Tech
Although Canada has at least 50 companies that could be described as “insurtech,” the term itself is just a buzzword, speakers suggested Tuesday at the Insurance-canada.ca Technology Conference. “I think the biggest thing of insurtech is the buzzword that is insurtech,” Adam Mitchell, president of Whitby, Ont.-based Mitchell & Whale Insurance Brokers Ltd., said during […]
By Greg Meckbach | February 28, 2018
3 min read
Industrial control systems (ICS) at manufacturing plants are perfect targets for cybercriminals because they are not designed with security in mind, Zurich Canada’s head of specialty products, Greg Irvine, said recently. Speaking at NetDiligence’s Cyber Risk Summit in Toronto on Feb. 23, Irvine said that business interruption (BI) and contingent business interruption (CBI) related to […]
By Jason Contant | February 27, 2018
2 min read
Insurance customers are going to start expecting personalized products and services based on data, Andrew Lo, president and CEO of Kanetix Ltd., said during a webinar Thursday. “Our customers are going to expect smart personalization like, ‘Give me the products that I need today,’” Lo said during the Insurance Institute of Canada’s webinar, Innovation in […]
By Jason Contant | February 26, 2018
Clients’ arguments against purchasing cyber insurance can often easily be defused, delegates attending NetDiligence’s Cyber Risk Summit heard Friday. Lindsey Nelson, international cyber team leader with CFC Underwriting, said she is often surprised when she hears companies saying they don’t have a cyber risk or exposure, because they have strong IT controls in place. Insurance […]
The majority of clients that Marsh Canada meets with – anecdotally 70-80% – still don’t understand what a cyber insurance policy does, Jeremiah Tonn, vice president of the brokerage’s cyber practice, said on Friday. Speaking at NetDiligence’s Cyber Risk Summit in Toronto, Tonn provided delegates with a walkthrough of a cyber insurance discussion with a […]
It’s a common thing to hear in Canada’s P&C insurance industry: Although auto repair costs will increase in the short term because of advanced safety technologies installed in today’s vehicles, over the long haul, the frequency of incidents should decrease due to advanced driver assistance systems (ADAS) such as collision avoidance, park assist and adaptive […]
Distracted driving and the cost of repairing vehicles equipped with the latest technology are among the reasons RSA Canada is looking to increase auto insurance rates across Canada. “We have seen a trend of increasing frequency [of collisions] which we [attribute] in large part to distracted driving,” Martin Thompson, president and CEO of RSA Canada, […]
By Canadian Underwriter | February 24, 2018
OTTAWA – Government and industry insiders have high expectations next week’s federal budget will contain big investments to help Canada reinforce its cybersecurity defences in an age of heightened global threats to businesses, privacy and democracy. A senior government official says Tuesday’s budget is poised to dedicate funding for a multi-departmental effort to strengthen the […]
By Jason Contant | February 23, 2018
4 min read
Cyber insurer Beazley is expecting an increase in cyberattacks that lead to business interruption, especially due to the growth of cloud platforms and connected devices in the workplace. On Wednesday, Beazley released its 2018 Breach Briefing outlining the types of cyberattacks that affected its clients in the United States last year. Of the 2,600 data […]
By Jason Contant | February 22, 2018
The Centre for Study of Insurance Operations (CSIO) has launched its My Proof of Insurance eDelivery solution, enabling CSIO members to send consumers digital policy documents (including proof of auto insurance, or ‘eSlips’) for personal and commercial lines. The announcement comes before many provincial insurance regulators have approved electronic proof of insurance in their jurisdictions. […]
By David Gambrill | February 22, 2018
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