Insurance & Risk, Analysis, Events and Careers
More than a third of surveyed Canadian firms do not have cyber security insurance, a concerning situation made worse by an incomplete understanding of how premiums are priced and failure to do everything possible to guard against breaches, FICO notes. In all, 36% of polled Canadian security executives say their firms have no cyber security […]
By Canadian Underwriter | June 1, 2017
3 min read
Technology-focused investments are pushing business model changes across industries, and insurance is not immune to these pressures, a new study by global investment management firm Conning suggested. Released on Wednesday, the study examines the changes that are underway in personal lines and the potential impacts on the insurance business model, focusing on product development, client […]
By Canadian Underwriter | May 31, 2017
2 min read
Willis Towers Watson (WTW) announced on Wednesday that it has entered into an agreement with Roost, an innovator in smart home technology, to establish a “home telematics consortium” of five to 10 insurance carriers. WTW, the global advisory, broking and solutions company, and Roost “intend to help the property insurance industry take advantage of the […]
By Canadian Underwriter | May 31, 2017
2 min read
The global insurance industry’s ability to confront structural and technological changes is now the greatest risk it faces, according to a new survey of insurers and close observers of the sector, released on Tuesday. The Centre for the Study of Financial Innovation’s (CFSI) latest Insurance Banana Skins 2017 survey, conducted with support from PwC, surveyed […]
By Canadian Underwriter | May 31, 2017
3 min read
Transport Canada needs to update its regulations on flight recorders, Transportation Safety Board of Canada suggested Monday. The federal government’s response to a recommendation from a 1993 accident that killed seven is “still unsatisfactory,” TSB argued Monday in a tweet. TSB recommended more than 20 years ago that Transport Canada “streamline its processes to facilitate […]
By Canadian Underwriter | May 31, 2017
4 min read
The Insurance Institute of Canada (IIC) will host a webinar examining the sharing economy as both an opportunity and a threat to the Canadian p&c industry. The webinar is scheduled for June 14 at 1 p.m. EDT. It offers “future-forward perspectives on the growth of the sharing economy and the opportunities and the threats to […]
By Canadian Underwriter | May 30, 2017
3 min read
Chipotle Mexican Grill, Inc. has confirmed “the operation of malware designed to access payment card data from cards used on point-of-sale (POS) devices at certain Chipotle and Pizzeria Locale restaurants between March 24, 2017 and April 18, 2017.” Chipotle said in a press release on Friday that the released information comes at the completion of […]
By Canadian Underwriter | May 29, 2017
2 min read
The country’s payments infrastructure is long overdue for an update to ensure financial system stability amid the rapid advance of new technologies and the risks that accompany them, a senior Bank of Canada official said Thursday. Deputy bank governor Sylvain Leduc warned that, for example, the systems must be able to keep up with new […]
By Jason Contant | May 26, 2017
2 min read
A lot more convergence in cyber insurance policies is expected within the next few years as policies, exclusions and wording get tested and case law develops, John Elbl suggested Wednesday during a panel discussion at MSA Research Inc.’s Canadian Insurance Financial Forum (CIFF) in downtown Toronto. “Right now, because of the soft market, everyone wants […]
By Angela Stelmakowich | May 26, 2017
3 min read
A misinterpretation of an instruction from a ground controller, on the part of air crew on an Embraer 190, was one cause of a runway incursion in Toronto that forced an approaching Airbus 320 to pull up and go around, the Transportation Safety Board of Canada said in a report released Wednesday. Runway incursions is […]
By Canadian Underwriter | May 25, 2017
4 min read