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Risk and insurance revenue up 3% at Marsh & McLennan

October 26, 2016 by Canadian Underwriter

Marsh & McLennan Companies Inc. announced Tuesday its risk and insurance revenue rose 3%, year over year, for the third quarter. New York City-based Marsh & McLennan owns brokerage Marsh Inc. and Guy Carpenter & Company LLC, among other subsidiaries.

News InsuranceLegalMergers and AqcuisitionsTechnology

Organizations must focus more on people, not just technology, to combat privacy breaches: lawyer

October 26, 2016 by Angela Stelmakowich

The people component of privacy breaches is critically important, demanding greater focus going forward in light of an environment where both related individual and class actions are on the rise, Patrick Hawkins, a partner with Borden Ladner Gervais LLP suggested

News CatastrophesInsuranceMarkets / CoveragesReinsurance

Insurance industry must work to reduce protection gap, burden on governments

October 25, 2016 by Canadian Underwriter

The insurance industry needs to capitalize on its unique risk understanding to reduce the financial burden on governments in light of “the daunting scale of the protection gap,” Nick Frankland, CEO of EMEA operations for Guy Carpenter & Company, LLC,

News InsuranceMarkets / CoveragesMergers and AqcuisitionsTechnology

Adoption of smart contracts to decrease risks and costs, increase efficiencies: Capgemini

October 11, 2016 by Angela Stelmakowich

Lower costs and higher efficiencies can be realized through adoption of smart contracts, with potential annual savings in the personal motor insurance industry alone amounting to US$21 billion globally thanks to automation and reduced processing overheads in claims handling, Capgemini

News InsuranceLegislation / RegulationMarkets / CoveragesProfessional DevelopmentTechnology

Cyber and data privacy breaches top risk for global transportation industry executives: Willis Towers Watson study

October 3, 2016 by Canadian Underwriter

The increased security threat from cyber and data privacy breaches is the number one risk on the minds of executives in the global transportation industry, according to a new report released on Monday by Willis Towers Watson (WTW). Willis Towers

News CatastrophesInsuranceMarkets / Coverages

Balance crucial for capital requirements on earthquake, OSFI superintendent Rudin says at NICC

September 30, 2016 Angela Stelmakowich, Editor

VANCOUVER – Capital requirements could always be increased to cover an extreme event, such as a huge earthquake in British Columbia, but a balance must be struck, Jeremy Rudin, superintendent of the Office of the Superintendent of Financial Institutions (OSFI),

News AssociationsInsuranceMarkets / CoveragesMergers and Aqcuisitions

Gloomy outlook for offshore energy insurance sector: IUMI

September 21, 2016 by Canadian Underwriter

The offshore energy sector is facing a series of significant challenges in the wake of a falling premium base and increased volatility, cautions the chairman of the International Union of Marine Insurance’s (IUMI) offshore energy committee. “We have not witnessed

News CatastrophesInsuranceLegalMergers and AqcuisitionsTechnology

Two-thirds of U.K. polled firms not assessing financial impact of a cyber attack: Marsh

September 19, 2016 by Canadian Underwriter

Almost two-thirds of surveyed large and medium-sized organizations in the United Kingdom do not conduct or estimate the financial impact of a cyber attack, notes a new report issued Monday by Marsh. Despite a 56% rise in boardroom ownership of

News InsuranceMergers and AqcuisitionsProfessional Development

Commercial insurers in Canada face challenges, opportunities: Kadow

September 12, 2016 Angela Stelmakowich, Editor

CALGARY — Current trends around ownership of brokers by insurers is “basically leaving the mid- to large end of the commercial market to fight over,” Ulrich Kadow, chief agent, Canada for Allianz Global Corporate & Specialty Americas (AGCS), said in

News InsuranceLegalMergers and AqcuisitionsTechnology

Fears of further personal information exposure following cyberattack would prevent some consumers from shopping at breached retailer: study

August 23, 2016 by Canadian Underwriter

Fears of further exposure of personal information following a cyberattack would prevent 33% of consumers from shopping at a breached retailer for at least three months, according to a recent survey from KPMG LLP, the audit, tax and advisory firm.

News InsuranceMarkets / Coverages

Catastrophe bond issuance slowed during second quarter of 2016: Aon Securities

July 21, 2016 by Canadian Underwriter

Following a record breaking first quarter issuance of US$2.22 billion, catastrophe bond issuance for the second quarter of 2016 stood at US$800 across five transactions – a relatively low figure during a historically active quarter, Aon Securities said on Thursday.

News InsuranceMergers and AqcuisitionsTechnology

Posting vacation plans, pictures could put polled Quebecers’ home security at risk: Allstate Canada

July 18, 2016 by Canadian Underwriter

Informing everyone via social media just how great a vacation is or is going to be could be putting Canadians’ largest investments – their homes – at risk of breaches in home security, notes a new survey issued Monday by