Topic
Reinsurance
The trick to getting blockchain to work for insurance
July 30, 2018 by Jason ContantThe trick to getting blockchain to work in the insurance space is getting all the players in the market to align and agree on common standards and a way to govern the blockchain, Aon Benfield’s chief information officer said Friday.…
Cyber criminal interest in electrical utilities on the rise
July 16, 2018 by Greg MeckbachElectrical and utility firms in North America continue to be a target for cyber criminals, the head of a cyber loss modelling provider suggests. Over the past few months, there has been an “uptick in threat actor activity around energy…
Reinsurer with Toronto office could become publicly traded
June 28, 2018 by Greg MeckbachSirius International Insurance Group Ltd., which sells reinsurance in Canada through a Toronto office, will be publicly traded if a tentative merger agreement announced Monday is approved. Bermuda-based Sirius was sold in 2016 by White Mountains Insurance Group Ltd. to…
The downside of being an insurtech trailblazer
June 18, 2018 by Greg MeckbachThe spectre of a Netflix-esque disruption of the property and casualty insurance sector is producing mixed reaction among Canadian executives. The Canadian P&C sector “may be” disrupted in a manner similar to how Netflix disrupted the movie rental industry or…
Government-backed home flood insurance coming to Canada?
June 3, 2018 by Greg MeckbachFederal government officials are pondering a flood insurance system similar to Britain’s two-year old Flood Re, an Insurance Bureau of Canada official suggested Thursday. Federal public safety minister Ralph Goodale “asked IBC to lead a working that will deliver recommendations…
What’s New in Nuclear Claims Handling
June 3, 2018 David Gambrill, Editor-in-ChiefA pool of Canadian nuclear insurers has created a state-of-the-art, made-in-Canada claims administration system for handling nuclear incidents.
Why open reinsurance markets are best for Canada
April 30, 2018 by Greg MeckbachWith the lion’s share of Canadian insurers’ reinsurance coming from outside of Canada, protectionism in the insurance space would not be good for consumers, a lawyer told Canadian Underwriter last week. Some nations – including Thailand, India, China – have…
Ontario ice storm catches the eye of global reinsurance brokerage
April 20, 2018 by Greg MeckbachSevere weather earlier this week in Ontario has caught the attention of reinsurance providers. Impact Forecasting LLC, a unit of reinsurance brokerage Aon Benfield, noted Friday that winter weather starting April 13 “left considerable damage across southern sections of Canada’s…
New opportunities for commercial brokers in cyber
April 20, 2018 by Greg MeckbachBrokers selling commercial insurance need to ask clients what they use their computers for and what happens if they lose access to that data, an executive with a Bermuda insurer says. Computer security (also known as cyber) risk, “will impact…
Why brokers may have fewer home flood wordings to choose from
April 11, 2018 by Greg MeckbachThe lack of standard wording for home overland flood insurance is not a bad thing, but Canadian brokers might soon have fewer wordings from which to choose, the head of Swiss Re Canada suggests. Overland flood coverage was generally unavailable…
Industry understanding of wildfire risk needs improvement: CEO
April 10, 2018 by Greg MeckbachThe property and casualty insurance industry needs to get a better understanding of wildfire risk in Canada because we will experience more disasters like Fort McMurray in the future, a reinsurance company executive warned Monday. “We think [the industry] needs…
Paid The top 5 questions you must ask about #IFRS17
April 4, 2018 BDOIFRS 17, Insurance Contracts was published in May 2017 and is the most significant change to financial reporting for insurance companies in Canada in decades, not only in the measurement of insurance assets and liabilities, but in how insurance contracts…