Operations
Some insurers are specifically allocating internal resources to address silent cyber, while others are outsourcing it, speakers noted recently at NetDiligence’s Cyber Risk Summit in Toronto Feb. 21. Melinda Parker Thompson, an underwriting specialist with Allianz Global Corporate & Specialty (AGCS), told attendees the insurer is specifically looking at silent cyber across its portfolio. “A […]
By Jason Contant | February 28, 2020
2 min read
Intact Insurance has updated and expanded its crime coverage to include “social engineering,” which describes a situation in which nefarious online actors dupe unsuspecting employees into sending money or products to criminals. “What we’ve taken is the crime coverages that we’ve had historically and modernized them,” Mike Kosturik, vice president of commercial lines for Ontario […]
By Adam Malik | February 28, 2020
Capacity is still readily available to cover cyber risks, but more insurers are approaching the coverage cautiously, a speaker said Friday at NetDiligence’s Cyber Risk Summit in Toronto. In terms of procedure, clients’ applications for cyber coverage must clear more hurdles now than they did before, noted Sophia Kudlyk, cyber practice leader with insurance advisory […]
By Jason Contant | February 27, 2020
3 min read
Tech
While the hardening market has taken a significant bite out of the industry’s profits, it may also be insulating brokers and insurers from competing against giant tech disruptors such as Amazon and Google for insurance sales, says a former financial adviser to Canada’s P&C industry. Neil Parkinson, now retired after 39 years as KPMG partner […]
By David Gambrill | February 27, 2020
VANCOUVER – The car-sharing company formerly known as Car2Go is closing up shop in North America on Saturday, taking with it valuable data for automakers looking to the future, says one expert. The data could show how frequently people choose car-sharing services over other forms of transit, how the use of their cars differs across […]
4 min read
Business leaders in Canada are concerned about cyber extortion and social engineering fraud, such as business email compromise (BEC) and email account compromise (EAC), Aon reported. “The last year has seen a tremendous increase in cyber-related claims in Canada,” said Brian Rosenbaum, national cyber leader at Aon in Canada. “The majority of these claims are […]
By Jason Contant | February 26, 2020
Dalton Timmis Insurance Group Inc. and McLean Hallmark Insurance Group Ltd. are among the Canadian brokerages who are now adopting the NFP brand name, New York City-based NFP announced Tuesday. NFP closed its acquisition of Toronto-based McLean Hallmark this past July, 18 months after buying Ancaster, Ont.-based Dalton Timmis. Several NFP-owned Canadian brokerages are adopting […]
By Greg Meckbach | February 26, 2020
OTTAWA – The federal privacy watchdog and three of his provincial counterparts will jointly investigate Canadian use of facial-recognition technology supplied by U.S. firm Clearview AI. Privacy commissioner Daniel Therrien says he will be joined in the probe by ombudsmen from British Columbia, Alberta and Quebec. The investigation follows media reports that raised concerns about […]
By Jason Contant | February 25, 2020
1 min read
A Manitoba broker has been fined $1,000 and ordered to take an ethics course after failing to fully disclose on her broker licence renewal application why her brokerage had terminated her for cause. Rahat Sharma, a broker who used to worked for a brokerage identified only as ‘Agency A,’ was involved in an automobile accident […]
By David Gambrill | February 21, 2020
Growing your business doesn’t necessarily mean you’re creating more value for it. That’s a common mistake people make during merger and acquisition deals, according to one expert. Value is created only when the business gets a return on capital in excess of the cost of capital, explained Howard Johnson, Toronto-based managing director of mergers and […]
By Adam Malik | February 20, 2020
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