HR
Augmented and virtual reality each boast considerable potential for impact within the insurance industry, with implications spanning risk mitigation, improved efficiency and loss ratios and enhanced customer service, Novarica said in a new executive brief. While their effect will be most impactful over time, augmented reality (AR) and virtual reality (VR) each have potential for […]
By Canadian Underwriter | August 29, 2017
2 min read
Tech
Some operators of Canadian oil and gas upgraders and refiners are delaying scheduled maintenance due to budget cuts and there is a heightened risk of equipment failure, especially with valves and pumps, Ernst & Young LLP suggested in a recent report. EY conducted a market study of the Canadian downstream energy sector, asking questions of […]
By Canadian Underwriter | August 28, 2017
Research and advisory company Gartner, Inc. is forecasting that 310.4 million wearable devices will be sold in 2017, a 16.7% increase from last year. Sales of wearable devices – including smartwatches, fitness trackers and other smart devices – will generate revenue of US$30.5 billion this year; of that, US$9.3 billion will be from smartwatches, Gartner […]
3 min read
An online survey from research and advisory company Gartner, Inc. has found that 55% of polled respondents “will not consider riding in a fully autonomous vehicle.” The Gartner Consumer Trends in Automotive survey polled 1,519 people in the United States and Germany. It found that while 55% of respondents will not consider riding in a […]
By Canadian Underwriter | August 27, 2017
Organizations with standalone cyber insurance policies increased three points from 2016 to 83%, according to the 2017 RIMS Cyber Survey. “Risk professionals’ continued to show confidence in standalone cyber insurance policies as the number of practitioners who purchased the coverage increased moderately in 2017,” RIMS, the risk management society, said in a press release on […]
By Canadian Underwriter | August 24, 2017
Responses from brokers surveyed indicate commercial property insurance rates in the United States dropped an average of 3.6% during the three months ending June 30, with average premium pricing down 1.44% in cyber, in a market that is “softer than ever,” the Council of Insurance Agents & Brokers has reported. “The cyber market is still […]
By Canadian Underwriter | August 23, 2017
The long-standing objective of standardized real-time data exchange between insurance brokers and companies has taken a big step forward with Tuesday’s announcement that initial testing of the process has been successfully completed. A team of players in Canada’s p&c insurance industry has announced completion of initial testing for the Broker Connectivity Accelerator, “designed to standardize […]
New York-based Ironshore Inc. is taking steps to help manage cyber claims for all in-force policies, regardless of line, with the launch of a dedicated computer response team. Comprised of cyber claims co-ordinators representing each of the insurer’s specialty lines divisions, the Computer Emergency Response Team (CERT-Ironshore) will provide insureds a single point of contact […]
By Canadian Underwriter | August 22, 2017
Legal / Regulation
Worldwide spending on information technology security products and services will reach US$86.4 billion in 2017, an increase of 7% over 2016, according to the latest forecast from Gartner, Inc. Spending is expected to continue its growth to US$93 billion in 2018, the Stamford, Conn.-based research and advisory company said in a press release last week. Within the infrastructure protection segment, Gartner forecasts fast growth in the security testing market (albeit from a small base) due to continued data breaches and growing demands for application security testing as part of…
The leader of the BC Green Party said on Monday that he will re-introduce legislation this fall to enable ridesharing in the province. Andrew Weaver said in a press release that he has twice introduced the Ridesharing Enabling Act, once in April 2016 and again in February 2017. “All parties want to see B.C. be a leader in the emerging economy,” Weaver said in the release. “To do so, government must take a proactive, responsive approach that considers the wide ranging impacts of technological innovation. Vancouver is the largest…
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