Keyword
Commercial Risk Management
Insurers discussing ‘broader form’ of contingent business interruption coverage: Swiss Re
September 14, 2015 by Canadian UnderwriterContingent business interruption insurance does not cover some “important supply chain risks,” though some insurers are discussing the possibility for broadening CBI coverage, while a lack of historical data makes it difficult for carriers to underwrite terrorism coverage, Swiss Re…
U.S. commercial insurance prices rise 1%, increases continue to moderate: Towers Watson
September 14, 2015 by Canadian UnderwriterCommercial insurance prices in the United States increased in aggregate at a modest pace (1%) during the second quarter of 2015, notes the latest Commercial Lines Insurance Pricing Survey (CLIPS) from Towers Watson, released Monday. Comparing prices charged on policies…
Marine cat model includes vulnerability curves for cargo
September 14, 2015 by Canadian UnderwriterAon Benfield announced Monday a catastrophe model, for marine and energy insurers, which includes databases on major ports and vulnerability curves for different types of cargo. London-based Aon plc stated that its reinsurance intermediary unit partnered with Risk Management Solutions…
With time ticking for the “Big One,” West Coast quake warning system begins to take shape
September 11, 2015 Terrence Petty - THE ASSOCIATED PRESSPORTLAND, Ore. – University of Washington researchers are testing an earthquake alert system as the Pacific Northwest prepares for the day when a 600-mile-long fault line looming off the coast unleashes a catastrophic earthquake and tsunami. The fault line hasn’t…
Flooding in Japan forces evacuation of 860,000: AIR Worldwide
September 11, 2015 by Canadian UnderwriterFlooding in Japan has forced the evacuation of approximately 860,000 people north and east of Tokyo, and about 100,000 people were ordered from their homes, AIR Worldwide reported on Thursday. Torrential rainfall during the last several days – exacerbated by…
North America continues to see strong demand for transactional risk insurance: Marsh
September 11, 2015 by Canadian UnderwriterNorth America continued to see strong demand for transactional risk insurance, with the market showing no signs of slowing down after the explosive growth witnessed in 2014, according to a statement released on Friday by Marsh Ltd. Canadian Underwriter reported…
U.S. director of national intelligence foresees low-to-moderate level cyberattacks, rather than “cyber Armageddon”
September 11, 2015 by Canadian UnderwriterThe United States’ director of national intelligence said on Thursday that rather than a “cyber Armageddon” scenario that debilitates the entire U.S. infrastructure, he foresees an “ongoing series of low-to-moderate level cyberattacks from a variety of sources over time, which…
Aviva Canada announces three separate fraud cases in Toronto area
September 11, 2015 by Canadian UnderwriterThe Greater Toronto Area (GTA) continues to be the epicentre of insurance fraud, which contributes to higher insurance premiums for Ontarians, Aviva Canada said on Friday after announcing three separate cases in the region. Aviva Canada, a provider of home,…
Flawed science, lack of consultation cited as ruling ends fracking water licence
September 10, 2015 Dirk Meissner - THE CANADIAN PRESSVICTORIA – A First Nation with a treaty in the heart of British Columbia’s oil and gas territory says the provincial government can’t allow energy companies to dry up streams and lakes to support fracking operations. Fort Nelson First Nation…
Quebec’s brokers association issues warning on UberX insurance coverage
September 10, 2015 by Canadian UnderwriterQuebec’s brokers association, the Regroupement des cabinets de courtage d’assurance du Québec (RCCAQ), has issued a warning to UberX users that they are still not covered, despite a recently announced agreement between Intact Financial Corporation (IFC) and Uber. The RCCAQ,…
Global benefits of cyber connectivity expected to outweigh costs by $160 trillion through 2030, report says
September 10, 2015 by Canadian UnderwriterThe accumulated global benefits of cyber connectivity should still outpace the costs through the year 2030 by nearly US$160 trillion (constant 2011 United States dollars), an 8% gain in the cumulative global GDP between 2010 and 2030, according to a…
ACE announces leadership teams for company’s North American business units, effective upon completion of acquisition of Chubb
September 10, 2015 by Canadian UnderwriterACE Limited has announced the leadership teams it intends to appoint for the company’s North American business units, including national accounts, middle market, small commercial, personal lines, wholesale/excess and surplus lines, Bermuda and agriculture. All of the appointments will take…