Legal / Regulation
There is a “convergence” of attitudes towards technology across all age groups and insurance providers need to question their assumptions about buying habits of different demographic groups, speakers suggested Tuesday at the Insurance-Canada.ca Executive Forum. “We want to make sure we are checking our assumptions about demographics and that makes it particularly challenging with marketing,” […]
By Jason Contant | August 29, 2017
3 min read
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…
By Canadian Underwriter | August 22, 2017
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…
2 min read
Waterloo, Ont.-based Economical Insurance announced on Wednesday that it has launched EXPERT Cyber, coverage that is available to commercial policies for Canadian businesses in the event of a data breach. “Cybersecurity is a growing area of concern for businesses of all sizes,” Fabian Richenberger, executive vice president of commercial insurance at Economical, said in a […]
By Canadian Underwriter | August 2, 2017
As consumer expectations change, insurance carriers are moving towards fully digitizing more processes, including payment gateway technology, research and advisory firm Novarica said recently. In a new executive brief titled Payment Gateways in Insurance, Boston, Mass.-based Novarica provided an overview of how payment gateways allow insurers to respond to customer needs, as well as trends, […]
By Canadian Underwriter | August 1, 2017
Canadian property and casualty insurers should expect that the adoption of the new financial accounting standard, International Financial Reporting Standard 17, will take some work and investment. That said, any growing pains should give way to greater comparability with global jurisdictions and, in many cases, more helpful financial reporting.
By Dana Chaput, Insurance Accounting Change Lead, KPMG in Canada | July 26, 2017
5 min read
More than six in 10 Canadians (62%) oppose or somewhat oppose banning ridesharing services such as Uber, according to recent polling conducted by Nanos Research. When asked their level of support for banning services like Uber, slightly more than three in five Canadians oppose (41%) or somewhat oppose (21%), while less than three in ten […]
By Canadian Underwriter | July 25, 2017
The number of data breaches in the United States tracked through June 30 hit a half-year record high of 791, according to recent numbers release by the Identity Theft Resource Center (ITRC) and CyberScout, a provider of identity protection solutions. The half-year record represents a “significant jump” of 29% over 2016 figures during the same […]
By Canadian Underwriter | July 24, 2017
4 min read
Chubb’s newly launched multi-line industry practice will focus on providing insurance products, service and risk management solutions for best-in-class large risk transportation clients in both the United States and Canada. The formalization of the practice, within the insurer’s Major Accounts division, seeks to help organizations take a more holistic approach in managing exposures that pose […]
By Canadian Underwriter | July 20, 2017
Half of surveyed chief executive officers across the globe plan to adopt cognitive computing by 2019, according to a recent study conducted by the IBM Institute for Business Value (IBM IBV). The study, titled Accelerating enterprise reinvention: how to build a cognitive organization and released late last week, also found that 73% of those CEOs […]
By Canadian Underwriter | July 11, 2017
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