Keyword
risk management
Cyber attacks among polled U.S. business costing at least US$5,000
October 2, 2017 by Canadian UnderwriterSeven in 10 of the surveyed U.S. businesses that experienced a cyber attack in the last year spent in excess of US$5,000 to investigate each incident, restore or replace software and hardware, and address any other consequences. However, 38% of…
Willis Re supports B3i blockchain insurance industry initiative
October 2, 2017 by Canadian UnderwriterWillis Re is supporting the B3i initiative – the global blockchain effort launched last fall – by becoming a member and taking part in its prototype market testing phase. The announcement follows the successful launch of a working market testing…
Time to fine-tune residential flood cover, consider high-risk areas: Enders
September 29, 2017 by Angela StelmakowichFlood-related cover for residential policyholders is far advanced from what it was when the devastating floods hit southern Alberta in 2013, but it is now time to refine those offerings and address outstanding issues, says Gord Enders, president of Direct-Line…
Marijuana impairment-related losses could potentially trigger GL policies: RIMS speaker
September 27, 2017 by Angela StelmakowichInsurers would be well-advised to track the evolving marijuana risk to determine if impairment-related loss history could trigger defence and indemnification obligations under employers’ general liability policies, it was suggested Tuesday during a session at the RIMS Canada Conference in…
Third-party drone services developing, immediate post-incident use still a challenge
September 8, 2017 by Angela StelmakowichA trend seems poised to take flight whereby companies in need of drone services to gain specific insights will increasingly tap the expertise of third-party providers. “I think third-party companies who provide services utilizing drones will be more common than…
Free online offering hopes to bolster catastrophe modelling understanding
September 5, 2017 by Canadian UnderwriterWhat has been described as the first free and neutral open online catastrophe modelling course was launched today to help those working in climate change and disaster loss mitigation, academia and insurance better understand the use of models in nat-Cat…
Making ICBC a co-op one option for B.C., competition must be part of any option selected: taxpayers federation
August 25, 2017 by Canadian UnderwriterThe British Columbia government has options at its disposal to address auto insurance problems in the province – ranging from leaving the Insurance Corporation of B.C. (ICBC) to shuttering the insurer – but all should include reintroduction of competition, concludes a new report commissioned by the Canadian Taxpayers Federation (CTF). CTF argues that “fast and furious changes” are needed in light of the “looming 30% hike to car insurance,” a figure noted in an Ernst & Young LLP (E&Y) report made public last month. Among its many observations, the…
AGCS expands terrorism, political violence insurance offering in the U.S.
August 24, 2017 by Canadian UnderwriterAllianz Global Corporate & Specialty (AGCS) is now providing bespoke coverage designed to protect U.S. businesses faced with loss related to terrorism and political violence both at home and overseas. Given the recent tragic events in Europe and Virginia, the…
York University launches new online Certificate in Risk Management course
August 23, 2017 by Canadian UnderwriterYork University’s School of Continuing Studies said on Tuesday that it is responding to the “demand for comprehensive risk management training” by launching a new online Certificate in Risk Management course. The three-course online program (Risk Management Principles and Practices;…
Ironshore establishes computer emergency response team to help policyholders with cyber response
August 22, 2017 by Canadian UnderwriterNew York-based Ironshore Inc. is taking steps to help manage cyber claims for all in-force policies, regardless of line, with the launch of a dedicated computer response team. Comprised of cyber claims co-ordinators representing each of the insurer’s specialty lines…
Tug vessels that collided had no formal safety management systems: TSB
August 21, 2017 by Canadian UnderwriterA May, 2016 collision between two logging tugs near Nanaimo, British Columbia demonstrates that some marine firms are “not effectively managing their safety risks,” the Transportation Safety Board of Canada said in a report released Thursday. On May 24, 2016,…
Expected insured losses from present-day Hurricane Andrew would total US$56 billion: AIR Worldwide
August 21, 2017 by Canadian UnderwriterIf Hurricane Andrew were to occur today, 25 years after its original landfall, the expected total industry insured losses (based on today’s exposures) would be approximately US$56 billion in the United States, catastrophe risk modelling firm AIR Worldwide reported on…