the original storm
February 13, 2019 by Jason ContantInland flood damage arising from post-tropical storms can be an even greater risk than wind damage, a meteorologist from Aon said last week at the CatIQ Connect conference in downtown Toronto. “That’s concerning because here in Canada, as in the…