Tech
Cyber extortionists will soon likely gravitate toward attacks on global or shared infrastructure, a cybersecurity expert predicts. From a cyber insurance perspective, brokers should highlight that the coverage helps organizations manage the risks they can control, as well as the ones they have little control over. “Regardless of the organization and the investment they’ve made […]
By Jason Contant | October 17, 2018
2 min read
Cyber insurance needs to be explained using plain language, rather than by “insurance people using insurance-isms,” a large cyber underwriter said recently. “Part of the problem with cyber is the fact that it’s called cyber,” said Andy Holmes, chief underwriter officer with CFC Underwriting, “rather than people explaining it more simply, which is, ‘Look, it’s […]
By Jason Contant | October 16, 2018
One of the biggest risks posed by blockchain-based currencies is financing of terrorism and it is reasonable to ask whether there should be tighter regulation of this technology, federal finance minister Bill Morneau told a Senate committee. Bitcoin is one application of blockchain, a computer database technology that has a variety of uses, including insurance […]
By Greg Meckbach | October 15, 2018
3 min read
Operations
The federal government will probably consider legislating Canada Post employees back to work if they go on strike or are locked out, a labour lawyer told Canadian Underwriter Monday. “I think it’s likely that the Liberals will consider” back-to-work legislation, Andrew Monkhouse, managing partner of Monkhouse Law, said in an interview. Canada Post officials are […]
Brokers scoping out new leads for selling cyber should consider this new opportunity in the professional class: real estate agents. Real estate agents move large sums of money when houses are selling. There is also typically a time cluster when these house purchases close, such as lunch time on a Friday, said Andy Holmes, chief […]
By Jason Contant | October 15, 2018
OTTAWA – Statistics Canada says Canadian businesses reported spending $14 billion on cybersecurity in 2017 as they confront greater risks in the digital world. The StatCan survey finds that more than one in five companies said they were impacted by a cyberattack last year, with large businesses more than twice as likely as small ones […]
By The Canadian Press | October 15, 2018
1 min read
Plamen Petkov, vice president of Ontario and business resources at the Canadian Federation of Independent Business, which represents 110,000 small businesses across Canada, provides insight to help brokers forge successful business partnerships with small business owners. DO: Establish very clearly the value you provide as a broker. “The value could be translated in different ways […]
By Plamen Petkov | October 14, 2018
Small business clients want to spend less time filling out insurance application forms and more time getting advice from their brokers, an insurance technology expert says. “Unlike personal insurance, where there is more propensity to go direct, small business owners still value the conversation with a broker,” Daniel Shum, partner and national insurance sector leader […]
By Greg Meckbach | October 14, 2018
Brokers in Canada have a technology platform available that allows them to customize different insurance coverages, or offer next-day service, through a self-serve app. The app provides a base quote for a customer. The broker can then use sliders to adjust variables in coverage. For example, if the client wants to spend $3,000, the broker […]
By Jason Contant | October 14, 2018
National brokerage A.P. Reid Insurance Limited has announced its intention to acquire Wardell Insurance Limited effective Jan. 1, 2019. Following the completion of the transaction, Wardell’s Burlington, Ont. office and A.P. Reid’s office in nearby Waterdown, Ont. will merge into a new location to fit the growing team, A.P. Reid said Friday. The entire Wardell […]
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