Topic
Markets / Coverages
Echelon Financial Holdings Inc. sees lower net income for 2016 full-year, Q4 over prior-year periods
February 17, 2017 by Canadian UnderwriterIt was a mixed bag for Echelon Financial Holdings Inc. (EFH) in the fourth quarter of 2016, with strong commercial lines results and lower personal lines results combining to contribute to a 70% drop in net income to about $2.6…
Ontario-based Pen Underwriting Canada launches cyber insurance product
February 15, 2017 by Canadian UnderwriterBurlington, Ont.-based Pen Underwriting Canada Limited announced on Wednesday that it has created a comprehensive cyber solution to respond to the “increasing threat that cybercrime poses for corporations.” Backed by A+ rated capacity, the specialist cyber product is designed for…
New York cyber rules could raise loss exposures for U.S. insurers: Fitch
February 15, 2017 by Canadian UnderwriterThe implementation of the New York Department of Financial Services’ (NYDFS) new cybersecurity regulations has the potential to underscore premium growth in cybersecurity insurance and directors and officers (D&O) insurance, but could also raise loss potential for insurers, Fitch Ratings…
As water falls slightly at California dam, next storm looms
February 13, 2017 Olga R. Rodriguez and Don Thompson - THE ASSOCIATED PRESSOROVILLE, Calif. – The water level dropped Monday at the nation’s tallest dam, easing slightly the fears of a catastrophic spillway collapse that prompted authorities to order nearly 200,000 people to leave their homes downstream. But with more rain expected…
CEOs “particularly” anxious about data breaches: PwC survey
February 13, 2017 by Canadian UnderwriterNearly one in four chief executive officers surveyed by PriceWaterhouseCoopers “strongly agree” that how their firms manage people’s data will “differentiate” their companies. “CEOs are particularly anxious that breaches in data security and ethics, and IT outages and disruptions could…
Ford investing US$1 billion over five years in AI company to develop virtual driver system
February 13, 2017 by Canadian UnderwriterFord Motor Company has announced it is investing US$1 billion during the next five years in Argo AI, an artificial intelligence company, to develop a virtual driver system for the automaker’s autonomous vehicle coming in 2021 – and for potential…
Businesses need to ask how quickly stolen equipment can be replaced: Northbridge
February 8, 2017 by Canadian UnderwriterTheft of equipment is one risk business owners should think about when planning for business continuity, Northbridge Insurance advised recently. “Crime can take many forms and affect businesses in different ways,” Toronto-based Northbridge noted in a blog post, titled Business…
Chubb enhances Master Equipment Breakdown insurance policy for Canadian customers
February 7, 2017 by Canadian UnderwriterChubb announced on Tuesday that is has enhanced its Masterpiece Equipment Breakdown insurance policy to “better protect customers against problems associated with the sudden or accidental breakdown of residential equipment.” Available to customers with an existing Canadian Masterpiece Homeowners, Condominium…
Canadian auto sales to edge down in 2017: Scotiabank
February 7, 2017 by Canadian UnderwriterCanadian auto sales are expected to edge down to 1.94 million units in 2017, coming off four consecutive record years, according to the Scotiabank Global Auto Report, released on Tuesday. Despite the beginning of a sales recovery in the resource-rich…
Failure to make supply chains Brexit-ready could cut key industries’ net profits an average of 30%
February 7, 2017 by Canadian UnderwriterU.K. companies waiting for a clearer sense of the future under Brexit is a risky supply chain strategy that could result in net profits across key industries plummeting an average of 30%, suggests a new study released Tuesday by Bain…
Chief in Bella Bella, B.C. demands action on wildfire near coastal community
February 6, 2017 The Canadian PressBELLA BELLA, B.C. – The chief of a village near British Columbia’s Great Bear Rainforest says members of the First Nations community fought a wildfire on their own this weekend after they were unable to get help from provincial government…
Hannover Re, Generali Group and SCOR join blockchain insurance industry initiative B3i
February 6, 2017 by Canadian UnderwriterHannover Re, Generali Group and SCOR announced on Monday that they have joined the blockchain insurance industry initiative B3i, bringing the total number of insurers and reinsurers in the initiative to 15. Members of the B3i initiative will explore the…