Tech
The majority of chief compliance officers (CCO) in the United States taking part in a KPMG LLP survey are struggling to integrate and automate compliance activities across their organizations. Six in 10 polled CCOs report “their company’s technology infrastructure has not been analyzed to confirm it aligns with compliance requirements or they were unsure of […]
By Canadian Underwriter | March 14, 2017
4 min read
Mobileye N.V., whose vehicle-mounted technology is designed to anticipate collisions, has agreed to be acquired by microprocessor manufacturer Intel Corp. Intel said Monday that one of its subsidiaries “will commence a tender offer” to acquire Mobileye shares for US$63.54 in cash, for an “enterprise value” of about US$14.7 billion. MobilEye is incorporated in the Netherlands […]
By Canadian Underwriter | March 13, 2017
2 min read
Scotiabank’s $2 million funding injection seeks to support the ability of the Scotiabank Cybersecurity and Risk Analytics Initiative at the University of British Columbia (UBC) to accelerate cyber security and financial risk research in Canada. “Data theft costs organizations billions of dollars a year worldwide, and cause psychological and social harm for individual customers,” Michael […]
Legal / Regulation
SACRAMENTO, Calif. – Uber’s self-driving cars will return to California’s streets, though the ride-hailing company doesn’t immediately plan to pick up passengers. Uber received a permit Wednesday to test two Volvo SUVs on public roads, the California Department of Motor Vehicles said. Regulators also approved 48 people as backup drivers who must sit behind the […]
By Jason Contant | March 10, 2017
ATB Financial announced Thursday that the Alberta-based financial services provider has joined the consortium of financial innovation firm R3 to design and apply distributed and shared ledger-inspired technologies to global financial markets. The company will be collaborating with more than 75 of the world’s largest financial institutions, notes a statement from ATB Financial, Alberta’s largest […]
By Canadian Underwriter | March 10, 2017
HR
American International Group (AIG) announced on Thursday that its president and CEO, Peter D. Hancock, has informed the board of directors of his intention to resign, citing lack of shareholder support. As part of the transition plan, Hancock will remain as CEO until a successor has been named; the board of directors will conduct a […]
By Canadian Underwriter | March 9, 2017
The insurance industry is not impregnable and companies would be well-advised to reinvent themselves by incorporating digital technology and allowing it to become a catalyst, suggests a new report issued Thursday by McKinsey & Company. Some executives “know that staying competitive in a digital world will require far more than the addition of a direct […]
5 min read
Widespread adoption of autonomous vehicles will completely transform the motor insurance sector in the long-term as liability shifts towards manufacturers and the traditional risk pool shrinks, Fitch Ratings said in a new report on Wednesday. Simply put, insurers will be forced to diversify in search of other profit sources and some of those that fail […]
By Canadian Underwriter | March 8, 2017
The government of British Columbia announced on Tuesday a series of improvements for the taxi industry in anticipation of “ride-sharing services coming to British Columbia by the holiday season at the end of 2017,” including improving certain insurance products, potentially saving taxi drivers up to 25% in premiums. The Ministry of Transportation and Infrastructure said […]
Property owners who want to rent their places to travellers using the “sharing economy” need special insurance coverage and one large risk is when they prepare food for customers, speakers suggested Tuesday at an event hosted by Allianz Global Assistance. “I think one of big the risks is around food and beverage,” suggested Scott Allison, […]
By Jason Contant | March 7, 2017
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