Legal / Regulation
Saskatchewan has introduced legislation allowing for ridesharing services to operate in the province, with an interesting insurance twist. The Vehicles for Hire Act requires the ridesharing company to file written evidence of a motor vehicle liability insurance policy with a minimum limit of $1 million, Saskatchewan Government Insurance (SGI) reported. The company must also insure […]
By Canadian Underwriter | December 1, 2017
2 min read
Tech
As fintechs and insurtechs take hold, more than just the tech is changing. Incumbents are joining fintech firms in realizing a digital approach — anchored by strong and agile core systems — is necessary to put customers first. And cultivating that approach from the time customers are young offers promise of customers for life.
December 1, 2017
TORONTO – Equifax Canada has revised the number of Canadians caught up in a massive data breach earlier this year, saying an investigation has found that more than 19,000 were affected. The company previously said about 8,000 Canadian customers had their personal information compromised in the cyberattack, but couldn’t say how many additional credit cards […]
By Jason Contant | November 30, 2017
Corporate directors should be asking management some tough questions about what the organization is doing to prevent cyberattacks on their organizations. John Heaton, a partner, advisory with KPMG’s cybersecurity practice, talked with Canadian Underwriter Wednesday about what corporate directors should be asking their managers about cyber risk. Heaton discussed the topic Tuesday at KPMG’s Annual […]
HR
Canadian property and casualty (P&C) insurers seeking to advance their artificial intelligence (AI) capabilities will have a tough time recruiting data scientists to help them transform their data into genuine business insights, says a recruiter who works with the P&C industry. “I think there’s a lot of talk in the marketplace that this talent is […]
By Jason Contant | November 29, 2017
Five factors, outlined below, can make or break the state of the Canadian property and casualty (P&C) insurance, says Nazir Valani, partner and national leader with KPMG in Canada’s actuarial practice. He spoke Tuesday at KPMG’s Annual Insurance Conference in Toronto. Number 1: The Economy The Canadian economy is on a “hot streak” right now, […]
Darius Delon, a consultant and president of Risk Management 101, told Canadian Underwriter Monday what he sees as the top concerns for risk managers. Here are his Top 3 risks: Number 1: Awareness about legislative changes In some instances, organizations are not aware of legislative changes that have already been made—to say nothing of upcoming […]
By Jason Contant | November 27, 2017
Monica Kuzyk, president of the Canadian Independent Adjusters’ Association (CIAA), talked to Canadian Underwriter Monday about the most significant issues facing Canadian insurance adjusters going into 2018. Here is her list of Top 3 issues facing adjusters today: Number 1: Keeping up with rapid change Canadian insurers are rapidly changing product offerings and how they […]
3 min read
CALGARY – Data theft from high-profile hacks against companies like Uber and Equifax can cost consumers thousands of dollars but resource companies worry about millions in damage, along with potential injuries and death, if their technology is compromised. The thought of a multi-tonne piece of equipment running amok or shutting down at a critical time […]
4 min read
Verifying the number of hours a driver uses ridesharing services such as Uber and Lyft could be problematic for underwriters and adjusters, one adjuster told Canadian Underwriter on Wednesday. “In the course of their investigation, an adjuster can ask, ‘How many hours a week have you used your vehicle for ridesharing?’” said Marie Gallagher, branch […]
By Jason Contant | November 24, 2017
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