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Ed launches global cyber academy

November 4, 2016 by Canadian Underwriter

Ed, the global reinsurance, wholesale and specialty broker, announced on Friday the launch of what it is calling the insurance industry’s first global cyber academy. The Ed Cyber Academy, which will be led by Peter Hacker, the company’s group chief innovation officer,

Teamwork in office with two unrecognizable businesswomen with financial charts
News CatastrophesCommercial LinesEarnings / RatingsInsurancePersonal LinesReinsurance

Swiss Re reports net income of US$3 billion for first nine months of 2016

November 3, 2016 by Canadian Underwriter

Swiss Re has reported a net income of US$3 billion for the first nine months of 2016, with all business units contributing to the result, “despite the difficult market environment.” The net income results, released on Thursday, compared to US$3.7

Graphs and charts
News Commercial LinesEarnings / RatingsInsuranceReinsurance

Markel Corporation reports consolidated net written premiums of US$3.162 billion for first nine months of the year

November 2, 2016 by Canadian Underwriter

Glen Allen, Va.-based Markel Corporation reported on Tuesday consolidated net written premiums (NWP) for the nine months ending Sept. 30 of US$3.162 billion, up from US$3.023 billion in the same prior-year period. Of the consolidated NWP for the nine-month period,

Sean Murphy, President, Lloyd's Canada
Feature CatastrophesInsurance

City Views

November 2, 2016 Sean Murphy, President, Lloyd's Canada

The role of urban centres as economic powerhouses has never been more apparent. A 2011 report from McKinsey & Company notes 600 cities are projected to generate more than 60% of global growth to 2025. Not only are populations more

News InsuranceTechnology

Insurance industry expects digital technology to drive transformation, but most companies unprepared: study

November 1, 2016 by Canadian Underwriter

Digital transformation can propel the insurance industry forward but barriers exist, with a “significant gap between organizations that leverage technology for competitive advantage and those that struggle with innovation,” according to a new study. The study, titled Assessing digital impact

Businessman analyzing graphs
News Commercial LinesInsurancePersonal LinesReinsurance

Allied World reports net income of US$68.6 million in Q3 2016 compared to net loss of US$51.6 million in Q3 2015

November 1, 2016 by Canadian Underwriter

Allied World Assurance Company Holdings, AG has reported a net income of US$68.6 million for the third quarter of 2016, compared to a net loss of US$51.6 million for the same quarter in 2015. The Zug, Switzerland-based company – a

cracked asphalt after earthquake
Feature Catastrophes

Quake Stakes

November 1, 2016 Angela Stelmakowich, Editor

It may be time to consider not only the unthinkable, but the uninsurable, when it comes to natural disasters. A large earthquake could be a solid candidate for such a scenario, demanding measures that give property and casualty insurers a fighting chance against insolvency.

Edward Oughton, Research Associate, Centre for Risk Studies, Judge Business School, University of Cambridge
Feature Catastrophes

Lights Out

November 1, 2016 Edward Oughton, Research Associate, Centre for Risk Studies, Judge Business School, University of Cambridge

Space weather risk could have significant implications for Canada and its property and casualty insurance industry, including supply chain disruption, business interruption and equipment loss. With Toronto and Vancouver within a band of heightened geomagnetic activity, the industry should consider extreme geomagnetic disturbance across all relevant lines of business as part of catastrophe planning.

Feature CatastrophesInsuranceReinsurance

Altered State

November 1, 2016 Canadian Underwriter

If recent history is an indicator of future outcomes, Canada looks set on a path of annual billion-dollar (or more) losses from natural catastrophes. Should reinsurers view this as the new normal? And, if so, will treatment by reinsurers both inside and outside the country change to suit this evolving reality?

A firefighter steps over cracks in a road in Norcia, central Italy, after an earthquake with a preliminary magnitude of 6.6 struck central Italy, Sunday, Oct. 30, 2016. Central Italy was hit by another powerful earthquake Sunday, toppling buildings that had recently withstood other major quakes and sending panicked residents back into the streets, but causing no immediate loss of life. (AP Photo/Gregorio Borgia)
News CatastrophesPersonal Lines

More than 15,000 Italians displaced by 6.6 earthquake

October 31, 2016 Carlo Piovano And Colleen Barry - THE ASSOCIATED PRESS

NORCIA, Italy – Italy’s premier pledged Monday to find temporary housing for all those displaced by a series of powerful earthquakes in a central mountainous region, as the nation’s strongest temblor in 36 years pushed those needing assistance to more

Warm Sunset Surf
News CatastrophesClimate ChangeCommercial LinesConstructionInsuranceLegislation / RegulationPersonal LinesReinsurance

Vancouver planning additional measures to combat damage, costs associated with sea level rise

October 31, 2016 by Canadian Underwriter

“Sitting on the sidelines is not an option while climate change threatens our future,” Vancouver Mayor Gregor Robertson emphasized last week in announcing the city’s next moves to prepare for sea level rise over the next century. “The massive costs

Street storm grate catches debris. Run-off from a flash flood gathers on the storm grate. Branches and grass and mud are stuck on the iron grate. Rushing water pours into the drain.
News AssociationsCatastrophesClimate ChangeCommercial LinesConstructionInsuranceLegislation / RegulationPersonal LinesReinsurance

Barely passable grade on flood preparedness demands immediate action: report

October 31, 2016 by Canadian Underwriter

All 10 Canadian provinces and Yukon are not making the grade when it comes to flood preparedness, signalling the need for change, including not allowing municipalities to override provincial or territorial direction on development in flood-prone areas, argues a new