Forecasting emerging risks expected to get tougher: Marsh/RIMS report
April 11, 2016 Angela Stelmakowich, EditorSAN DIEGO – Cyber attacks – once again identified as a top critical business risk – are expected to be a source of emerging risks, but forecasting for all emerging risks could prove more challenging over the next three years,…
New mobile app from Zurich released at 2016 RIMS to help companies assess, manage risk
April 11, 2016 Angela Stelmakowich, EditorSAN DIEGO – Zurich Insurance Group is unveiling a new mobile app this week at the 2016 RIMS Conference and Exhibition which the company reports will enable customers to perform their own on-site risk assessments and use those results to…
Private transportation companies would need $7 million of insurance under Toronto City Council recommendations
April 7, 2016 by Canadian UnderwriterPrivate transportation companies (PTCs) in Toronto would be required to carry a minimum of $2 million of collision and passenger hazard insurance, in addition to $5 million of commercial general liability insurance under proposed recommendations from Toronto City Council. Currently,…
Aon to launch new global reinsurer trading platform
April 5, 2016 by Canadian UnderwriterAon Benfield will launch its new global reinsurer trading platform Apr. 11, a move meant to enhance placements with real-time data when ABConnect Placements goes live for July 1 treaty placements, the global reinsurance intermediary and capital advisor of Aon…
Global reinsurer capital down 2% in 2015 relative to 2014: Aon Benfield
April 4, 2016 by Canadian UnderwriterGlobal reinsurer capital stood at US$565 billion at Dec. 31, 2015, a reduction of 2% relative to the end of 2014, according to the latest edition of the Aon Benfield Aggregate (ABA) report. Aon Benfield, the global reinsurance intermediary and…
Link between oil price reduction, increase in major incidents: Marsh
March 24, 2016 by Canadian UnderwriterEnergy firms are facing challenges, including falling revenues, but are encouraged to maintain their investment in risk management to reduce the potential for future major incidents and insurance claims, suggests a new research report from global insurance broker and risk…
Barry Penner named new chair of ICBC’s Board of Directors
March 23, 2016 by Canadian UnderwriterBarry Penner, QC brings his legal skills and considerable experience with the Government of British Columbia – including as the province’ longest-serving environment minister – to his new duties as chair of the Insurance Corporation of B.C.’s (ICBC) Board of…
Changing the Environment
March 22, 2016 Emily Atkins, EditorPieter Heydenrych is set to adjust environmental claims and move the social needle as well
Insurance costs more than six times greater for wood frame buildings than for concrete buildings, new study finds
March 21, 2016 by Canadian UnderwriterA new study of the property insurance costs for wood frame and concrete mid-rise residential buildings has found a substantial gap in the risks and insurance rates between the two building systems. The data for the Study of Insurance Costs…
Ontario reviewing ‘current solvency funding framework’ of workplace pensions
March 9, 2016 by Canadian UnderwriterThe Ontario government has “initiated a review” of the solvency funding framework for workplace pension plans, the ruling Liberals announced in their budget document for 2016-17. “In recent years, low long-term interest rates have placed funding pressures on pension plan…
Data space can empower brokers, broker forum hears
March 1, 2016 Jason Contant, Online EditorBrokers need to get more into the data space, understanding that data actually belongs to the customer, suggested Hugh McTavish, president of InsureMy and Godfrey-Morrow Insurance and Financial Services Ltd., at the Insurance Canada Broker Forum on Tuesday. Speaking during…
Obama administration plans new high level cyber official
February 9, 2016 Tami Abdollah - THE ASSOCIATED PRESSWASHINGTON – The Obama administration is creating a new high-level federal official to co-ordinate cybersecurity across civilian agencies and to work with military and intelligence counterparts, as part of its 2017 budget proposal announced Tuesday. The $19-billion increase in cybersecurity…