News
Most U.K. businesses unprepared for terrorism threats: study
May 29, 2013 by Canadian UnderwriterThe majority of British businesses may not be implementing basic security practices, leaving them unprepared for potential terrorist attacks, suggests a recent analysis of survey results. More than half (54%) of businesses included in a survey by research firm YouGov…
Settled claims in wake of New Zealand quakes surpass $7 billion
May 29, 2013 by Canadian UnderwriterInsurers in New Zealand have reached claims settlements amounting to more than $500 million over the past three months, bringing the total injected into the Canterbury recovery to $7.23 billion. Canterbury residential homeowners and commercial business owners witnessed damage from…
NY regulator requires insurers to provide information on their cyber security policies
May 29, 2013 by Canadian UnderwriterThe New York government is asking some insurers that operate in the state what steps they take to protect their clients and themselves from cyber threats. On Tuesday, the Department of Financial Services (DFS) sent “308 letters” to large insurance…
Demand for cyber risk insurance likely to increase, but pricing it’s a challenge: report
May 28, 2013 by Canadian UnderwriterWhile there is potential for growth in the cyber insurance market, pricing strategies and the evolving nature of cyber risk make effective underwriting a challenge, notes a new report from rating agency A.M. Best. In the past three or four…
New product created to fill gaps in coverage following a terrorist attack
May 28, 2013 by Canadian UnderwriterAs a means to meet the increased demand for a product that responds to heightened risk exposure associated with high profile events, Ironshore International is launching what it says is a customized, comprehensive insurance solution. The SecurEvent policy was launched…
ICLR seminar to look at hurricanes in Canadian context
May 28, 2013 by Canadian UnderwriterThe Institute for Catastrophic Loss Reduction will be hosting a workshop on hurricanes in the Canadian context, including an outlook for this year’s Atlantic hurricane season, as part of its ongoing monthly education series. The June 14 presentation will include…
Major growth potential for insurance sector in Middle East, North Africa: report
May 28, 2013 by Canadian UnderwriterThe insurance industry can play an important role in economic development in the Middle East and North Africa region, but despite growth potential, many challenges remain, notes a new report from Zurich Insurance Group. The MENA region has some of…
Boiler Inspection and Insurance Co. combines equipment breakdown, data compromise coverage in one package
May 28, 2013 by Canadian UnderwriterThe Boiler Inspection and Insurance Company of Canada announced Tuesday it is combining equipment breakdown insurance with coverage for data compromise and identity recovery in one policy, known as All Systems Go Plus. The company said brokers are able to…
Swiss Re Capital Markets places $175 million cat bond for named storm, earthquake risks for Allianz
May 27, 2013 by Canadian UnderwriterSwiss Re Capital Markets has structured and transferred $175 million of insurance-linked securities covering named storms and earthquake losses in North America, the Caribbean and Mexico on behalf of a subsidiary of Allianz SE. The securities were issued by a…
Bicycle-related crashes peak during summer months: ICBC
May 27, 2013 by Canadian UnderwriterAn average of 150 cyclists are injured each month in British Columbia from May to October, according to the Insurance Corporation of British Columbia. Crashes involving cyclists peak during this time, according to the government insurer. According to crash data…
Saskatchewan officials issue 356 tickets during two-day traffic safety blitz
May 27, 2013 by Canadian UnderwriterLaw enforcement officials in Saskatchewan issued a total of 356 tickets for traffic violations, including impaired driving, during a two-day safety blitz earlier this month. On May 8 and 9, officials participated in Operation Overdrive, targeting impaired driving, and a…
NOAA predicts below average hurricane seasons for Central, Eastern Pacific
May 27, 2013 by Canadian UnderwriterThe National Oceanic and Atmospheric Administration out of the United States has forecast a below average hurricane season for both the Central and Eastern Pacific regions, in contrast to its prediction of an active Atlantic season. For 2013, the NOAA…