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Global organizations spending almost four times more budget on property-related risks than cyber risks: Aon/Ponemon report

April 25, 2017 by Canadian Underwriter

Global organizations are spending nearly four times more budget on property-related risks than cyber risks, according to a report released on Tuesday by the Ponemon Institute and sponsored by Aon plc. The 2017 Cyber Risk Transfer Comparison Global Report also

News InsuranceTechnology

Damage to reputation/brand gets social, cyber jumps higher on risk list: Aon survey

April 24, 2017 by Angela Stelmakowich

PHILADELPHIA – Social media is amplifying the impact of the top-ranked risk for businesses – damage to reputation and brand – while cyber risk has fully entrenched itself in the Top 10, becoming the number one risk for respondents in

News Climate Change

March and year-to-date second warmest on record for the world: NOAA

April 21, 2017 by Canadian Underwriter

On the heels of the second warmest winter in its 138-year record, the National Oceanic and Atmospheric Administration (NOAA) has reported that March 2017 and the year-to-date were the second warmest on record for the world. The March 2017 average

News InsuranceMarkets / CoveragesTechnology

Artificial Intelligence set to transform insurance industry, but integration challenges remain: Accenture

April 19, 2017 by Canadian Underwriter

Artificial intelligence (AI) will “significantly transform” the insurance industry in the next three years, with insurers investing in AI to empower agents, brokers and employees to enhance the customer experience with automated personalized services, faster claims handling and individual risk-based

News InsuranceMarkets / CoveragesPersonal LinesTechnology

Ford recalls 570K vehicles in North America and Europe for fire risk, door latch trouble

March 29, 2017 Tom Krisher - THE ASSOCIATED PRESS

DETROIT – Ford is recalling more than 570,000 vehicles in North America and Europe to fix separate problems that can cause engine fires and doors to fly open unexpectedly. The recalls will hit the company’s bottom line in the first

News Commercial LinesInsuranceLegalMarkets / CoveragesTechnology

Global private companies seem underprepared for cyberattacks: PwC report

March 20, 2017 by Canadian Underwriter

Global private companies seem to be more at risk of cyber threats, but less prepared to protect themselves against cyberattacks, according to a new report from professional services firm PwC. Released late last week, the report, titled Undaunted, but underprepared?,

News Earnings / RatingsInsuranceReinsuranceTechnology

84% of polled insurance companies planning to make acquisitions in 2017: KPMG International

March 17, 2017 by Canadian Underwriter

The lion’s share of insurance companies taking part in a KPMG International-commissioned survey plan to make acquisitions in 2017, with most respondents saying their companies are being driven by need to transform business and operating models. The insurance sector looks

News Commercial LinesConstructionInsurance

XL Catlin quadruples North American builder’s risk capacity to US$1 billion

March 9, 2017 by Canadian Underwriter

XL Catlin announced on Wednesday that it has quadrupled its builder’s risk insurance capacity to US$1 billion from US$250 million for construction firms in North America. The increased coverage for high-value commercial real estate projects is the result of a

News InsuranceMarkets / Coverages

CFC Underwriting increases limits across transaction liability product suite to up to US$50 million in North America

March 2, 2017 by Canadian Underwriter

London, United Kingdom-based specialist lines underwriting agency, CFC Underwriting, announced on Thursday that it has increased the available limits of its transaction liability insurance product suite across all territories. CFC now has the capacity to offer limits up to US$50

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 Climate ChangeCommercial LinesConstructionEarnings / RatingsTechnology

Weather risk accounts for an estimated US$56 billion in untapped wind energy asset values globally: GCube

January 31, 2017 by Canadian Underwriter

Resource underperformance has surpassed mechanical breakdown and component damage as the major obstacle to achieving bankable wind energy projects, GCube Underwriting Ltd. notes in a report estimating the untapped asset values of wind energy stakeholders around the world at US$56

News Commercial LinesInsuranceMarkets / Coverages

Record number of M&A deals closed in last two weeks of 2016: Willis Towers Watson

January 16, 2017 by Canadian Underwriter

A record number of merger and acquisition deals – 72 – were closed in the last two weeks of 2016, compared to just 48 deals for the same period in 2015, according to Willis Towers Watson’s (WTW) latest Quarterly Deal