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Cyber insurance: Most frequent and costly claims revealed

November 24, 2020 by Jason Contant

External attacks on companies result in the most expensive cyber insurance losses, but internal failures like employee mistakes and technical problems are the most frequent generator of claims by number (albeit with a lower financial impact), a new report says.

News Insurance

Allianz Global Corporate & Specialty names new chief agent for Canada

August 25, 2020 by Jason Contant

Allianz Global Corporate & Specialty (AGCS) announced Tuesday it has appointed Bernard McNulty as chief agent for Canada, effective immediately. In addition to taking on the chief agent role, McNulty will remain in his current position as head of claims

News Commercial LinesInsurance

This commercial line could get a lot more exciting soon

June 4, 2019 by Jason Contant

The Canadian marine insurance market could get a lot more interesting in the next year-and-a-half as major infrastructure projects get underway. “There are more large infrastructure projects on the drawing board and it could be a very interesting 18 months

News CatastrophesConstructionInsuranceMarkets / Coverages

Your commercial client’s biggest exposure in 2018

January 19, 2018 by Jason Contant

Business interruption will be the top risk for companies in Canada this year, according to Allianz Global Corporate & Specialty’s (AGCS) Allianz Risk Barometer 2018. “Business interruption (BI) can be a consequence of many of the other risks identified in

News Insurance

AGCS expands terrorism, political violence insurance offering in the U.S.

August 24, 2017 by Canadian Underwriter

Allianz Global Corporate & Specialty (AGCS) is now providing bespoke coverage designed to protect U.S. businesses faced with loss related to terrorism and political violence both at home and overseas. Given the recent tragic events in Europe and Virginia, the

News InsuranceLegislation / RegulationMarkets / CoveragesMergers and AqcuisitionsTechnology

Shipping losses continue to decline but “perfect storm” of regulation, cost savings and cybersecurity looms: AGCS

June 13, 2017 by Canadian Underwriter

Large shipping losses have declined by 50% over the past decade, but a “perfect storm” of regulation, cost savings and cybersecurity looms, according to Allianz Global Corporate & Specialty’s (AGCS) fifth annual Safety and Shipping Review 2017. The report, released

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

Larger liability claims expected to become more expensive, complex: AGCS

March 30, 2017 by Canadian Underwriter

There is increasing potential for “larger liability claims to become more expensive, complex and international, demonstrating the pervasive and long-term nature of liability losses,” suggests a new global claims review released Thursday by Allianz Global Corporate & Specialty (AGCS). Industrial,

News InsuranceMarkets / CoveragesMergers and AqcuisitionsTechnology

Business interruption replaces cyber as top business risk for Canadian respondents to Allianz Risk Barometer

January 11, 2017 by Canadian Underwriter

The risk of cyber incidents has plummeted from first to fifth place among Canadian respondents in an annual survey by Allianz of the most important business risks, while more than one in seven Canadian respondents identified quality deficiencies, serial defects

News InsuranceLegalLegislation / RegulationMergers and AqcuisitionsTechnology

Growing trend toward seeking punitive, personal legal action against corporate leaders: AGCS

November 28, 2016 by Canadian Underwriter

New and emerging risks are putting corporate leaders under more pressure of falling foul of investigations, fines or prosecution over alleged wrongdoing, notes a new global report issued Monday by Allianz Global Corporate & Specialty (AGCS). “There is a growing

News InsuranceLegalMarkets / CoveragesMergers and AqcuisitionsTechnology

Growth in commercial unmanned aircraft systems, UAS, to bring both benefits, new risks: Allianz

September 13, 2016 by Angela Stelmakowich

The use of unmanned aircraft systems (UAS) is set to soar south of the border — expected to triple the number of manned aircraft by year’s end — producing new risks that will require insurers to adopt a new view,

News CatastrophesEarnings / RatingsInsuranceMergers and Aqcuisitions

Nat cat losses for Allianz Group almost twice 10-year average for Q2

August 8, 2016 by Canadian Underwriter

Allianz Group reported Friday a 2.9-point deterioration in its property & casualty combined ratio, as natural catastrophe losses were “almost twice” its 10-year average for the second quarter. Munich-based Allianz reported its p&c operations had a combined ratio 96.4% during

News InsuranceLegalMergers and AqcuisitionsTechnology

Allianz Global Corporate & Specialty launches cyber and professional liability coverage for North America

August 4, 2016 by Canadian Underwriter

Allianz Global Corporate & Specialty (AGCS) has announced the launch of a new cyber and professional liability coverage product designed exclusively for the North American market. Featuring a streamlined form structure with flexible terms, ACCEPT Protect is the “first of