Adjusters wonder how to verify ridesharing driver hours
November 24, 2017 Jason Contant, Online EditorVerifying the number of hours a driver uses ridesharing services such as Uber and Lyft could be problematic for underwriters and adjusters, one adjuster told Canadian Underwriter on Wednesday. “In the course of their investigation, an adjuster can ask, ‘How…
Uber isn’t saying how many Canadians were affected by year-old hack
November 22, 2017 The Canadian Press (CPSTF)TORONTO – Privacy advocates are raising alarms at Uber’s reluctance to disclose a year-old security breach that saw hackers steal the personal information of millions of customers around the world. Uber admitted Monday that hackers stole names, email addresses and…
Are Lyft drivers insured like Uber drivers?
November 21, 2017 Jason Contant, Online EditorGiven Lyft’s promised arrival in Canada by the end of the year, insurance coverage for the ride-sharing service remains a big question mark. “I am concerned because I have not yet heard that Lyft has contracted with anyone to provide…
The key to insurtechs’ agility
November 15, 2017 by Canadian UnderwriterWhy are Insurtechs and fintechs frequently hailed as more agile than insurance companies following a more established business model? Martin Thompson, CEO of RSA Canada, said it’s easy to be bullish on the agility of insurtechs if you take customers…
Global M&A: How does Canada compare?
November 14, 2017 by Canadian UnderwriterFewer insurance merger and acquisition (M&A) deals are being completed in the global insurance industry, but Canadian M&A does not appear to be following the global decline. Global M&A volume sunk by 12.3% in the first half of 2017, although…
Hurricanes Harvey, Irma & Maria make it “critical” to address shortcomings of NFIP: A.M. Best
November 11, 2017 by Canadian UnderwriterThe United States National Flood Insurance Program – which expires next month – “remains essential and has a purpose,” A.M. Best Company Inc. said in a recent report. But without billions in relief provided in a law passed Oct. 26,…
Intact’s combined ratio improves 5.2 points but personal auto has $31M in unfavourable prior-year development
November 8, 2017 by Canadian UnderwriterIntact Financial Corp.’s personal auto results were “disappointing” during the three months ending Sept. 30, chief executive officer Charles Brindamour said Tuesday in press release, but the Toronto-based insurer reported that across all lines, underwriting income more than doubled from…
Discovering a work-life balance
November 3, 2017 Emily Atkins, EditorSince its start in Pat Lodewijkx’s converted laundry room almost 13 years ago, Discovery Claims is proof that vision plus hard work can pay off for the risk-taking entrepreneur. The Surrey, British Columbia-based independent adjusting firm has overcome hurdles and…
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…
Integrating disaster risk, resilience into broader systems key to unlocking climate adaptation abilities
October 13, 2017 by Angela StelmakowichA systemic disconnect between material natural disaster risk, asset valuation and infrastructure investment demands that disaster risk and resilience be integrated into broader financial, accounting and reporting systems, David Greenall, senior director of sustainable business solutions for PwC Canada, told…
Octo Telematics to acquire Willis Towers Watson’s UBI assets; firms to partner on insurance-related products
October 12, 2017 by Canadian UnderwriterOcto Telematics and Willis Towers Watson (WTW) have reached an agreement in which the former will acquire the latter’s usage-based insurance (UBI) assets, setting the stage for the two companies to work together on more auto telematics opportunities. Leveraging Octo’s…
Record month of Atlantic tropical cyclones leads to major financial toll: Aon Benfield
October 5, 2017 by Canadian UnderwriterHurricanes Irma and Maria as well as three powerful earthquakes in Mexico resulted in tens of billions of dollars (U.S.) in damage last month, according to Impact Forecasting’s latest monthly Global Catastrophe Recap report. Impact Forecasting, Aon Benfield’s cat model…