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Supreme Court of Canada hears appeal from auditing firm over $118-million judgement arising from Livent fraud

February 15, 2017 by Canadian Underwriter

If the Supreme Court of Canada upholds a Court of Appeal for Ontario ruling against Deloitte & Touche, corporate auditors “will be encouraged to resign an audit before they feel they can responsibly do so in order to minimize the

News CatastrophesClimate ChangeCommercial LinesEarnings / RatingsInsurancePersonal Lines

AIG sees net loss of about US$3 billion in 2016 Q4

February 15, 2017 by Canadian Underwriter

American International Group, Inc. (AIG) has posted net losses for both the full year and the fourth quarter of 2016, but company president and CEO Peter Hancock reports that actions taken last year will help “dramatically reduce uncertainty and deliver

News Commercial LinesInsuranceMarkets / CoveragesTechnology

Ontario-based Pen Underwriting Canada launches cyber insurance product

February 15, 2017 by Canadian Underwriter

Burlington, Ont.-based Pen Underwriting Canada Limited announced on Wednesday that it has created a comprehensive cyber solution to respond to the “increasing threat that cybercrime poses for corporations.” Backed by A+ rated capacity, the specialist cyber product is designed for

News CatastrophesCommercial LinesInsurancePersonal Lines

Buildings evacuated after massive fire breaks out in midtown Toronto

February 15, 2017 Liam Casey - THE CANADIAN PRESS

TORONTO – Firefighters continued to pour water on a massive and “hazardous” blaze in midtown Toronto early Wednesday, several hours after the fire began and forced the evacuation of surrounding buildings. Division Cmdr. Len Stadler said the fire at The

News InsuranceLegislation / RegulationMarkets / CoveragesTechnology

New York cyber rules could raise loss exposures for U.S. insurers: Fitch

February 15, 2017 by Canadian Underwriter

The implementation of the New York Department of Financial Services’ (NYDFS) new cybersecurity regulations has the potential to underscore premium growth in cybersecurity insurance and directors and officers (D&O) insurance, but could also raise loss potential for insurers, Fitch Ratings

News InsuranceTechnology

8.4 billion “connected things” will be in use in 2017, up 31% from 2016: Gartner

February 14, 2017 by Canadian Underwriter

IT research and advisory company Gartner, Inc. is forecasting that 8.4 billion “connected things” will be in use worldwide in 2017, up 31% from 2016, and reaching 20.4 billion by 2020. The company added in a press release last week

News InsuranceLegislation / RegulationPersonal LinesTechnology

U.S. Congress committee warned that autonomous vehicles could ‘pose an avenue for terrorism’

February 14, 2017 by Canadian Underwriter

The industry and regulators need to “think very broadly” around the cyber security of autonomous vehicles, and having autonomous cars operate in such a way that human drivers must be ready to take control can actually increase the risk of

insPRESS Insurance

STRONE Proud Title Sponsor of Alumni Game at Scotiabank Hockey Day in Canada Festivities in Kenora

February 14, 2017 by STRONE-Itech

The City of Kenora is welcoming hockey fans across Canada February 15-18th as Scotiabank Hockey Day in Canada festivities take over the community. STRONE Kenora is thrilled to participate, joining in as title sponsor of the Alumni Game featuring a

News Commercial LinesInsuranceProfessional DevelopmentTechnology

Most Canadian IT professionals report some security solutions “outdated and inadequate”: study

February 14, 2017 by Canadian Underwriter

Most IT professionals in Canada (73%) feel strongly that some of their security solutions are outdated and inadequate, according to the Canadian results of a global study released last week. The Need for a New IT Security Architecture: Global Study

News Earnings / RatingsInsuranceReinsurance

Loss ratio up 1.4 points for Arch Capital

February 14, 2017 by Canadian Underwriter

Arch Capital Group Ltd. reported Monday a combined ratio of 99.4% in insurance during the last three months of 2016 due in part to Hurricane Matthew, while net favorable development, due in part to better than expected claims emergence in

News CatastrophesInsurancePersonal Lines

Massive storm continues slow march east after paralyzing Maritimes

February 14, 2017 Alison Auld and Michael MacDonald - THE CANADIAN PRESS

HALIFAX – Parts of Atlantic Canada remained under a blizzard warning Tuesday after a massive storm descended on the region, dumping a thick blanket of snow and unleashing howling winds before marching off to Newfoundland. Environment Canada issued the warnings

News Commercial LinesInsuranceTechnology

Zurich North America, Deloitte collaborating on cyber protection

February 14, 2017 by Canadian Underwriter

Zurich North America and Deloitte reported on Tuesday that they are working together to provide services for customers to help them better understand and protect themselves from cyber related risks. Initial offerings include risk transfer options provided by Zurich and