Keyword
business interruption
Global disasters in May, including Fort McMurray wildfire, leading to US$7 billion in claims: Aon Benfield
June 8, 2016 by Canadian UnderwriterGlobal disasters in May led to at least US$7 billion in claims, including anticipated insured losses in excess of US$3.1 billion from the Fort McMurray wildfire, according to Aon Benfield’s Global Catastrophe Recap for May. The Global Catastrophe Recap report,…
Fort McMurray wildfire loss estimate pegged at $4.6 billion: Property Claim Services data
June 2, 2016 by Canadian UnderwriterThe massive Fort McMurray wildfire is expected to cost the Canadian insurance industry $4.6 billion, according to data from Property Claim Services (PCS), a Verisk Analytics business. The loss estimate of $4,630,800,000 includes property damage losses under residential, commercial and…
Cyberattacks against critical infrastructure, manufacturers likely to target industrial control systems to manipulate operations: AGCS
June 1, 2016 by Canadian UnderwriterRather than stealing data, cyberattacks against critical infrastructure and manufacturers are more likely to target industrial control systems (ICS) to manipulate or shut down operations, Allianz Global Corporate & Specialty (AGCS) said on Wednesday. As energy, transportation or telecommunication companies,…
Causation, aggregation and contingent business interruption issues likely to emerge for reinsurers from Fort McMurray wildfire: CMS London lawyer
May 10, 2016 by Jason ContantThe Fort McMurray wildfire has the potential to give rise to “much more complex issues for the reinsurance market than may appear at first sight,” particularly surrounding issues of causation, aggregation and contingent business interruption (CBI), said a partner with…
Business interruption insurance moving into IT realm: NetDiligence Cyber Risk Summit speaker
May 3, 2016 Jason Contant, Online EditorMore and more, the conversation surrounding business interruption (BI) is moving from the physical aspect of BI to the information technology side of things, attendees to the NetDiligence Cyber Risk Summit heard on Friday. Miki Ho, senior underwriter in the…
The Boiler Inspection and Insurance Company of Canada introduces coverage for invisible risks to microelectronics
April 27, 2016 by Canadian UnderwriterThe Boiler Inspection and Insurance Company of Canada (HSB BI&I), part of Munich Re, announced on Wednesday the introduction of TechAdvantage – a product the company is calling the “first equipment breakdown insurance product covering undetectable physical damage to microelectronics.”…
Cyber incidents in mining a complex topic for risk managers, mining product development has not kept pace with needs: Munich Re
April 12, 2016 Angela Stelmakowich, EditorSAN DIEGO – It is important for risk managers in the mining sector to understand the most critical scenarios for their companies and to analyze the true impacts of cyber incidents, suggests Günter Becker, head of mining for Munich Re.…
Business interruption due to breach top cyber risk concern for captive insurers: Aon
April 11, 2016 by Canadian UnderwriterThe costs of business interruption due to a breach is the top cyber risk concern for businesses across all industries, according to Aon Global Risk Consulting’s (AGRC) 2016 Captive Cyber Survey report, released on Monday. As Aon’s first cyber captive…
Aggregation Aggravation
March 1, 2016 Greg MeckbachWhile risk managers for large manufacturers tend to be aware of the vulnerability of their supply chains to major incidents affecting business partners, the same cannot necessarily be said for risk professionals at small to mid-sized organizations. Some experts warn the latter may not be aware of the full impact that aggregation of risk, including relating to cyber and critical infrastructure, can have.