Energy producers “have struggled” to get insurance covering Gulf of Mexico windstorm: Willis Towers Watson
January 25, 2016 by Canadian UnderwriterEight years after Hurricane Ike damaged most homes in Galveston, Texas, the insurance market’s capacity to cover windstorm for energy firms in the Gulf of Mexico is less than 4% of the actual exposure, while the “vast majority of energy…
Digital wallets require ‘careful review’ of limitations of liability: Borden Ladner Gervais
January 14, 2016 by Canadian UnderwriterContactless payment methods, a common-law duty to “act honestly in the performance of contractual obligations” and the proposed Trans Pacific Partnership international trade agreement are among the top 10 legal risks for businesses this year, law firm Borden Ladner Gervais…
Interruption Claims
January 1, 2016 Bernard McNulty, Head of Claims - Canada, Allianz Global Corporate & Specialty (AGCS) AmericasFactors affecting business interruption (BI) claims in Canada include the continued move towards just-in-time inventory delivery, lower commodity prices and risk-specific policies placed by brokers. The frequency of BI claims in Canada was consistent with experience in other countries, though in Canada in recent years, about 50% of BI claims originated from natural events.
Average large business interruption claim 36% more costly than average property damage claim: Allianz Global Corporate & Specialty
December 9, 2015 by Canadian UnderwriterThe average large business interruption (BI) property insurance claim is now in excess of US$2.4 million, 36% higher than the corresponding average property damage claim of just over US$1.7 million, according to a new report from Allianz Global Corporate &…
Vision that mega-cities nervous systems based on Internet; reality that locations will face nat-cat risk: Allianz SE
December 1, 2015 by Canadian UnderwriterThe mega-city is coming – with two-thirds of the world’s population expected to be city dwellers by 2030 – but this development poses challenges regarding how best to strike a balance between growth, quality of life and climate protection, cautions…
New Lloyd’s report examines supply chain management to help understand liability events
November 30, 2015 by Canadian UnderwriterA new report from Lloyd’s of London – the world’s specialist insurance and reinsurance market – is scrutinizing the power of supply chain management to understand and quantify liability events. Released on Monday, the report examines liability exposure management and…
Model Behaviour
November 1, 2015 Patti Ristich, Partner, R2 communications Inc.The unprecedented growth of mega-cities and the changing environment mean the Cat risk business is growing. With that, risk modelling – fuelled by lessons learned and the availability of data – could serve as an increasingly important tool for how insurers and reinsurers calculate expected loss.
Supply Teach
November 1, 2015 Sean van Zyl, Freelance WriterThe increase in Canadian enterprises engaged in foreign supply chain procurement has attracted the attention of authorities in pursuing prosecutions under foreign anti-bribery and corruption laws. Are Canadian enterprises and their Boards of Directors aware of the heightened risk associated with these foreign dealings?
Insurers discussing ‘broader form’ of contingent business interruption coverage: Swiss Re
September 14, 2015 by Canadian UnderwriterContingent business interruption insurance does not cover some “important supply chain risks,” though some insurers are discussing the possibility for broadening CBI coverage, while a lack of historical data makes it difficult for carriers to underwrite terrorism coverage, Swiss Re…
Closing the Divide
July 3, 2015 Geoff Lubert, Managing Director, Willis Re Canada; and Andrew Newman Global Head of Casualty, Willis ReWith advances in casualty catastrophe modelling and greater use of enterprise risk management, liability insurers are poised for a transformation in risk management, reinsurance focus and strategy. The shifting focus to real exposures of liability business is closing the divide that, until recently, has existed between the framework that supports property versus casualty exposures.
Marketplace
May 1, 2015 by Canadian UnderwriterCANADIAN MARKET Zurich Canada launches drone insurance package Zurich Canada has launched a new drone insurance product that it maintains “closes an important coverage gap” for companies already making use of drones. Developed in partnership with Global Aerospace Underwriting Managers Limited…
Canadians Go International
November 1, 2014 Marvin Azzopardi, Senior Underwriter, Trade, Credit & Political Risk, Zurich North AmericaCivil unrest in various regions has raised awareness in Canadian C-suites about the need for robust credit and political risk insurance protection. It is vital that Canadian corporations with an international footprint fully understand the full spectrum of risk associated with pursuing opportunities in these regions.