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One in three Americans hacked in the past year, new HSB cyber survey finds

September 13, 2016 by Canadian Underwriter

More than one-third of consumers in the United States experienced a computer virus, hacking incident or other cyberattack in the past 12 months, according to a new survey by Zogby Analytics for The Hartford Steam Boiler Inspection and Insurance Company

News CatastrophesEarnings / RatingsInsuranceReinsurance

Q2 combined ratio up 6.5 points for Munich Re

August 9, 2016 by Canadian Underwriter

Munich Re reported Tuesday a 6.5-point deterioration in its Q2 combined ratio in property & casualty reinsurance, as the recent wildfires in Northern Alberta and the April earthquakes in Japan were among the natural catastrophes that contributed to the firm’s

News InsuranceMergers and AqcuisitionsTechnology

Most companies unprepared for emergence of autonomous vehicles: Munich Re survey

July 19, 2016 by Canadian Underwriter

Most companies are unprepared for the emergence of autonomous vehicles (AVs), with 64% of polled risk managers saying that their companies have done nothing to prepare for the emergence of these vehicles in the auto market, according to a Munich

News CatastrophesInsuranceMergers and Aqcuisitions

Total worldwide economic losses for first half of 2016 at US$70 billion, up US$11 billion from 2015 half-year totals: Munich Re

July 12, 2016 by Canadian Underwriter

Total worldwide economic losses for the first half of 2016 were US$70 billion, of which US$27 billion were insured, significantly higher than the first year losses of US$59 billion in 2015, of which US$19 billion were insured, Munich Re said

News InsuranceMarkets / CoveragesTechnology

Silicon Valley technology accelerator announces call for applications from insurance startups

June 16, 2016 by Canadian Underwriter

Plug and Play Tech Center, a Silicon Valley global technology accelerator and venture fund, announced on Thursday a call for applications from startups in its insurance platform. Plug and Play Insurance, which was launched in late April in partnership with

News InsuranceLegalMergers and AqcuisitionsProfessional DevelopmentTechnology

90% of U.S. businesses experienced hacking incidents in the last year: HSB cyber study

May 18, 2016 by Canadian Underwriter

Nine out of ten businesses in the United States have experienced at least one hacking incident in the past year, according to a survey released on Tuesday by The Hartford Steam Boiler Inspection and Insurance Company (HSB), part of Munich

News Earnings / RatingsInsuranceMergers and Aqcuisitions

Combined ratio improves 3.9 points, reinsurance pricing pressure ‘remains high’ at Munich Re

May 11, 2016 by Canadian Underwriter

Munich Re reported Tuesday a 3.9-point improvement in its combined ratio in property and casualty reinsurance, as the Munich-based insurer released about 250 million euros in reserves during the first three months of this year. The combined ratio in reinsurance

News CatastrophesInsuranceMergers and AqcuisitionsTechnology

Intact’s assessment of insured damages from Fort McMurray wildfire estimated at $1 to $1.20 per share

May 9, 2016 by Canadian Underwriter

Intact Financial Corporation’s (IFC) assessment of its insured damages from the Fort McMurray wildfire using satellite imagery and its exposure geocoding technology ranges from $1 to $1.20 per share, the insurer said on Monday. The assessment range, while early, is

News InsuranceProfessional DevelopmentTechnology

Silicon Valley startup accelerator launches new insurance innovation platform

May 1, 2016 by Canadian Underwriter

The Plug and Play Tech Center, a Silicon Valley global technology accelerator and venture fund, announced that it has partnered with the world’s largest reinsurer – Munich Re – to create what it is calling the first ever accelerator program

News InsuranceMarkets / CoveragesMergers and AqcuisitionsTechnology

The Boiler Inspection and Insurance Company of Canada introduces coverage for invisible risks to microelectronics

April 27, 2016 by Canadian Underwriter

The 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.”

News AssociationsCatastrophesInsuranceMergers and Aqcuisitions

Recent quakes a reminder of the importance of insurance options in U.S.: III

April 19, 2016 by Canadian Underwriter

Many states in the United States face risks from earthquakes, yet only about 10% of surveyed homeowners on the West Coast have purchased related coverage, reports the Insurance Information Institute (III). Recent earthquakes in Ecuador and Japan serve as a

News CatastrophesInsuranceLegislation / RegulationMergers and Aqcuisitions

‘Fair amount of uncertainty’ of financial impact of Canadian earthquakes: OSFI deputy superintendent

April 14, 2016 Greg Meckbach, Associate Editor

The financial risk  from an earthquake in Quebec is “a lot bigger than maybe people think,” a Munich Re Canada executive suggested Wednesday, while the head of Aon Benfield Canada suggested Canadians on the west coast “may be” underinsured for