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BlackBerry expanding channels of distribution via cyber security initiative with Allied World

April 21, 2017 by Canadian Underwriter

Ontario-based BlackBerry Limited is growing its footprint in the insurance industry through a new initiative with Allied World Assurance Company Holdings in which the latter’s U.S. cyber policyholders will gain direct access to the former’s cyber security expertise through an

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Transportation Safety Board calls on aviation firms to have “clearly defined” go-around policies

April 20, 2017 by Canadian Underwriter

Commercial aviation firms are at increased risk if they do not have a “clearly defined go-around policy” during approach and landing, the Transportation Safety Board of Canada suggested in a report released Thursday, the same day the agency announced a

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Intact Ventures becomes strategic investor in Canadian IoT technology company Alert Labs

April 20, 2017 by Canadian Underwriter

Intact Ventures has made its first investment in Canada Alert Labs Inc., an Ontario provider of easy-to-install technology that offers residential and commercial property owners real-time water use, flood, leak, temperature and power alerts. Not only do the alerts generated

News CatastrophesClimate ChangeInsuranceMarkets / Coverages

Warm summer means increased risk of forest fires, meteorologists say

April 17, 2017 The Canadian Press

Nearly a year after the massive wildfire that devastated Fort McMurray, Alta., a climate scientist says there may be more forest fires in Canada this summer. “If the forecast’s right that it’s a warmer than normal summer, we’ll probably have

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Carriers should more fully explore potential in episodic insurance, CIAA event hears

April 17, 2017 by Angela Stelmakowich

Insurance carriers need to more seriously consider the potential that exists in episodic insurance and how such an approach could alter offerings, Mukul Ahuja, leader of insurance strategy and innovation at Deloitte Canada, suggested Thursday. “Not nearly enough carriers are

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Construction of mitigation infrastructure to protect against flood should be seen as nation-building projects: Australian insurers

April 12, 2017 by Canadian Underwriter

The Insurance Council of Australia (ICA) cited the Canadian government’s budget commitment to create a Disaster Mitigation and Adaptation Fund in a recommendation to its own federal government to treat the construction of mitigation infrastructure to protect flood-prone towns as

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Willis Towers Watson launches new cyber product for global airlines

April 11, 2017 by Canadian Underwriter

Global advisory, broking and solutions company Willis Towers Watson (WTW) announced on Tuesday that it has introduced a new “flexible insurance solution” specifically tailored to cover cyber exposure affecting the global airline industry. CyFly forms part of WTW’s integrated approach

News AssociationsCatastrophesClimate ChangeEarnings / RatingsInsuranceMergers and AqcuisitionsReinsurance

Preparation, not panic, is the way to address earthquake risk: IBC’s Don Forgeron

April 7, 2017 by Angela Stelmakowich

When talk turns to the possibility of a major earthquake in Canada, Don Forgeron, president and CEO of Insurance Bureau of Canada (IBC), advises that the response should be to prepare, not to panic. “No one should spend their day

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RMS releases new class of cyber-physical risk modelling for property insurers

April 6, 2017 by Canadian Underwriter

RMS has expanded its range of cyber models to include a new class of so-called cyber-physical models in a bid to answer the increasing related risk of insurance losses from hackers targeting control systems linked to the Internet. These cyber-physical

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Difficult year for Canada’s p&c insurance industry: IBC’s McGown

April 4, 2017 by Angela Stelmakowich

The Fort McMurray wildfire and other large weather events combined with the lowest return on investment (ROI) in decades to produce a very difficult year for Canada’s p&c insurance industry in 2016, David McGown, senior vice president of strategic initiatives

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Long-term data strategy will allow for making the most of the information: OMIA’s Taylor

March 31, 2017 by Angela Stelmakowich

Mutual insurers need a long-term plan to ensure they meet the twin goals of capitalizing on the opportunities that data offers and continue to staying true to serving customers, the head of the Ontario Mutual Insurance Association (OMIA) suggested Thursday.

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Larger liability claims expected to become more expensive, complex: AGCS

March 30, 2017 by Canadian Underwriter

There is increasing potential for “larger liability claims to become more expensive, complex and international, demonstrating the pervasive and long-term nature of liability losses,” suggests a new global claims review released Thursday by Allianz Global Corporate & Specialty (AGCS). Industrial,