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Property market loss estimate for Europe’s Cyclone Egon reaches 275 million euros: PERILS

July 13, 2017 by Canadian Underwriter

The latest property insurance market loss estimate for extratropical cyclone Egon, which hit parts of France and Germany in mid-January, has increased to 275 million euros, Zurich-based PERILS reported on Wednesday. Representing the third of four estimates to be issued

News CatastrophesClimate ChangeConstructionLegislation / RegulationMergers and AqcuisitionsReinsurance

Maintaining wetlands could slash riverine flooding-related damage, local pilot project has national applicability: study

July 12, 2017 by Angela Stelmakowich

Just leaving current wetlands in their natural state could cause riverine flooding-related flood damage to plummet as much as 38% and should provide the impetus for communities to view natural infrastructure as a climate adaptation solution, notes a study from

News CatastrophesConstructionEarnings / RatingsInsuranceMarkets / CoveragesMergers and AqcuisitionsProductsReinsuranceTechnology

Stilling quake risk in eastern Canada demands greater focus, awareness and effort: Swiss Re

July 11, 2017 by Angela Stelmakowich

Risk awareness is severely lacking and not enough attention is being paid to quake risk in eastern Canada, a region with “huge” loss-inflicting potential that a Swiss Re model projects could produce the country’s largest nat-Cat loss ever if the

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VirtualArmour expands penetration into energy sector cyber protection

July 10, 2017 by Canadian Underwriter

VirtualArmour International Inc. has partnered with a global architectural design and engineering firm that services the energy industry to design new security infrastructure in light of the sector increasingly becoming a target for cyber attacks. Under the terms of a

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Multi-factor authentication central to helping reduce data breaches: Ostertag

July 4, 2017 by Angela Stelmakowich

Taking a multi-layered approach to cyber security – including authentication – is likely the most important single thing to help combat access that then results in data breaches, David Ostertag, global investigation manager for Verizon’s investigative response unit, advised last

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Cyber-related disruption as business advantage developing in manufacturing sector: Verizon

June 30, 2017 by Angela Stelmakowich

Manufacturing is witnessing a significant hike in internal cyber threat actors linked to nation state schemes to disrupt operations and allow chosen businesses to gain competitive advantage and market share, David Ostertag, global investigation manager for Verizon’s investigative response unit,

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Disruption spawns opportunities for middle market, but risk preparedness concerning: Capital One

June 28, 2017 Disruption

There appears to be a divide between middle-market companies fully expecting that disruption will unfold and taking concrete steps to address whatever risk that change may bring, suggest findings of a new study from New York-based Capital One Commercial Bank.

News CatastrophesClimate ChangeInsuranceMarkets / CoveragesReinsuranceTechnology

New Zealand proposes shaking up earthquake commission scheme to smooth claims resolution

June 27, 2017 by Canadian Underwriter

New Zealand will continue to flesh out the details of proposed changes aimed at simplifying and improving the Earthquake Commission (EQC) scheme to help support more timely response to affected policyholders. Reforms to the Earthquake Commission Act seek to “simplify

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Employee awareness, training key to building a solid cyber security culture: Echols

June 22, 2017 by Canadian Underwriter

A little competition could be a good thing, especially when it comes to building a cyber security culture, cyber expert Michael Echols suggested last week during a symposium co-hosted by the Travelers Institute and Economic Club of Canada. Developing a

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Retailers could lose US$71 billion from fraudulent card-not-present transactions in next five years: Juniper

June 21, 2017 by Canadian Underwriter

A number of factors, including click-and-collect fraud, have been identified as contributing to Juniper Research’s forecast that retailers stand to lose US$71 billion globally from fraudulent card-not-present (CNP) transactions over the next five years. Part of a new research issued

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Gains, losses in efforts to combat cyber crime in 2016: Trustwave

June 20, 2017 by Canadian Underwriter

The fight against cyber crime showed both advances and retreats in 2016, with improvements on the intrusion detection and breach containment fronts matched by cyber crime increasingly being treated as a business, suggests a Trustwave report released Tuesday. Findings in

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FIN10 intrusion operations predominately targeting Canadian organizations: FireEye

June 16, 2017 by Canadian Underwriter

FireEye, Inc. has observed an actor carrying out financially motivated intrusion operations – targeting organizations in North America, but predominately in Canada – that may require a different type of response, the company suggests in a new report. Believed to