Tech
Brokers placing cyber insurance should advise their commercial customers that it’s not enough to just have a plan to respond to computer security breaches — they need to test the plan, or “red-team” it. “An incident response plan is not fully implemented and useful until it has been tested,” Terri Mason, assistant vice president of […]
By Canadian Underwriter | January 26, 2018
2 min read
Working from home and using a wireless Internet router calls for special security precautions on the part of brokers and other business employees, creating an opportunity for brokers to advise commercial clients about their risk and insurance needs. Many insurance brokerages have employees working from home, Christian Gilby, director of product marketing for Hewlett Packard […]
3 min read
MONTREAL – Canadians may not be quite ready to fly on a pilotless aircraft but technological advances in self-driving vehicles are already opening the door to autonomous commercial flight, an increasingly attractive prospect for industry players facing a dearth of pilots. Aviation consultant Mike Doiron believes that pilotless flights will be viable in the next […]
By Jason Contant | January 26, 2018
4 min read
The Toronto Insurance Conference (TIC) has announced the rollout of the Data Exchange Model (Dx) Initiative, a proof of concept for real-time integration between an insurer technology platform and a broker management system (BMS) platform. TIC has partnered with RSA, AIG, Keal Technology and CSSI to roll out the initiative, which focuses on exchanging claims […]
By David Gambrill | January 25, 2018
Legal / Regulation
The Office of the Superintendent of Insurance of Nova Scotia has become the first regulator in Canada to permit electronic proof of auto insurance (EPAI). Earlier this month, the provincial superintendent of insurance, William Ngu, released a bulletin outlining the guiding principles permitting the use of EPAI. The required guidelines and principles for insurers/brokers to […]
By Jason Contant | January 25, 2018
The lack of understanding around what is covered and how products are priced continues to sow confusion in the cyber insurance market. Robin Shufelt, assistant vice president of technology and cyber with The Sovereign General Insurance Company (a member of The Co-operators), said that the general lack of understanding is due to a number of […]
A new cyber threat has emerged and it’s something that cyber insurance policies may not even cover. Proactive extortion occurs when a cybercriminal contacts a selected company, by email or even “snail mail,” and informs the company that it has been targeted for extortion. “You’re going to open up the letter or email message and […]
By Jason Contant | January 24, 2018
When it comes to cyber insurance policies in Canada, retroactivity is noticeably absent from coverage, a cybersecurity expert told Canadian Underwriter Tuesday. Consider the following example: unbeknownst to a business, malware had existed in the organization’s computer system since November 2017. On Jan. 1, 2018, the company bought a cyber insurance policy. The company later […]
Manitoba’s Public Utilities Board (PUB) has not received any appeals to its order relating to a unique “time band” approach to insuring ridesharing in Winnipeg, a PUB spokesperson told Canadian Underwriter on Monday. “My guess is that the applicant [Manitoba Public Insurance (MPI)] and the one intervenor we had (Consumers Association of Canada) will not […]
Public education strategies must supplement tougher laws if insurers wish to curb the number of claims arising from distracted driving, says the Traffic Injury Research Foundation (TIRF). Despite increasing fines and penalties for distracted driving, nearly one in four fatal crashes in 2013 involved distraction, TIRF statistics show. And several jurisdictions across the country are […]
By David Gambrill | January 23, 2018
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