Keyword
Commercial Risk Management
CFC launches new insurance suite for product recall market
March 14, 2016 by Canadian UnderwriterSpecialist lines underwriting agency CFC Underwriting has launched a new suite of product recall products, available globally, to help enhance insureds’ protection, including from events related to hacking and electronic attack. The suite is aimed at industries ranging from food…
Commercial insurance prices in most lines dropped year-over-year ‘in low single digits’ in Q4: Willis Towers Watson
March 14, 2016 by Canadian UnderwriterThe change in commercial insurance prices from the fourth quarter of 2014 to the fourth quarter of 2015 were “nearly flat,” Willis Towers Watson plc reported Monday. London-based Willis Towers Watson released its Commercial Lines Insurance Pricing Survey (CLIPS), which…
CANATICS, IBC taking important step forward in fight against organized insurance crime
March 14, 2016 by Canadian UnderwriterCanadian National Insurance Crime Services (CANATICS) and Insurance Bureau of Canada (IBC) are joining forces in the war on organized insurance crime, hoping to advance efforts with a mix of timely early warnings and investigation expertise. The strategic move to…
Heavy rainfall, flash flooding in Louisiana, Texas and Arkansas forces more than 3,500 evacuations, hundreds of road closures
March 11, 2016 by Canadian UnderwriterHeavy rainfall and flash flooding in Louisiana, Texas and Arkansas that began this week has inundated more than 200 homes, and led to more than 3,500 evacuations and hundreds of road closures, according to catastrophe risk modelling company Risk Management…
Fines could triple under proposed legislative amendments to B.C. wildfire laws
March 11, 2016 by Canadian UnderwriterThe government of British Columbia has introduced legislative changes that, if passed, would result in “significantly increased ticket fines” for behaviour that contributes to increase wildfire risks. Proposed legislative amendments introduced on Thursday as part of the Forests, Lands and…
Agricultural firms handling fertilizer, pesticides need to assess pollution risk: Chubb
March 11, 2016 by Canadian UnderwriterFarming operations handling fertilizers and pesticides could have “significant gaps” in insurance coverage due to pollution risk, Chubb Ltd. warned in a paper released Friday in the United States. “Typical agricultural policies provide only limited coverage in specific circumstances for…
Hacking, malware breaches nearly doubled from 2014 to 2015, report says
March 11, 2016 by Canadian UnderwriterBreaches caused by either hacking or malware nearly doubled in relative frequency over the past year – from 32% of all incidents in 2015 from 18% in 2014, according to specialist and data breach response insurer Beazley. Earlier this week,…
Hannover Re’s net income of 1.15 billion euros in 2015 represents best-ever year for company
March 11, 2016 by Canadian UnderwriterStrong results for both property and casualty reinsurance and life and health reinsurance contributed to Hannover Re’s record profit in 2015, posting Group net income of 1.15 billion euros for the year and handily beating its profit target, notes a…
A.M. Best issues revised core credit rating methodology, requests comments
March 10, 2016 by Canadian UnderwriterA.M. Best Company on Thursday published proposed revisions to its core credit rating methodology, Best’s Credit Rating Methodology (BCRM). At the same time, the ratings firm has released proposed revisions for the criteria procedure for the United States property and…
Higher construction spend spurs Chubb’s move to broaden offerings to mid-sized construction firms
March 10, 2016 by Canadian UnderwriterMid-sized construction firms in the United States and Canada now have access to certain Chubb insurance products and services that were previously only available to large national and international construction companies, notes a company statement issued Thursday. The products will be handled through…
Nominations open for CIP Society’s 2016 National Leadership Awards
March 10, 2016 by Canadian UnderwriterNominations are now open for the CIP Society’s 2016 Leadership Awards, the only national program of its kind that celebrates leadership among property & casualty professionals in Canada. The National Leadership Awards program honours CIP Society graduates, many of whom…
Aviva plc’s combined ratio for Canada improves to 93.8% in 2015, from 96.1% in 2014
March 10, 2016 by Canadian UnderwriterAviva plc announced on Thursday that its combined ratio for Canada has improved to 93.8% in 2015, from 96.1% in 2014. Aviva released its preliminary results announcement on Thursday, noting a combined operating ratio in its general insurance business of…