Canadian Underwriter

Keyword
business interruption


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B.C. tourism industry taking major hit due to wildfires

August 31, 2017 The Canadian Press (CPSTF)

KAMLOOPS, B.C. – British Columbia’s tourism industry is taking a hit with businesses reporting rising cancellations and decreased traffic over fears of wildfires. Maya Lange with Destination BC, the province’s tourism planning and marketing corporation, said Wednesday preliminary results from a survey of businesses in the Kootenay-Rockies region found that 32 per cent are anticipating losses due to perceptions of the fires.
“We are very concerned. Just looking at the volume of visitation and the volume of trips that are taken by British Columbian…

News CatastrophesInsuranceMarkets / CoveragesMergers and Aqcuisitions

Insured losses from Harvey’s wind, storm surge as much as US$2.3 billion: AIR Worldwide

August 29, 2017 by Canadian Underwriter

Harvey-related winds and storm surge in Texas are expected to produce industry insured losses amounting to between US$1.2 billion and US$2.3 billion, AIR Worldwide reported Monday afternoon as flooding in southeastern Texas continued to strand residents and wreak havoc. Included

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Insured costs for Cyclones Debbie and Cook in New Zealand upgraded to NZ$109 million from NZ$84 million in June

August 28, 2017 by Canadian Underwriter

The Insurance Council of New Zealand (ICNZ) has upgraded the insured costs associated with Cyclones Debbie and Cook to NZ$109 million from the NZ$84.4 million estimate in June. The two cyclones swept through New Zealand during April (Cyclone Debbie from

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Harvey creating life-threatening flooding in southeastern Texas, early damage estimate up to US$2 billion

August 28, 2017 by Canadian Underwriter

Catastrophic and life-threatening flooding persisted over parts of southeastern Texas as of early Monday morning despite Harvey being downgraded from an anticipated Category 3 hurricane to a tropical storm. “Do not attempt to travel in the affected areas if you

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83% of polled organizations had standalone cyber insurance policies: 2017 RIMS Cyber Survey

August 24, 2017 by Canadian Underwriter

Organizations with standalone cyber insurance policies increased three points from 2016 to 83%, according to the 2017 RIMS Cyber Survey. “Risk professionals’ continued to show confidence in standalone cyber insurance policies as the number of practitioners who purchased the coverage

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Cyber market ‘softer than ever,’ commercial property, general liability rates down in U.S. in Q2: CIAB

August 23, 2017 by Canadian Underwriter

Responses from brokers surveyed indicate commercial property insurance rates in the United States dropped an average of 3.6% during the three months ending June 30, with average premium pricing down 1.44% in cyber, in a market that is “softer than

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Economical launches data breach coverage for Canadian businesses

August 2, 2017 by Canadian Underwriter

Waterloo, Ont.-based Economical Insurance announced on Wednesday that it has launched EXPERT Cyber, coverage that is available to commercial policies for Canadian businesses in the event of a data breach. “Cybersecurity is a growing area of concern for businesses of

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Extreme cloud attack could pack as much of a cost wallop as Hurricane Sandy

July 18, 2017 by Canadian Underwriter

A malicious hack that fells a cloud service provider for a time has the potential to produce estimated economic losses of as much as US$53 billion, in line with the hit delivered by Superstorm Sandy, suggests a new research scenario

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Cyber line expected to be one of the leading P&C growth areas in the U.S. over the next few years: A.M. Best

June 23, 2017 by Canadian Underwriter

The cyber line of business is expected to be one of the leading growth areas within the property and casualty space in the United States, with cyber coverages estimated to increase between US$7.5 billion to US$20 billion by 2020, a

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Cyclones Debbie, Cook in New Zealand combine to produce insured losses of NZ$84 million so far

June 19, 2017 by Canadian Underwriter

The two cyclones that pounded New Zealand in April have spurred insured costs of NZ$84 million to date, setting the stage for what could become one of the most damaging year in recent years and leading to wrong-headed government actions

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WannaCry ransomware attack “arguably the first ever cyber-catastrophe”: RMS cyber expert

May 16, 2017 by Canadian Underwriter

The global WannaCry ransomware attack is “arguably the first ever cyber-catastrophe,” an expert in cyber risk management from RMS said on Tuesday. Tom Harvey said in a statement that the cyberattack “clearly demonstrates the systemic nature of the risk, with

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Global cyber attacks expected to up demand for related insurance, U.S. market could grow 10-fold: Fitch Ratings

May 16, 2017 by Canadian Underwriter

Fitch Ratings expects demand for cyber insurance protection will increase in the wake of the slew of recent ransomware cyber attacks in 150-plus countries, but cautions against aggressive expansion that could prove credit-negative. “Growth in corporate anxiety from cyber-related threats