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Proposed model law could beef up U.S. insurers’ cyber risk management
August 17, 2017 by Canadian UnderwriterNew cyber-related obligations being proposed south of the border, if approved, could promote more rigorous cyber risk management practices in the U.S. insurance market, Fitch Ratings suggests. The CyberSecurity Working Group of the National Association of Insurance Commissioners (NAIC) has…
Net income for Swiss Re US$1.2 billion in 2017 H1, down from about US$1.9 billion in 2016 H1
August 4, 2017 by Canadian UnderwriterDisciplined underwriting and strong investment returns contributed to Swiss Re recording net income of US$1.2 billion for the first half of 2017, although catastrophe claims served to reduce the total from the comparable period in 2016. Net income for Swiss…
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 UnderwriterThe 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…
36% of polled Canadian firms have no cyber security insurance: FICO
June 1, 2017 by Canadian UnderwriterMore than a third of surveyed Canadian firms do not have cyber security insurance, a concerning situation made worse by an incomplete understanding of how premiums are priced and failure to do everything possible to guard against breaches, FICO notes.…
Cyber insurance policies expected to become more similar in next few years: CIFF speaker
May 26, 2017 by Angela StelmakowichA lot more convergence in cyber insurance policies is expected within the next few years as policies, exclusions and wording get tested and case law develops, John Elbl suggested Wednesday during a panel discussion at MSA Research Inc.’s Canadian Insurance…
“Slow but steady” trend in take-up rates among U.S. cyber insurance clients: Council of Insurance Agents & Brokers
May 19, 2017 by Canadian UnderwriterThere is a “slow but steady” trend in take-up rates among cyber insurance clients and prices continue to stabilize, according to a recent survey from the Council of Insurance Agents & Brokers (CIAB) in Washington, DC. When it comes to…
Customer choice must be key consideration in next wave of insurTech: expert
May 18, 2017 by Angela StelmakowichAn insurer’s safest bet for survival as insurTech enters its second wave is to make customer choice a true focal point, providing customers access to answers and services when and how they want, Matteo Carbone, founder and director of the…
U.S. personal lines carriers investing in insurtech for early information on new ideas, competitive advantage: Novarica
May 16, 2017 by Canadian UnderwriterPersonal lines carriers in the United States are using insurtech to focus on diverse research and development efforts, analytics, improved self-service capabilities (including mobile platforms) and core systems upgrades with an eye to the future, suggests a new report from…
Global cyber attacks expected to up demand for related insurance, U.S. market could grow 10-fold: Fitch Ratings
May 16, 2017 by Canadian UnderwriterFitch 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…
Economical Insurance posts net income of $5.3 million in 2017 Q1, down from $28.5 million in prior-year quarter
May 8, 2017 by Canadian UnderwriterAuto lines, catastrophe and weather-related losses served as a drag on underwriting results which, in turn, contributed to Economical Insurance posting net income of $5.3 million in 2017 Q1 compared to $28.5 million in 2016 Q1. “Higher investment income was…
Confusion, frustration common to BI claims can be lessened: RIMS survey
April 26, 2017 Angela StelmakowichPHILADELPHIA – Quantifying business interruption losses continues to be a big challenge, reported by almost six in 10 RIMS members taking part in a recent survey, but a well-conceived approach by risk managers can help to clear any hurdles. “By…
Sonnet ‘first step in a multi-step journey’: Economical’s SVP and chief marketing officer
April 10, 2017 Jason Contant, Online EditorFully online insurance company Sonnet is the “first step in a multi-step journey” and the learnings from that process will be applied back to other parts of Economical Insurance’s business, Economical senior vice president and chief marketing officer Michael Shostak…