Topic
Insurance
Willis projects moderate rate hikes in key insurance lines
April 16, 2012 by Canadian UnderwriterCatastrophe-exposed properties are seeing insurance premium increases as high as 15%, according to a report from Willis Group Holdings. While cat-exposed property rate hikes have been in the 5% to 15% range over the last six months, non-cat exposed property…
Multiple tornadoes hit U.S. Midwest
April 16, 2012 by Canadian UnderwriterMore than 100 reported tornadoes tore through several U.S. Midwestern states over the weekend, with the town of Woodward, Oklahoma hit by a twister that left at least five people dead and more than two dozen injured. The National Weather…
Gap exists between how risk managers and senior executives view the role of risk management in their organizations
April 16, 2012 by Canadian UnderwriterA significant gap still exists in many organizations between how risk managers and senior company leaders view the role of risk management, according to a report released by Marsh and the Risk and Insurance Management Society (RIMS). The report, Bridging…
Breaking down “silos” of related information in a company is key to promoting cyber security: Zurich
April 16, 2012 by Canadian UnderwriterThe reluctance of business executives to ‘de-silo’ related company information is one of a number of stumbling blocks to mitigating cyber-risk, according to Zurich. The company presented a number of its recent findings about cyber security at the 2012 Risk…
Arctic development presents special risks: Lloyd’s
April 13, 2012 by Canadian UnderwriterClimate change is opening up the Arctic to commercial development, bringing with it a unique set of risks and challenges for countries like Canada, Lloyd’s says in a recent Risk Insight report. Environmental issues, particularly oil spills, are a challenge…
Texting while driving is not as dangerous as drinking and driving: U.S. teens
April 13, 2012 by Canadian UnderwriterTexting while driving is not as dangerous as drinking and driving, according to U.S. teens participating in a 2012 survey commissioned by State Farm. Harris Interactive conducted a telephone survey of 652 U.S. teens between the ages of 14 and…
Industrial Alliance launches pay-as-you-drive program for young drivers
April 13, 2012 by Canadian UnderwriterQuebec-based Industrial Alliance is introducing a new way of insuring younger drivers that tracks behaviour behind the wheel. Based on the pay-as-you-drive model, “Mobiliz” uses telematics technology to monitor distance travelled as well as three driving behaviours: speeding, forced acceleration…
Reinsurers lose capital, increase premiums in 2011
April 13, 2012 by Canadian UnderwriterSubstantial catastrophe losses led to a 3% reduction in total global reinsurer capital last year, according to a report from Aon Benfield. The Aon Benfield Aggregate analysis, which examines results from the world’s top 28 reinsurers, notes that reinsurer capital…
Kanetix offers commercial auto insurance
April 13, 2012 by Canadian UnderwriterAlberta businesses can now obtain commercial auto insurance through Kanetix.ca, an online comparison service. Two services from SGI Canada are new to Kanetix.ca’s online roster. First, customers need only complete a short online form to view commercial insurance quotes for…
Burns & Wilcox Canada opens new office in St. John’s, Newfoundland
April 13, 2012 by Canadian UnderwriterBurns & Wilcox Canada is opening a new office in St. John’s, Newfoundland, as the first step in the company’s plans to build a strong presence in Atlantic Canada. Burns & Wilcox Canada offers more than 300 products to the…
Denial-of-service attacks surge in 2012
April 12, 2012 by Canadian UnderwriterA wave of distributed denial-of-service attacks plagued financial services companies during the first quarter of this year, according to a report from Prolexic Technologies Inc. A distributed denial-of-service attack is one in which several compromised systems attack a single target,…
Insured losses from Texas tornadoes could reach $500 million
April 12, 2012 by Canadian UnderwriterTornadoes that hit the Dallas-Fort Worth area on Apr. 3 may result in up to $500 million in insured losses, according to the Southwestern Insurance Information Service (SIIS). Insurers have already reported $300 million in claims, according to the service,…