Industry
The insurance industry wants technology vendor incumbents to become more innovative, but also limit the number of products to maintain and buy, according to the CEO of Applied Systems. “We did a lot of end-market survey work over the last year and one of the feedback points we got is there’s excitement in the market […]
By Jason Contant | September 30, 2020
3 min read
If the property and casualty insurance industry doesn’t “come to grips” with meeting client needs, the industry is at risk of losing relevancy in the marketplace, warned an industry consultant. Phil Cook, who is also chairman of Omega Insurance Holdings, told a recent Insurance Institute of Ontario webinar that there’s a whole new host of […]
By Adam Malik | September 30, 2020
TORONTO – A large majority of Canadians are reluctant to do business with companies that suffer a data breach, according to a new study released Monday by KPMG. The report also says about one-quarter of the people surveyed for the report have had their login credentials stolen from a trusted site. The consulting firm’s report […]
2 min read
A push to certify Ontario collision repair shops could impact insurance rates and see premiums come down, says one automotive expert. Whether or not it does, such a move will still positively affect the insurance industry, adds an Insurance Bureau of Canada leader. A recent webinar hosted by the Automotive Insurance Industries Association of Canada […]
By Adam Malik | September 29, 2020
EDMONTON – Alberta’s auditor general says the province does a poor job of anticipating and preparing for disasters. In a report released this morning, Doug Wylie says Alberta doesn’t have a consistent plan for evaluating the risk the province faces from disasters such as floods or wildfires. He says the government began preparing one in […]
By Jason Contant | September 29, 2020
1 min read
After setting aside as to whether or not we’re in a hard market, industry consultant Phil Cook said he expects the hard market to last into 2022. Cook, who is also chairman of Omega Insurance Holdings, typically gives his Industry Trends and Predictions early in the year. But with the COVID-19 pandemic turning many things […]
By Adam Malik | September 28, 2020
TORONTO – A shadowy group of cyber criminals that attacked a prominent nursing organization and Canadian Tire store has successfully targeted other companies with clients in governments, health care, insurance and other sectors. Posts on their NetWalker “blog” indicate the recent infiltration of cloud-services company Accreon and document company Xpertdoc, although only the College of […]
By Jason Contant | September 28, 2020
4 min read
Social inflation is the top item of concern for an Aon reinsurance executive, even if it’s an issue being exacerbated in the United States rather than in Canada. “I would bold and underline that — that is, I think, the Number 1 topic of discussion, typically in the U.S. insurance market,” emphasized Matt Wolfe, president […]
By Adam Malik | September 25, 2020
The federal government has announced a temporary new fund to help struggling Canadian film and television productions held up by a lack of COVID-19 insurance. Heritage Minister Steven Guilbeault says the $50-million fund is a short-term measure that will be managed through Telefilm Canada and the Canada Media Fund. The fund will offer productions a […]
By Jason Contant | September 25, 2020
As more and more Canadians take advantage of virtual healthcare options during the COVID-19 pandemic, brokers and insurers need to make sure their clients have adequate insurance protection for this emerging risk. The move to medical consultations by video or phone rather than in-person visits brings various insurance implications. This includes the risk of cyberattacks, […]
By Jason Contant | September 24, 2020
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