INSURANCE INDUSTRY NEWS
Cyber Risks To Intensify In 2017
Top threats this year include nation-state cyber espionage, a rise in data integrity attacks and an increase in attacks harnessing Internet of Things (IoT) devices. Stroz Friedberg, an Aon company, predicts that 2017 will usher in intensified cyber attacks, new regulations and a shift in how businesses approach cyber risk management.
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2017: Another Demanding Year For Reinsurers
Despite the pressures the global reinsurance market is facing, the industry remains on track to close out another profitable year, meaning that pricing stabilization remains a major challenge for (re)insurers, according to the latest 1st View Renewals Report from Willis Re.
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Most Canadians Uncertain About Driverless Cars
Kanetix.ca has released new survey findings of Canadians' attitudes on driverless cars, and while one quarter of Canadians said they can't wait for the day when these (not so) futuristic vehicles are a reality, more than half said it depends on the technology's functionality.
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Brokerage Tech Adoption Increases Across Canada
The Centre for Study of Insurance Operations is pleased to announce, with the release of second annual CSIO Technology Scorecard, that brokerage adoption of nine key technologies has risen to a new high across Canada.
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Four-Year High For Natural Catastrophe Losses
A number of devastating earthquakes and storms made 2016 the costliest 12 months globally for catastrophe losses in the last four years.
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In Canada, severe weather had a huge impact in 2016, and the total insured damage smashed Canada's previous annual record.
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Chubb Expands Cyber Service Suite
An expanded suite of cyber loss mitigation services is now available to help Chubb's U.S. and Canadian policyholders reduce the impact and likelihood of a cyber incident. Chubb's expanded suite of cyber services for loss mitigation includes Password Defense, online cyber education, access to a premier cyber partner network, and more.
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X by 2 Expands its Enterprise, Services
X by 2 has announced it is growing its North American footprint with the creation of a subsidiary, X by 2 Canada, to more efficiently service its expanding client base in the Canadian insurance market.
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North Kent Mutual Goes Live in the Cloud
North Kent has successfully moved their entire technology footprint over to a private cloud solution with the assistance of their technology partners in this project, MCCG and iVedha.
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Duliban Launches Farm Equipment Program
Duliban Insurance Brokers Ltd. has announced the launch of a new stand-alone Tractor and Farm Machinery Program written under the brand Tractor Protect.
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McKillop Completes IBS Project With MCCG
McKillop Mutual Insurance Company has successfully implemented the Insurance Business Solution (IBS®) for their enterprise back-office system with partner MCCG, fulfilling a 10-month implementation project
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Groupe Ultima Selects Policy Works Platform
Groupe Ultima is pleased to announce a strategic partnership with Policy Works Inc., enables Groupe Ultima to provide its members with the Policy Works platform, and contributing to a new integrated technological ecosystem offered by Groupe Ultima.
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Alberta Motor Association Selects Guidewire
Alberta Motor Association and Guidewire Software have announced that AMA has selected Guidewire DataHub and InfoCenter to support its data and analytics strategies.
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Increasing Adoption of Data & Analytics
A growing number of insurers are looking for solutions that help them make better decisions. Data and analytics are key enablers. However, investment is a necessary, but not a sufficient condition for success. Adoption is the key.
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2017 Property/Casualty CIO Pressures & Priorities
In this report Celent presents the key findings from its annual survey of North American property/casualty CIOs, outlining their priorities and pressures for 2017. CIOs in all segments identify the business goals of growth and retention, process optimization, and innovation as the most important influences on their IT plans.
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Economical Completes Petsecure Acquisition
Economical Mutual Insurance Company has announced the completion of its previously-announced acquisition of Western Financial Insurance Company and its flagship brand Petsecure from Desjardins Group.
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Hub Acquires Mainline Insurance Brokers
Hub International Ltd. is pleased to announce that it has acquired Mainline Insurance Brokers Inc., Indian Head Agencies (1980) Ltd., R&J McKay Agencies Ltd. and Cathedral Insurance Services (1995) Ltd.
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Archway Purchases D.R. Hayman Insurance
Archway Insurance, one of Atlantic Canada's largest insurance brokerages, has announced the purchase of D.R. Hayman Insurance in Stellarton, Nova Scotia. D.R. Hayman Insurance has provided both personal and business insurance in the Pictou County area for more than 50 years.
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Belron Canada acquires Speedy Collision
Belron Canada has announced the acquisition of Speedy Collision, a network of 24 franchise collision centres located across Alberta, Saskatchewan and Ontario.
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Consumers See The Promise (And Risks) Of Connected Living
Consumers are excited by the progression toward ‘connected living’ and the many ways connected technologies can improve their lives, according to a new study by Assurant, Inc.
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Insurance Trends: Auto Personal Injury Claims
Looking forward to future auto damage and injury trends, there is a common theme. In the short term, the number of accidents will decrease, but loss costs and severity will continue to rise in the near future.
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Morneau Shepell Acquires Solareh
Morneau Shepell, Canada's largest provider of employee and family assistance programs (EFAPs), has announced that it has completed the acquisition of Solareh, a national health and wellness services provider based in Montreal
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Guidewire to Acquire ISCS
Guidewire is pleased to announce it has entered into a definitive agreement to acquire ISCS. This acquisition will enhance Guidewire's ability to serve those P&C insurers that prefer a cloud-based, all-in-one system supporting the insurance lifecycle.
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BlackBerry Launches Innovation Centre For Autonomous, Connected Vehicles
BlackBerry has unveiled a new Autonomous Vehicle Innovation Centre, within the BlackBerry QNX facility in Ottawa, to accelerate the realization of connected and self-driving vehicles by developing production-ready software independently and in collaboration with partners in the private and public sector.
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