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Risk professionals should move to fill the understanding gap around disruptive technologies

April 24, 2017 Angela Stelmakowich

PHILADELPHIA – Risk managers will need to take the lead in organizational efforts to address complex challenges and opportunities in an environment that increasingly features rapidly advancing disruptive technology risks, suggests a joint report from broker and risk advisor Marsh

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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

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Ottawa promises funding to address risk of food contaminated by listeria, artificial intelligence research

March 24, 2017 by Canadian Underwriter

The federal government is proposing to spend $125 million on a “strategy” for artificial intelligence, to be administered by the Canadian Institute for Advanced Research (CIFAR). “From smartphone applications that can understand human speech to self-driving cars, artificial intelligence is

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?,

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Incumbent insurers should rethink businesses, embrace opportunity in digital technology: McKinsey & Company

March 9, 2017 by Canadian Underwriter

The insurance industry is not impregnable and companies would be well-advised to reinvent themselves by incorporating digital technology and allowing it to become a catalyst, suggests a new report issued Thursday by McKinsey & Company. Some executives “know that staying

News CatastrophesInsuranceProfessional DevelopmentTechnology

Tech and talent crunch among six major forces shaping Canadian P&C insurance in 2017: EY

February 28, 2017 by Canadian Underwriter

A “potent combination” of technological change, talent pressure, customer expectations and cyber risks is forcing Canada’s property and casualty (P&C) insurers to embrace innovation more urgently than ever in 2017, according to a new report from EY. EY’s 2017 P&C

News InsuranceMarkets / CoveragesProfessional DevelopmentTechnology

Global insurance CEOs concerned about skills shortages and related pace of technological change: PwC survey

February 22, 2017 by Canadian Underwriter

Insurance CEOs have the biggest concerns in the financial services industry over skills shortages and the related pace of technological change, according to a new survey from PwC. The survey, titled Ahead of the curve: Confronting the big talent challenges

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Strategic planning of Canada’s p&c industry must extend to five, 10 years: Cook

January 11, 2017 by Angela Stelmakowich

Canada’s property and casualty insurance industry must look farther ahead in its strategic planning than it may be used to ensure it fully grasps developing conditions and can address related changes, Philip Cook, CEO of Omega Insurance Holdings Inc., suggested

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Increased cyber espionage, data integrity attacks part of global threat landscape in 2017: Stroz Friedberg

January 5, 2017 by Canadian Underwriter

Top cyber threats in the coming year include nation state cyber espionage, a rise in data integrity attacks and more attacks harnessing Internet of Things (IoT) devices, Stroz Friedberg, an Aon company, notes in its 2017 Cybersecurity Predictions report. “We

News CatastrophesCommercial LinesEarnings / RatingsInsuranceReinsuranceTechnology

AIG reaches agreement to sell United Guaranty Corporation to Arch Capital for US$3.4 billion

August 17, 2016 by Canadian Underwriter

American International Group, Inc. has entered into an agreement to sell its 100% interest in United Guaranty Corporation (UGC) to Arch Capital Group Ltd. for US$3.4 billion, a move in line with AIG’s continuing efforts to streamline operations and better

News CatastrophesInsuranceTechnology

Canadian p&c insurers should prepare for next wave of corporate M&A: Ernst & Young

April 11, 2016 by Canadian Underwriter

Canadian property and casualty insurers should “expand risk advisory capabilities” and prepare for the “next wave” of corporate mergers and acquisitions, Ernst & Young LLP suggested in a report released Monday. In its 2016 EY Canadian property and casualty insurance