Tech

Incumbent insurers should rethink businesses, embrace opportunity in digital technology: McKinsey & Company

The insurance industry is not impregnable and companies would be well-advised to reinvent themselves by incorporating digital technology and allowing it to become a catalyst, suggests a new report issued Thursday by McKinsey & Company. Some executives “know that staying competitive in a digital world will require far more than the addition of a direct […]

By Canadian Underwriter | March 9, 2017

5 min read

Tech

Driverless cars to “revolutionize” motor insurance as liability shifts towards manufacturers: Fitch

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

Ridesharing anticipated in B.C. by “end of 2017,” province unveils measures to help taxi industry modernize

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 […]

By Canadian Underwriter | March 8, 2017

4 min read

Tech

Panelists warn of risks from room rentals through sharing economy

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

4 min read

U.S.-based DrivSafe launches mobile telematics app in Canada

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 […]

2 min read

Global market for autonomous, assistive safety and comfort vehicle features up to US$26 billion annually by 2025: Bain & Company

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 risk management starts with preparing children ‘around a whole different mindset,’ says former Toronto deputy police chief

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 […]

3 min read

Slower consumer spending, insurtech among factors weighing on Canadian insurance firms: Conference Board

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 […]

2 min read

Small firms wanting cyber coverage should “hold an inventory” of personally identifiable information: Chubb

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 […]

4 min read

Mitchell & Whale Insurance Brokers shares their experience using online chatbot at Insurance-Canada Broker Forum

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 […]

3 min read