News
XL Group endorsement designed to protect contractors from underinsured subcontractors who cause pollution
July 2, 2013 by Canadian UnderwriterXL Group plc announced last week its North American environmental business is adding an endorsement for subcontractor excess and difference in conditions to its existing contractor’s pollution legal liability policies. The Dublin-based firm stated June 27 the new endorsement “adds…
Insurance industry well-positioned to absorb estimated insured losses from Alberta flooding: A.M. Best
July 2, 2013 by Canadian UnderwriterThe relative scarcity of property coverage for flooding in Canada is likely to keep claims in the range of $1 billion to $3.75 billion, well below early estimates of total economic loss of as much as $5 billion, A.M. Best…
Insurance organizations using ‘antiquated’ communications tech: report
June 28, 2013 by Canadian UnderwriterMany insurance companies aren’t supporting modern communications in their businesses and for interacting with customers, despite many saying such multichannel communication is a priority, according to a report sponsored by GMC Software Technology. The survey of 90 insurance organizations, conducted…
RIMS letter to U.S. Treasury makes recommendations for natural cat insurance market
June 28, 2013 by Canadian UnderwriterRIMS has submitted a letter to the United States’ Federal Insurance Office, presenting possible improvements to the way coverage related to natural catastrophes operates in the country. RIMS was asked to make its submission as part of the FIO’s study…
New Zealand government, Christchurch council reach cost-sharing agreement for quake recovery
June 28, 2013 by Canadian UnderwriterThe New Zealand government has reached a cost-sharing agreement with the Christchurch City Council for repairs made as part of a recovery plan for the area that has been hit by several earthquakes over the past few years, including a…
Move from big data to smart data is critical: State Street study
June 28, 2013 by Canadian UnderwriterInsurers are looking to better utilize data and analytics to improve investment and risk management decisions, suggests a new study released Wednesday by State Street Corporation. Based on a survey conducted by The Economist Intelligence Unit in April – involving…
Majority of execs say cyber attacks a greater national threat than physical attacks
June 28, 2013 by Canadian UnderwriterA slight majority of C-level executives and IT security professionals taking part in a global survey report a hacker is or has been in their corporate network, while the vast majority say cyber attacks pose a greater national threat than…
Employee retention, data security among top risks for insurance organizations
June 27, 2013 by Canadian UnderwriterComputer data security, corporate governance and regulation were among the major risks cited by insurance executives surveyed by Ernst & Young. Ernst & Young Thursday released a report, titled “Business Pulse: Exploring dual perspectives on the top 10 risks and…
Gen X Canadians most likely to admit to distracted driving
June 27, 2013 by Canadian UnderwriterGeneration X drivers are the most likely to admit to distracted behaviour behind the wheel, according to a new survey from Allstate Canada. Of those born between 1965 and 1980 included in the survey, 95% admit to distracted driving behaviour,…
British insurers group, government aim to get non-profit flood insurance framework running by 2015
June 27, 2013 by Canadian UnderwriterThe Association of British Insurers and the government there have reached a memorandum of understanding on how to develop a non-profit scheme for affordable and widely-available flood insurance. The memorandum is a first step towards creating “Flood Re,” which aims…
Insurance industry must collectively grow cyber liability market, exec says
June 27, 2013 by Greg Meckbach, Associate EditorInsurance firms and their clients need to focus on cyber liability risk, suggested executives at the recent Canadian Commercial Insurance Summit (CCIS). “This is a market that we collectively have to grow,” said Andrew Hollenberg, president of ACE Canada. “We…
Global pandemic flu model released by AIR Worldwide
June 27, 2013 by Canadian UnderwriterAIR Worldwide has announced the availability of a new pandemic flu model meant to capture the excess morbidity, mortality and insurance losses caused by pandemic influenza. Business interruption is among the areas where insurers and reinsurers may incur potentially significant…