HR
The sharing economy is not fully served by the insurance industry right now, but the opportunity is there, Paul Kovacs, founder and executive director of the Institute for Catastrophic Loss Reduction, said on Thursday at the CIP Society Symposium 2017. Kovacs, who is also a research consultant for the Insurance Institute of Canada (IIC) and […]
By Jason Contant | April 9, 2017
4 min read
Legal / Regulation
The Office of the Privacy Commissioner of Canada will soon be funding an arms-length project to develop a code of practice for connected cars, weighing a balance between information flow and privacy protection. “The benefits available to Canadians through the arrival of connected and autonomous cars may be significant,” Privacy Commissioner of Canada Daniel Therrien […]
By Canadian Underwriter | March 30, 2017
3 min read
Berkshire Hathaway Specialty Insurance (BHSI) has introduced a product designed to address the needs of a variety of enterprises, from systems integrators to telecommunications providers to IT staffing firms. The Professional First Professional Liability and Network Security & Privacy Policy, introduced on Monday, provides coverage for numerous exposures encompassing: third party exposures resulting from security […]
By Canadian Underwriter | March 21, 2017
2 min read
SACRAMENTO, Calif. – Uber’s self-driving cars will return to California’s streets, though the ride-hailing company doesn’t immediately plan to pick up passengers. Uber received a permit Wednesday to test two Volvo SUVs on public roads, the California Department of Motor Vehicles said. Regulators also approved 48 people as backup drivers who must sit behind the […]
By Jason Contant | March 10, 2017
The government of British Columbia announced on Tuesday a series of improvements for the taxi industry in anticipation of “ride-sharing services coming to British Columbia by the holiday season at the end of 2017,” including improving certain insurance products, potentially saving taxi drivers up to 25% in premiums. The Ministry of Transportation and Infrastructure said […]
By Canadian Underwriter | March 8, 2017
An Ontario court has appointed two committees to negotiate the allocation of benefits from a demutualization of Economical Insurance, the Waterloo, Ont.-based insurance carrier announced Friday. No federally regulated P&C insurers have demutualized yet. Canada did not have regulations allowing for federally regulated P&C insurers to demutualize until the summer of 2015. In December, 2015, […]
By Canadian Underwriter | February 24, 2017
The Ontario Securities Commission (OSC) and the United Kingdom’s Financial Conduct Authority (FCA) have signed a new agreement under which fintech businesses in both jurisdictions will be able to seek support from their financial regulators as they look to operate in the other’s market. Signed on Wednesday, the Co-operation Agreement allows the FCA and the […]
By Canadian Underwriter | February 23, 2017
OTTAWA – The head of Canada’s financial intelligence unit warns that regulators must grapple with the challenges of emerging financial technologies, some of which he says have been exploited by terrorism and organized crime. But while it’s necessary to safeguard consumers and the country’s financial stability from the risks posed by some of these innovations, […]
By Jason Contant | February 22, 2017
Nearly three-quarters of global insurers (74%) believe that their sector has failed to show leadership in digital innovation, according to a new survey by Willis Towers Watson (WTW) released on Thursday. The report, titled New horizons: How diverse growth strategies can advance digitalisation in the insurance industry, involved a survey of 200 senior-level executives within […]
By Canadian Underwriter | February 17, 2017
The implementation of the New York Department of Financial Services’ (NYDFS) new cybersecurity regulations has the potential to underscore premium growth in cybersecurity insurance and directors and officers (D&O) insurance, but could also raise loss potential for insurers, Fitch Ratings said earlier this week. The rules, which come into effect on March 1, will cover […]
By Canadian Underwriter | February 15, 2017
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