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United States
IT decision makers, C-suite executives each believe the other is responsible for cyber breaches: study
February 10, 2017 by Canadian UnderwriterIT decision makers and C-suite executives each believe the other is responsible in the event of a cyber breach, according to new research from BAE Systems, a provider of technology defence, aerospace and security solutions. According to BAE Systems’ 2017…
U.S. severe weather, flooding leads to billion-dollar cost for insurance industry in January: Aon Benfield
February 9, 2017 by Canadian UnderwriterMajor severe weather and flood events in the United States in January led to billion-dollar cost for the insurance industry, according to Aon Benfield’s latest Global Catastrophe Recap. The January report noted that separate major severe weather outbreaks swept across…
Credit rating upgrades outpace downgrades for U.S. P&C carriers in 2016: A.M. Best
February 7, 2017 by Canadian UnderwriterCredit rating activity in 2016 turned positive as upgrades outpaced downgrades for the property & casualty industry in the United States, despite headwinds that include pressure on underwriting results and the low investment yield environment, according to a new special…
Insurance agency M&A in Canada and U.S. in 2016 second-highest recorded: study
February 1, 2017 by Canadian UnderwriterMergers and acquisitions (M&A) of insurance agencies last year were the second-highest ever in 2016 at 449 deals in Canada and the United States, a slight dip from the all-time record of 456 in 2015, according to OPTIS Partners’ annual…
Weather risk accounts for an estimated US$56 billion in untapped wind energy asset values globally: GCube
January 31, 2017 by Canadian UnderwriterResource underperformance has surpassed mechanical breakdown and component damage as the major obstacle to achieving bankable wind energy projects, GCube Underwriting Ltd. notes in a report estimating the untapped asset values of wind energy stakeholders around the world at US$56…
A.M. Best projects combined ratio of 100.3% for U.S. industry in 2017
January 30, 2017 by Canadian UnderwriterThe industry-wide combined ratio of the United States property & casualty insurance industry is estimated to have deteriorated by 2.4 points to 100.7% in 2016, A.M. Best Company Inc. said in a recent report. The decline in underwriting performance “was…
Firewall efficacy improved with use of firewall management tools: study
January 30, 2017 by Canadian UnderwriterUse of firewall management tools has resulted in fewer breaches, increased productivity and the ability to respond to a breach in less than an hour, suggests a commissioned report released last week by U.S.-based FireMon. Automate Zero Trust Policy and…
Insurance industry should consider opening up to loyalty marketing: Aite Group
January 27, 2017 by Canadian UnderwriterMultiple forces are clearing the way for insurers around the world to make cretive use of loyalty marketing techniques like rewards programs that have historically been the domain of credit cards, travel, lodging and retail, suggests a new Aite Group…
U.S. financial firms looking to robo-technology to complement existing service models
January 25, 2017 by Canadian UnderwriterRobo-technology is expected to be part of the mix for most polled U.S. financial firms looking to enhance their existing service models, suggest a new survey from Vestmark, Inc. Feedback was captured during a webinar last month attended by 150…
Gasoline, alcohol sales, food preparation among special risks for supermarkets: Chubb
January 24, 2017 by Canadian UnderwriterChubb Ltd. is advising supermarket operators in the United States who sell alcohol to consider limiting the amount of alcohol a customer can buy and to watch parking lots to ensure customers are not drinking. In a report released Monday,…
LexisNexis Risk Solutions brings advanced analytics to U.S. telematics programs
January 24, 2017 by Canadian UnderwriterLexisNexis Risk Solutions has advanced its proprietary technology for insurance telematics programs in the U.S. to ensure the policyholder and driver are the same, contributing to a true picture of driver behaviour and improving consumer experience. “Up until now, U.S.…
Intact must help defend pollution lawsuit due to exception in exclusion for “sudden and accidental” release
January 23, 2017 by Canadian UnderwriterIntact Insurance must participate in the defence of a lessee of commercial property – on a Grimsby, Ont. site formerly occupied by a gas station – which is being sued by a neighbouring property owner alleging that contaminants migrated to…