Tech
Turo, which connects local car owners with travellers looking for adventure and in need of a vehicle, has expanded its car-sharing marketplace into British Columbia. To address provincial insurance regulations, the company has structured the expansion by partnering with local, independent car rental entrepreneurs that will make their fleets available to Turo members and will […]
By Canadian Underwriter | October 3, 2017
3 min read
Legal / Regulation
Despite the constantly changing landscape, ever since insurance has been around, the industry has “accommodated or addressed” these emerging challenges, attendees to the National Insurance Conference of Canada (NICC) heard on Monday. Neville Henderson, assistant superintendent of the insurance supervision sector of the Office of the Superintendent of Financial Institutions (OSFI), said that he’s seen […]
By Jason Contant | October 3, 2017
The average cost of cybercrime globally climbed to US$11.7 million per organization, a 23% increase from US$9.5 million reported in 2016, according to new research from Accenture and the Ponemon Institute. The year-over-year increase also represents a “staggering” 62% increase in the last five years, global professional services company Accenture said in a press release […]
By Canadian Underwriter | September 29, 2017
4 min read
Shifting liability and “the period of intersection” between conventional vehicles and fully autonomous vehicles (AVs) will be among the challenges facing risk managers in the future, attendees to the RIMS Canada Conference heard earlier this week. Consider “public road liability” related to infrastructure that is going to inevitably communicate with vehicles and vice versa and […]
By Jason Contant | September 29, 2017
HR
Canadian consumers still “value the trusted advisor model” when buying insurance but there will soon be a “flipping” of brokers’ compensation model on commercial lines, whereby brokers will tend to earn more of their money on the consultative services, senior industry executives suggested Wednesday. “The value of the transaction, while it’s important, and it’s expected […]
By Jason Contant | September 28, 2017
Global cyber premium volume is set to increase six- to eightfold within a decade, according to a new report from Fitch Ratings. Released on Wednesday, the report Cyber Insurance – Risks and Opportunities (Global Non-Life Insurer Underwriting Exposures Examined) found that cyber insurance has been a profitable business line for early market entrants and is […]
By Canadian Underwriter | September 28, 2017
2 min read
Nearly one-half (46%) of Canadian small- and medium-sized businesses (SMBs) believe that their organization is at risk of experiencing a cyberattack, according to a new survey from Internet security company ESET Canada. The research, commissioned by ESET Canada and conducted by Ipsos, used a sample of 1,003 Canadian adults employed at small businesses (defined as […]
By Canadian Underwriter | September 27, 2017
The City of Toronto is taking an all-encompassing approach to automated vehicles by examining their potential impact on a variety of city departments, attendees to the RIMS Canada Conference heard on Monday. AVs could impact taxi regulations, employment, social services, city planning, emergency services and parking, to name a few – “really a wide array […]
By Jason Contant | September 27, 2017
belairdirect announced on Tuesday that it is launching a new app to help reward good drivers in Alberta and British Columbia. The automerit app assesses customers’ driving skills, helping them save on their insurance premiums through a discount, while providing valuable insight into their driving habits, belairdirect said in a press release on Tuesday. “belairdirect […]
Mississauga, Ont.-based Unica Insurance announced on Wednesday that Dave Smiley has been appointed president and chief operating officer of the company. Smiley previously held the position of vice president of operations for Unica since 2009. He brings with him almost 30 years of extensive insurance experience spanning underwriting (personal and commercial lines), business development and […]
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