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Amid rising losses and increasing claims on cyber insurance, companies that provide insurance against online hackers are facing growing risks, says Fitch Ratings. In a new report, the rating agency said that while cyber insurance has been a profitable line of business for several years, an increase in network intrusions, phishing, and denial of service […]
By Jason Contant | October 13, 2021
2 min read
A large part of a personal trainer’s job is making sure clients do their exercises safely. But personal trainers also need to protect themselves — using insurance. Each year, there are roughly 460,000 reported fitness injuries, according to the U.S. Consumer Product Safety Commission. Some of those injuries could result from working with a personal […]
By Melissa Shin | October 13, 2021
The COVID-19 pandemic has affected a number of P&C insurance industry segments from auto to business interruption, and cargo theft is no exception. Large events such as the pandemic will result in shifts to the methods and types of goods stolen by cargo thieves, said Scott Cornell, national practice leader, transportation, with Travelers’ inland marine […]
3 min read
There are honest drivers on the roads. In fact, a 2021 survey by ValuePenguin indicates that 78% of consumers say they’ve never lied to their auto insurers. However, 8% have “misinformed” their insurers about the drivers in their households, and 8% have lied about their home addresses. And a 2017 Ipsos poll found that 3% […]
By Melissa Shin | October 12, 2021
Your cyber clients may now be exposed to two risks in one, as the sophistication of ransomware attack patterns continue to increase. “There’s double extortion tactics which are just crippling organizations now,” said Greg Markell, president and CEO of Ridge Canada Cyber Solutions Inc. Double extortion involves threat actors taking data out during a ransomware […]
By Jason Contant | October 12, 2021
Some Nova Scotia motorists who are caught using their wireless handheld device while driving could face steeper hikes to their auto insurance premiums. In a decision released Oct. 4 , the Nova Scotia Utility and Review Board approved the Facility Association’s rate filing, which includes an increase – from 15% to 25% – in the […]
By Greg Meckbach | October 12, 2021
The digital revolution is expected to spread more rapidly and deeply into the insurance industry over the next few years, despite relatively modest demand from customers to date. “Brokers should be putting digital strategy as part of their overall business strategy moving forward. It is a very important element,” said David Kerr, a partner in […]
If open banking comes to Canada, this could make it easier for fintechs and banks to offer embedded insurance and it will be hard to stop firms from using open banking data for underwriting purposes, a technology executive predicts. Open banking can make it easier for a fintech to provide “embedded” insurance – for example […]
By Greg Meckbach | October 8, 2021
Auto insurance rates plunged in Alberta and Ontario this spring, while rates stayed flat in Atlantic Canada, according to Q2 2021 results from LowestRates.ca’s latest Auto Insurance Price Index Report. In Alberta, rates decreased 11% quarter-over-quarter after a steep incline from 2020-2021 and are now roughly back to where they were this time last year […]
By Jason Contant | October 8, 2021
As some Canadians are priced out of larger cities and look to move to smaller communities, insurance experts say homebuyers should be aware that life in a small town can often mean higher home insurance premiums. According to financial products comparison site Ratesdotca, the average cost of insuring a home in places like the Windsor-Essex […]
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