HR
While the Office of the Superintendent of Financial Institutions (OSFI) expects federally regulated insurers (FRIs) to comply with its guideline on reinsurance, it realizes that “this guidance was not always well-understood by the industry and [has] identified opportunities to clarify our expectations.” Reinsurance is a tool used extensively by FRIs to manage insurance risks and […]
By Jason Contant | November 30, 2017
2 min read
Tech
TORONTO – Equifax Canada has revised the number of Canadians caught up in a massive data breach earlier this year, saying an investigation has found that more than 19,000 were affected. The company previously said about 8,000 Canadian customers had their personal information compromised in the cyberattack, but couldn’t say how many additional credit cards […]
Corporate directors should be asking management some tough questions about what the organization is doing to prevent cyberattacks on their organizations. John Heaton, a partner, advisory with KPMG’s cybersecurity practice, talked with Canadian Underwriter Wednesday about what corporate directors should be asking their managers about cyber risk. Heaton discussed the topic Tuesday at KPMG’s Annual […]
A rule requiring disciplinary hearings of Ontario brokers be open to the public is currently included in the province’s budget implementation bill, which has yet to be passed. The Insurance Brokers Association of Ontario (IBAO) told Canadian Underwriter Wednesday it has been “vocal” in its support of “increased transparency of Registered Insurance Brokers of Ontario,” […]
Canadian property and casualty (P&C) insurers seeking to advance their artificial intelligence (AI) capabilities will have a tough time recruiting data scientists to help them transform their data into genuine business insights, says a recruiter who works with the P&C industry. “I think there’s a lot of talk in the marketplace that this talent is […]
By Jason Contant | November 29, 2017
Five factors, outlined below, can make or break the state of the Canadian property and casualty (P&C) insurance, says Nazir Valani, partner and national leader with KPMG in Canada’s actuarial practice. He spoke Tuesday at KPMG’s Annual Insurance Conference in Toronto. Number 1: The Economy The Canadian economy is on a “hot streak” right now, […]
Darius Delon, a consultant and president of Risk Management 101, told Canadian Underwriter Monday what he sees as the top concerns for risk managers. Here are his Top 3 risks: Number 1: Awareness about legislative changes In some instances, organizations are not aware of legislative changes that have already been made—to say nothing of upcoming […]
By Jason Contant | November 27, 2017
Monica Kuzyk, president of the Canadian Independent Adjusters’ Association (CIAA), talked to Canadian Underwriter Monday about the most significant issues facing Canadian insurance adjusters going into 2018. Here is her list of Top 3 issues facing adjusters today: Number 1: Keeping up with rapid change Canadian insurers are rapidly changing product offerings and how they […]
3 min read
CALGARY – Data theft from high-profile hacks against companies like Uber and Equifax can cost consumers thousands of dollars but resource companies worry about millions in damage, along with potential injuries and death, if their technology is compromised. The thought of a multi-tonne piece of equipment running amok or shutting down at a critical time […]
4 min read
Quebec regulator names inaugural fintech director The Autorité des marchés financiers (AMF), the regulatory and oversight body for Québec’s financial sector, has appointed Moad Fahmi to the new position of director of fintech and innovation. “This new function will foster the collaboration that is essential to developing Québec’s fintech ecosystem,” said Louis Morisset, AMF president and CEO. “It is […]
By Jason Contant | November 26, 2017
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