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No public-private flood coverage model a ‘lift and shift directly to Canada:’ Aviva Canada reinsurance VP

April 28, 2017 Greg Meckbach, Associate Editor

Britain’s Flood Re program provides an “analogy for Canada” in insuring high-risk flood zones, while more research is needed to fully understand the economic impact of climate change, speakers suggested at Insurance Bureau of Canada’s recent Financial Affairs Symposium. Balz

News InsuranceMarkets / CoveragesTechnology

Silent cyber a big issue, most companies with insurance book have exposure: AIR Worldwide’s Stransky

April 25, 2017 Angela Stelmakowich

PHILADELPHIA – Silence is decidedly not golden when it comes to cyber risk, Scott Stransky, assistant vice president and principal scientist for AIR Worldwide, suggested to Canadian Underwriter in advance of the RIMS 2017 Annual Conference & Exhibition. Silent cyber

News InsuranceMarkets / CoveragesTechnology

Investments to fight cyber breaches must include technology, people and risk transfer: WTW cyber head

April 24, 2017 Angela Stelmakowich

PHILADELPHIA – Considering human risk is essential when determining how best to combat data breaches and associated costs, but the human element is routinely overshadowed by technology in organizational efforts to bolster cyber security, says Anthony Dagostino, global head of

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BlackBerry expanding channels of distribution via cyber security initiative with Allied World

April 21, 2017 by Canadian Underwriter

Ontario-based BlackBerry Limited is growing its footprint in the insurance industry through a new initiative with Allied World Assurance Company Holdings in which the latter’s U.S. cyber policyholders will gain direct access to the former’s cyber security expertise through an

News AssociationsInsuranceTechnology

Innovative technologies clustered on expectations side, most types of technology two to 10 years away: CIAA event speaker

April 19, 2017 by Angela Stelmakowich

The influence of technology will be more clearly felt in the next 10 or 15 years as opposed to the next few years, Duncan Stewart, director of technology, media and telecommunications research for Deloitte Canada, suggested during a Canadian Insurance

News AssociationsCommercial LinesInsurancePersonal LinesTechnology

Carriers should more fully explore potential in episodic insurance, CIAA event hears

April 17, 2017 by Angela Stelmakowich

Insurance carriers need to more seriously consider the potential that exists in episodic insurance and how such an approach could alter offerings, Mukul Ahuja, leader of insurance strategy and innovation at Deloitte Canada, suggested Thursday. “Not nearly enough carriers are

News CatastrophesCommercial LinesInsuranceMarkets / CoveragesReinsurance

Swiss Re losses from Cyclone Debbie currently estimated at US$350 million

April 13, 2017 by Canadian Underwriter

Swiss Re currently estimates its claims burden from tropical cyclone Debbie in Australia at about US$350 million, net of retrocession and before tax, while the total insured market losses associated with the event is estimated at around US$1.3 billion. The

News CatastrophesCommercial LinesInsurancePersonal LinesReinsurance

213 million euros initial loss estimate for extra-tropical cyclone Thomas: PERILS

April 10, 2017 by Canadian Underwriter

The initial estimate of the insured property market loss from extra-tropical cyclone Thomas is 213 million euros, representing the second time so far this season that a European winter storm exceeded 200 million euro, Zurich-based PERILS reports. The market loss

News AssociationsCatastrophesClimate ChangeCommercial LinesEarnings / RatingsInsurancePersonal LinesReinsurance

Preparation, not panic, is the way to address earthquake risk: IBC’s Don Forgeron

April 7, 2017 by Angela Stelmakowich

When talk turns to the possibility of a major earthquake in Canada, Don Forgeron, president and CEO of Insurance Bureau of Canada (IBC), advises that the response should be to prepare, not to panic. “No one should spend their day

News CatastrophesCommercial LinesInsuranceProductsReinsuranceTechnology

RMS releases new class of cyber-physical risk modelling for property insurers

April 6, 2017 by Canadian Underwriter

RMS has expanded its range of cyber models to include a new class of so-called cyber-physical models in a bid to answer the increasing related risk of insurance losses from hackers targeting control systems linked to the Internet. These cyber-physical

News CatastrophesCommercial LinesEarnings / RatingsInsuranceMarkets / CoveragesPersonal LinesReinsurance

More action needed to better prepare for earthquake in Canada: Scotti

April 6, 2017 by Angela Stelmakowich

Canada would be well-advised to take a cue from other nations and do more to establish partnerships and requirements that better protect property owners in the event of an earthquake, says Veronica Scotti, president and CEO of Swiss Re Canada.

News Commercial LinesInsurancePersonal LinesReinsuranceTechnology

Encouraging signs around insurance awareness on a global scale: Swiss Re’s Ojeisekhoba

April 5, 2017 by Angela Stelmakowich

Much remains to be done to bolster awareness, availability and take-up of p&c insurance on a global scale, but there are encouraging signs in play that may be further advanced by use of technology, Moses Ojeisekhoba, chief executive officer, reinsurance