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Opta says model lets insurers ‘quickly identify properties more at risk of flooding’

March 17, 2016 by Canadian Underwriter

SCM Insurance Services announced Wednesday that its Opta Information Intelligence unit has a partnership with Impact Forecasting LLC to provide flood model products to Canadian insurance providers. “Opta will leverage this technology to provide its customers with the ability to

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Rising demand for cyber insurance creates opportunity for insurers worldwide: IDC Financial Insights

March 17, 2016 by Canadian Underwriter

Tremendous opportunities exist for insurers around the world to capitalize on the largely untapped cyber insurance market, a move that could help them balance their risk portfolios and maintain a positive outlook, suggests a report released this week by IDC

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Competition drives ‘declining insurance pricing’ in many U.S. segments: Fitch

March 16, 2016 by Canadian Underwriter

The combined ratio for a group of insurance firms tracked by Fitch Ratings Inc. deteriorated 1.1 points from 93.4% in 2014 to 94.5% in 2015, Fitch reported Tuesday. “Fitch’s universe of 45 (re)insurance organization reported an aggregate a 7.2% decline

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IronPro launches enhanced cyber, tech E&O products in Canada

March 16, 2016 by Canadian Underwriter

IronPro, the financial and professional lines unit of Ironshore, is introducing a suite of enhanced cyber and technology errors and ommisions (E&O) products customized for the Canadian marketplace. The products will also provide eligible Ironshore Highly Protected Information policyholders with

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Financial services concerned standalone FinTechs a risk to their business, not capitalizing on blockchain: PwC

March 16, 2016 by Canadian Underwriter

More than eight of 10 surveyed financial services firms, including banking and insurance, report believing part of their business is at risk of being lost to standalone FinTech companies, suggests a report released Tuesday by PricewaterhouseCoopers (PwC). Based on a

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Risk managers must address cyber security as an enterprise risk: FERMA

March 15, 2016 by Canadian Underwriter

Businesses have difficulties with reaching a basic level of protection around cyber security, often as a result of a lack of risk insights and data driven risk mitigation and risk management must play a central role, the Federation of European

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CFC launches new insurance suite for product recall market

March 14, 2016 by Canadian Underwriter

Specialist lines underwriting agency CFC Underwriting has launched a new suite of product recall products, available globally, to help enhance insureds’ protection, including from events related to hacking and electronic attack. The suite is aimed at industries ranging from food

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Commercial insurance prices in most lines dropped year-over-year ‘in low single digits’ in Q4: Willis Towers Watson

March 14, 2016 by Canadian Underwriter

The change in commercial insurance prices from the fourth quarter of 2014 to the fourth quarter of 2015 were “nearly flat,” Willis Towers Watson plc reported Monday. London-based Willis Towers Watson released its Commercial Lines Insurance Pricing Survey (CLIPS), which

News InsuranceMergers and Aqcuisitions

CANATICS, IBC taking important step forward in fight against organized insurance crime

March 14, 2016 by Canadian Underwriter

Canadian National Insurance Crime Services (CANATICS) and Insurance Bureau of Canada (IBC) are joining forces in the war on organized insurance crime, hoping to advance efforts with a mix of timely early warnings and investigation expertise. The strategic move to

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More political risk reductions than increases on Aon’s 2016 emerging markets map

March 9, 2016 by Canadian Underwriter

For the first time in the last three years, more countries on the Aon Political Risk Map 2016 for emerging markets show political risk reductions than increases, although continued low oil prices is exacerbating political risk in already-fragile states. “Anti-corruption

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Markel Canada cyber coverage includes network interruption

March 8, 2016 by Canadian Underwriter

Markel Insurance Company of Canada recently announced a cyber risk product that includes a cyber risk help line provided by NetDiligence and access to the response team at law firm Fasken Martineau. Markel stated March 2 that its new cyber

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Distress, divestments to dominate mining deals in 2016 after Canadian transactions hit 10-year low

March 8, 2016 by Canadian Underwriter

Financial stress among Canadian mining and metals companies drove transactions to a decade-long low in 2015 and that environment is expected to shape the sector’s merger and acquisition (M&A) activity in 2016, Ernst & Young suggests in a recent report.