Keyword
Risk
RMS releases new class of cyber-physical risk modelling for property insurers
April 6, 2017 by Canadian UnderwriterRMS 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…
Difficult year for Canada’s p&c insurance industry: IBC’s McGown
April 4, 2017 by Angela StelmakowichThe Fort McMurray wildfire and other large weather events combined with the lowest return on investment (ROI) in decades to produce a very difficult year for Canada’s p&c insurance industry in 2016, David McGown, senior vice president of strategic initiatives…
Long-term data strategy will allow for making the most of the information: OMIA’s Taylor
March 31, 2017 by Angela StelmakowichMutual insurers need a long-term plan to ensure they meet the twin goals of capitalizing on the opportunities that data offers and continue to staying true to serving customers, the head of the Ontario Mutual Insurance Association (OMIA) suggested Thursday.…
Larger liability claims expected to become more expensive, complex: AGCS
March 30, 2017 by Canadian UnderwriterThere is increasing potential for “larger liability claims to become more expensive, complex and international, demonstrating the pervasive and long-term nature of liability losses,” suggests a new global claims review released Thursday by Allianz Global Corporate & Specialty (AGCS). Industrial,…
Flood risk remains moderate to major in western Manitoba, eases in Red River Valley: provincial government
March 27, 2017 by Canadian UnderwriterWhile the risk of overland flooding in Manitoba has been slightly reduced since the provincial government’s outlook in late February, it still remains moderate to major across the province, the provincial infrastructure minister said on Friday. “The province’s Hydrologic Forecast…
Risk management overhaul necessary for cities to become more resilient to catastrophic events: report
March 27, 2017 by Canadian UnderwriterOfficials for cities, investors and insurers will increasingly need to “build resilience within and between infrastructure systems as a complementary approach to address infrastructure risk and uncertainty,” argues a new report from Lloyd’s and Arup. “While risk management remains a…
Federal disaster mitigation funding “a leap forward”: ICLR
March 23, 2017 Angela StelmakowichThe federal budget’s commitment to create a $2 billion Disaster Mitigation and Adaptation Fund demonstrates Ottawa’s increasing support for disaster risk reduction, suggests Glenn McGillivray, managing director of the Institute for Catastrophic Loss Reduction (ICLR). “For many years, the federal…
Landmark federal investments for disaster-proofing communities, enhancing resilience: IBC
March 23, 2017 by Canadian UnderwriterInsurance Bureau of Canada (IBC) has voiced the property and casualty industry’s strong support for the federal government’s move to beef up investments aimed at enhancing resilience by better disaster-proofing communities. As part of the 2017 Federal Budget tabled Wednesday,…
New DGIG water protection program available country-wide
March 21, 2017 by Canadian UnderwriterDesjardins General Insurance Group has announced the cross-country availability of a new home insurance program designed to keep policyholders informed of potential leak sources so that action can be taken and water-related damage prevented. Water damage accounts for more than…
Risk to U.S. property from severe convective storms as high as from hurricanes: Willis Re
March 20, 2017 by Canadian UnderwriterSevere convective storms (SCS) posed as much risk to property in the United States as hurricanes between 2003 and 2015, with the average annual loss from SCS amounting to US$11.23 billion compared to US$11.28 billion from hurricanes. So concludes a…
Older drivers like active safety features, resist autonomous vehicles: Munich Re survey
March 15, 2017 by Canadian UnderwriterA new survey out of the United States exploring the sentiments of older drivers 65 and over shows about half of the respondents would not be comfortable riding in an autonomous vehicle, but they see great value in active safety…
IBC supports regional platform for disaster risk reduction outcomes, vows to continue working with government
March 15, 2017 by Canadian UnderwriterInsurance Bureau of Canada (IBC) has voiced the property and casualty industry’s continued support for efforts by the federal government to enhance disaster risk reduction and make communities more resilient. “Our industry remains committed to being a full partner with…