HR
Responding to an insurer’s call for carriers and brokers to find tech solutions to help solve the industry’s “administration problem,” brokers have responded by welcoming such a dialogue, citing several initiatives already dedicated to the task. RSA Canada president and CEO Martin Thompson gave a presentation on technology at the Insurance Institute of Canada on […]
By Canadian Underwriter | November 17, 2017
3 min read
Legal / Regulation
SAN FRANCISCO – California regulators are embracing a General Motors recommendation that would help makers of self-driving cars avoid paying for accidents and other trouble, raising concerns that the proposal will put an unfair burden on vehicle owners. If adopted, the regulations drafted by the California Department of Motor Vehicles would protect these carmakers from […]
By Jason Contant | November 16, 2017
Tech
Toronto-based VerticalScope Inc. says six of the community websites it administers were hacked last month in the latest of a recent series of data breaches affecting Canadian online user information. The company says in an emailed statement an “unauthorized party” gained access to community member data for six of its websites on Oct. 17 and […]
2 min read
Why are Insurtechs and fintechs frequently hailed as more agile than insurance companies following a more established business model? Martin Thompson, CEO of RSA Canada, said it’s easy to be bullish on the agility of insurtechs if you take customers out of the equation. “While tech firms are more agile — we think that, certainly […]
By Canadian Underwriter | November 15, 2017
Technological automation is going to significantly change the composition of Canada’s property and casualty insurance industry, reducing the workforce by up to 40% within the next five to 10 years, predicts RSA Canada president and CEO Martin Thompson. Speaking at the Insurance Institute of Canada’s At the Forefront breakfast in Toronto on Tuesday, Thompson said […]
By Jason Contant | November 15, 2017
Berkshire Hathaway Specialty Insurance (BHSI) has launched a cyber insurance product in Canada that combines cyber liability and breach response coverage with risk management resources for commercial enterprises and financial institutions. “Our new policy simplifies the complex endeavour of managing cyber exposures for both our business partners and our customers,” suggested Michael Densham, senior vice […]
By Canadian Underwriter | November 14, 2017
Chubb announced on Tuesday the launch of its Cyber Alert mobile app, designed to offer Canadian and U.S. commercial cyber customers “rapid incident response options and resources in the event of a cyber incident.” The Cyber Alert app provides policyholders with access to a live cyber response specialist, Chubb said in a press release. Once […]
The influence of cyber risk on insurer ratings is likely to be gradual, Fitch Ratings has reported. Cyber insurance represents a relatively small percentage of insurers’ business and insurers are taking a cautious approach to growing coverage, given the uncertainty about cyber claims potential and how to price claims, the ratings firm said in a […]
By Canadian Underwriter | November 13, 2017
The share of Linux botnets is continuing to grow, accounting for 70% of attacks in the third quarter of the year from 51% in Q2, according to cybersecurity company Kaspersky’s Q3 2017 DDoS Intelligence Report. Experts also continue to see an increase in the number of countries where resources have been targetted, with 98 countries […]
TORONTO – Ride-hailing company Lyft is bringing its service to Canada. The company announced Monday that it is coming to Toronto in what will be its first expansion outside of the United States. “Our passports are packed and we’re crossing the border,” the company said in a post on its corporate blog. “We’ve been looking […]
By The Canadian Press | November 13, 2017
1 min read
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