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Markets / Coverages
Global uptick in CEOs forced out of office for ethical lapses, Canada among lowest incidence of dismissals: Strategy&
May 17, 2017 by Canadian UnderwriterAn analysis of CEO successions at the world’s largest 2,500 public companies over the past 10 years shows a marked increase in forced turnovers for ethical lapses, although Canada is among the countries with the lowest incidence of such dismissals.…
Mandatory locomotive recorder bill ‘addresses a key safety issue,’ says Transportation Safety Board
May 16, 2017 by Canadian UnderwriterAmendments to the federal Railway Safety Act mandating recording devices, if passed into law, could provide “essential information” to Transportation Safety Board of Canada staff investigating rail accidents and could help prevent such accidents in the future, TSB suggested Tuesday.…
WannaCry ransomware attack “arguably the first ever cyber-catastrophe”: RMS cyber expert
May 16, 2017 by Canadian UnderwriterThe global WannaCry ransomware attack is “arguably the first ever cyber-catastrophe,” an expert in cyber risk management from RMS said on Tuesday. Tom Harvey said in a statement that the cyberattack “clearly demonstrates the systemic nature of the risk, with…
Rogers Insurance Ltd. obtains minority shares purchase of Megson FitzPatrick Inc.
May 16, 2017 by Canadian UnderwriterRogers Insurance Ltd. announced on Tuesday that it will obtain a minority shares purchase of Megson FitzPatrick Inc. The partnership between Calgary-based Rogers Insurance and Victoria, B.C.-based Megson FitzPatrick became effective May 5, Rogers Insurance said in a press release…
Soft pricing in global reinsurance market to continue for at least the rest of 2017: Fitch
May 16, 2017 by Canadian UnderwriterThe soft pricing in the global reinsurance market will continue for at least the rest of 2017, ratings firm Fitch Ratings said in a report released Monday. “We expect premium rates to continue declining, due to large volumes of under-deployed…
Global cyber attacks expected to up demand for related insurance, U.S. market could grow 10-fold: Fitch Ratings
May 16, 2017 by Canadian UnderwriterFitch Ratings expects demand for cyber insurance protection will increase in the wake of the slew of recent ransomware cyber attacks in 150-plus countries, but cautions against aggressive expansion that could prove credit-negative. “Growth in corporate anxiety from cyber-related threats…
Aviva Canada partners with Tennis Canada for home and auto insurance program
May 15, 2017 by Canadian UnderwriterAviva Canada Inc. announced on Monday that it launching a new “tennis-focused brand experience for home and auto insurance through an extended partnership” with Tennis Canada. The Tennis Canada Home and Auto insurance program for both fans and players alike…
“Noticeable decline” in distributed denial of service attacks in Q1 2017: Kaspersky
May 15, 2017 by Canadian UnderwriterRussian cybersecurity company Kaspersky Lab has found a “noticeable decline” in the number of overall distributed denial of service (DDoS) attacks and a change to how they were dispersed by country. Kaspersky released late last week its Q1 2017 DDoS…
Ram pickup air bags can fail in rollover; one death reported
May 12, 2017 The Associated PressAUBURN HILLS, Mich. – Fiat Chrysler is recalling approximately 1 million Ram pickups in North America due to a software glitch that could prevent side air bags and seatbelts from deploying during a rollover. The company’s U.S. division said Friday…
Federal government introduces proposed Oil Tanker Moratorium Act for ports or marine installations in northern B.C.
May 12, 2017 by Canadian UnderwriterThe federal government has introduced a bill that would prohibit oil tankers carrying more than 12,500 metric tonnes of crude oil or “persistent oils” from stopping, loading or unloading any of these oils at ports or marine installations in northern…
Ransomware cyberattack cripples hospitals across the United Kingdom
May 12, 2017 by Canadian UnderwriterA large ransomware cyberattack has “crippled” computer systems at hospitals across the United Kingdom on Friday, with appointments cancelled, phone lines down and patients turned away, the Associated Press has reported. Britain’s National Health Service (NHS) said that a number…
Alberta to conduct review of liabilities associated with old oil and gas facilities
May 12, 2017 by Canadian UnderwriterAlberta Energy has announced that it is conducting a review of old oil and gas wells and facilities and their associated liabilities. The province is working with industry and experts to find ways to better protect Albertans and the environment…