Topic
Markets / Coverages
Manitoba Public Insurance announces higher third party auto liability coverage, up to $10 million
February 27, 2017 by Canadian UnderwriterManitoba Crown Services Minister Ron Schuler and Manitoba Public Insurance (MPI) announced on Monday that customers in the province will soon be able to purchase higher levels of third party liability insurance coverage. Effective March 1, new $7 and $10…
CSIS saw ‘no high privacy risks’ with metadata crunching now under fire: docs
February 27, 2017 Jim Bronskill - THE CANADIAN PRESSOTTAWA – The national spy service saw little risk to the personal privacy of Canadians in a self-penned evaluation of its secret data-crunching centre – a shadowy program now at the centre of intense controversy, newly released documents show. The…
XL Catlin to add kidnap, ransom and extortion insurance to aviation policy
February 27, 2017 by Canadian UnderwriterXL Group Ltd. announced Monday it plans to offer a kidnap, ransom and extortion endorsement on its general aviation coverage. That coverage “will be available on an admitted basis” in all 50 states of the United States, pending approval, said…
Global organizations will spend US$1.2 trillion on “digital transformation technologies” in 2017: International Data Corporation
February 24, 2017 by Canadian UnderwriterGlobal organizations will spend US$1.2 trillion on digital transformation this year, with the fastest growth coming from insurance, banking, retail and healthcare providers, International Data Corporation (IDC) said on Thursday. A new update to IDC’s Worldwide Digital Transformation Spending Guide…
RSA Canada posts solid underwriting profit despite nat-Cat events in 2016
February 24, 2017 by Angela StelmakowichRSA Canada witnessed increased underwriting profit and a solid combined ratio for 2016 despite what can only be described as a challenging year that featured Canada’s most costly insurable nat-Cat ever and a host of other adverse weather events. “We’re…
Ontario Securities Commission, U.K. regulator sign co-operation agreement on fintech businesses
February 23, 2017 by Canadian UnderwriterThe Ontario Securities Commission (OSC) and the United Kingdom’s Financial Conduct Authority (FCA) have signed a new agreement under which fintech businesses in both jurisdictions will be able to seek support from their financial regulators as they look to operate…
Two U.S. dams illustrate challenge of maintaining older designs
February 22, 2017 Michael R. Blood - THE ASSOCIATED PRESSLOS ANGELES – Twelve years ago, widespread destruction from Hurricane Katrina on the Gulf Coast helped compel federal engineers 2,000 miles away in California to remake a 1950s-era dam by constructing a massive steel-and-concrete gutter that would manage surging waters…
Global insurance CEOs concerned about skills shortages and related pace of technological change: PwC survey
February 22, 2017 by Canadian UnderwriterInsurance 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…
Confront risks of financial technologies to reap benefits: FINTRAC
February 22, 2017 Andy Blatchford - THE CANADIAN PRESSOTTAWA – The head of Canada’s financial intelligence unit warns that regulators must grapple with the challenges of emerging financial technologies, some of which he says have been exploited by terrorism and organized crime. But while it’s necessary to safeguard…
Canadian Reports and US-Reports merge to create risk solutions company Afirm
February 22, 2017 by Canadian UnderwriterH.W. Kaufman Financial Group announced on Wednesday that it has “strategically” combined US-Reports and Canadian Reports, rebranding both companies under the name Afirm. The merger will continue their global presence and allow a single source for loss control inspection, premium…
Global spending on worldwide cloud services and infrastructure to reach US$122.5 billion in 2017: International Data Corporation
February 21, 2017 by Canadian UnderwriterWorldwide spending on public cloud services and infrastructure will reach US$122.5 billion in 2017, an increase of 24.4% over 2016, suggested new research from Framingham, Mass.-based International Data Corporation (IDC). The new update to the IDC’s Worldwide Semiannual Public Cloud…
Cyber attack remains top business continuity concern, preparedness for all threats urged: Horizon Scan Report
February 21, 2017 by Canadian UnderwriterCyber attack, data breach and unplanned IT and telecom outages are the greatest concerns among business continuity professionals, concludes the sixth annual Horizon Scan Report, released Tuesday. The top three concerns remain unchanged from the last report carried out by…