Keyword
Commercial Risk Management
Chile quake’s estimated losses high, damage to several coastal towns
September 18, 2015 by Canadian UnderwriterThe U.S. Geologic Society is reported to have made a loss estimate from the 8.3-magnitude earthquake in Chile on Sept. 16 – emphasizing it is early on and the range is far from concrete – of as much as US$1…
Insurance sector knows innovation important to being competitive, but struggling to innovate: KPMG
September 17, 2015 by Canadian UnderwriterSurveyed insurance executives understand the importance of innovation to drive future competitive advantage and growth, but most are struggling with making that goal a reality, reports KPMG International. A new report released Thursday, A new world of opportunity: The insurance…
Half of surveyed consumers encountered malware, a third of those had financial loss: Kaspersky Lab
September 17, 2015 by Canadian UnderwriterA third of respondents to a global Kaspersky Lab survey who suffered a malware infection also experienced a financial loss, averaging US$160. “Victims spent money on professional repairs, software to eliminate the effects of an infection, and some even had…
Toronto politicians to consider submissions on Ontario Construction Lien Act review
September 17, 2015 by Canadian UnderwriterPotential changes to Ontario’s Construction Lien Act – possibly involving labour and material payment bond sureties – will be considered by a Toronto City Council committee next Monday. On the agenda for the Executive Committee meeting Sept. 21 is a…
Sea level rise may challenge some local governments in U.S., spur higher insurance rates for citizens: Fitch Ratings
September 17, 2015 by Canadian UnderwriterThe rise in sea levels in the long term – made worse by event risks such as hurricanes and storm surges – may pressure the operations, capital funding requirements and indebtedness of some local governments in the United States, Fitch…
Aviva Community Fund returns for the seventh year
September 16, 2015 by Canadian UnderwriterAviva Canada is encouraging Canadian with ideas for positive change to make submissions for a chance to win a share of the $1 million Aviva Community Fund. Now in its seventh year, the 2015 Aviva Community Fund competition officially opened…
Rain barrels an old-fashioned solution to modern water damage problem: IBC
September 16, 2015 by Canadian UnderwriterOld is new again when it comes to rain barrels and how they can be used to help combat the modern problem of increasing water damage, suggests Insurance Bureau of Canada (IBC). Insurance claims for water damage have soared in…
Cyber insurance market could increase to at least $7.5 billion by 2020, cyber resilient approach urged: PwC
September 16, 2015 by Canadian UnderwriterThe global demand for cyber insurance presents a huge commercial opportunity for insurers and reinsurers – estimated to be at least US$7.5 billion by the end of the decade – but with that opportunity comes risks that could be potentially…
Wildlife Roadsharing Resource Centre seeks to prevent vehicle/wildlife collisions
September 15, 2015 by Canadian UnderwriterThe Traffic Injury Research Foundation (TIRF), in partnership with State Farm Canada, has launched a new resource to enhance education and prevent the estimated 45,000 vehicle/wildlife collisions every year in Canada. Calling it the first of its kind in Canada,…
Everest Re gets approval in principle to create new Lloyd’s syndicate
September 15, 2015 by Canadian UnderwriterEverest Re Group Ltd. plans to start writing insurance in the Lloyd’s market. The Hamilton, Bermuda-based insurer announced the Lloyd’s Franchise Board has approved, in principle, the creation of Everest Syndicate 2786. “The new syndicate provides Everest with a platform…
Profits for Canadian p&c insurance companies endure despite challenging market conditions: A.M. Best
September 15, 2015 by Canadian UnderwriterCanada’s property and casualty insurance market – faced with challenging market dynamics and unforeseen headwinds like the steep decline in global oil prices – remains resilient, prompting A.M. Best to maintain a stable rating outlook for the industry as a…
AIR Worldwide, security risk firms collaborate on advanced cyber model
September 14, 2015 by Canadian UnderwriterAIR Worldwide will work with security risk and cyber data providers BitSight Technologies and Risk Based Security (RBS) to build an advanced cyber risk model. AIR Cyber Risk Model will seek to help the insurance industry better manage the evolving…