Tech
Widespread adoption of autonomous vehicles will completely transform the motor insurance sector in the long-term as liability shifts towards manufacturers and the traditional risk pool shrinks, Fitch Ratings said in a new report on Wednesday. Simply put, insurers will be forced to diversify in search of other profit sources and some of those that fail […]
By Canadian Underwriter | March 8, 2017
2 min read
Legal / Regulation
The government of British Columbia announced on Tuesday a series of improvements for the taxi industry in anticipation of “ride-sharing services coming to British Columbia by the holiday season at the end of 2017,” including improving certain insurance products, potentially saving taxi drivers up to 25% in premiums. The Ministry of Transportation and Infrastructure said […]
4 min read
Property owners who want to rent their places to travellers using the “sharing economy” need special insurance coverage and one large risk is when they prepare food for customers, speakers suggested Tuesday at an event hosted by Allianz Global Assistance. “I think one of big the risks is around food and beverage,” suggested Scott Allison, […]
By Jason Contant | March 7, 2017
DrivSafe, a Boston, Mass.-based mobile telematics solutions company that specializes in telematics and analytics for the auto insurance industry, has announced the launch of its mobile app in Canada. The DrivSafe app helps auto insurance companies evaluate the driving habits of their policyholders and offer discounts to good drivers, the company explained in a press […]
By Canadian Underwriter | March 7, 2017
Autonomous vehicles are revving up, with Bain & Company Inc. forecasting annual growth of 12% to 14% for the global market of autonomous and assistive safety and comfort features by 2025. That translates to a global B2B market of US$22 billion to US$26 billion annually by 2025, notes new research released Monday by Bain & […]
3 min read
Cyber security is more of a human resources issue than a technological issue, while cyber security threats are often detected more than six months after they occur, speakers told insurance professionals at a conference last week. “The nature of IT and the changes in facing in terms of technology, we are going to have an […]
By Greg Meckbach | March 6, 2017
Slower consumer spending on big-ticket insurable items, as well as an aging population, will weigh on the outlook for Canadian insurance firms, according the Conference Board of Canada’s first outlook for the insurance industry. Canadian Industrial Outlook: Insurance – Winter 2017 found that overall, Canada’s insurance industry is forecast to grow by an average of […]
By Canadian Underwriter | March 6, 2017
Bodily injury and property damage exclusions in cyber insurance policies means the Internet of Things has “big implications” for organizations, while malware that existed unbeknownst to a user before binding a policy can mean a cyber incident is not covered, speakers suggested at a conference Friday. “What makes a great risk for a 10,000 employee […]
By Jason Contant | March 3, 2017
HR
Learning is a life-long process and not just for humans – online chatbots can also continue to learn and become smarter, attendees to the Insurance-Canada.ca Broker Forum (ICBF) heard on Wednesday. Amanda Ketelaars, operations manager with Whitby, Ont.-based Mitchell & Whale Insurance Brokers shared her brokerage’s experience with their chatbot at the ICBF, held at […]
There will be a “tipping point very shortly” involving connected things, a speaker suggested on Wednesday at the Insurance-Canada.ca Broker Forum. Ryan Spinner, head of innovation with Aviva Canada, was speaking during a panel discussion titled Distribution in the InsurTech Age at the broker forum, held at the Allstream Centre in Toronto and moderated by […]
By Jason Contant | March 2, 2017
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