Legal / Regulation
A B.C. broker has been banned from holding a licence for five years and fined $5,000 for committing insurance fraud. The province’s broker regulator, the Insurance Council of B.C., found that Martin Hroch submitted 74 false insurance claims for physiotherapy services through his brokerage’s health and wellness program over a 13-month period. “The amount claimed […]
By David Gambrill | March 4, 2020
2 min read
Tech
A sharp rise in venture capital funding to Canadian fintechs has spawned investments in technology intended to improve property and casualty claims management, the insurance leader with PwC Canada suggests. “There has been a broad-stroke move to have significantly more investment in new distribution channels, opportunities or related technology,” Keegan Iles, national insurance consulting leader […]
By Greg Meckbach | March 3, 2020
Insurance Bureau of Canada (IBC) has issued a series of policy recommendations to help improve the affordability of strata insurance in British Columbia, some of which touch upon suggestions made by the province’s broker association. IBC’s recommendations include: Last month, Canadian Underwriter asked Chuck Byrne, the executive director and chief operating officer of the Insurance […]
By Jason Contant | March 2, 2020
3 min read
Nathan Rose, a senior underwriter with Burns & Wilcox, shares how emerging trends in cyber will lead to untapped business opportunities.
By Greg Meckbach, Associate Editor | March 2, 2020
5 min read
Operations
Some insurers are specifically allocating internal resources to address silent cyber, while others are outsourcing it, speakers noted recently at NetDiligence’s Cyber Risk Summit in Toronto Feb. 21. Melinda Parker Thompson, an underwriting specialist with Allianz Global Corporate & Specialty (AGCS), told attendees the insurer is specifically looking at silent cyber across its portfolio. “A […]
By Jason Contant | February 28, 2020
Intact Insurance has updated and expanded its crime coverage to include “social engineering,” which describes a situation in which nefarious online actors dupe unsuspecting employees into sending money or products to criminals. “What we’ve taken is the crime coverages that we’ve had historically and modernized them,” Mike Kosturik, vice president of commercial lines for Ontario […]
By Adam Malik | February 28, 2020
Capacity is still readily available to cover cyber risks, but more insurers are approaching the coverage cautiously, a speaker said Friday at NetDiligence’s Cyber Risk Summit in Toronto. In terms of procedure, clients’ applications for cyber coverage must clear more hurdles now than they did before, noted Sophia Kudlyk, cyber practice leader with insurance advisory […]
By Jason Contant | February 27, 2020
While the hardening market has taken a significant bite out of the industry’s profits, it may also be insulating brokers and insurers from competing against giant tech disruptors such as Amazon and Google for insurance sales, says a former financial adviser to Canada’s P&C industry. Neil Parkinson, now retired after 39 years as KPMG partner […]
By David Gambrill | February 27, 2020
VANCOUVER – The car-sharing company formerly known as Car2Go is closing up shop in North America on Saturday, taking with it valuable data for automakers looking to the future, says one expert. The data could show how frequently people choose car-sharing services over other forms of transit, how the use of their cars differs across […]
4 min read
Business leaders in Canada are concerned about cyber extortion and social engineering fraud, such as business email compromise (BEC) and email account compromise (EAC), Aon reported. “The last year has seen a tremendous increase in cyber-related claims in Canada,” said Brian Rosenbaum, national cyber leader at Aon in Canada. “The majority of these claims are […]
By Jason Contant | February 26, 2020
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