Risk associated with domestic acts of terrorism shifting: RIMS report
October 10, 2017 by Canadian UnderwriterWhile domestic terrorism has historically represented a disproportionate risk to property, relative to bodily harm, spread over numerous smaller incidents, that risk has shifted, according to a new report from RIMS, the risk management society. More recently, risk associated with…
OSFI to release reinsurance discussion paper, likely by early next year
October 10, 2017 Jason Contant, Online EditorThe Office of the Superintendent of Financial Institutions (OSFI) will release a discussion paper related to reinsurance, likely early next year, Neville Henderson, assistant superintendent of the regulator’s insurance supervision sector, said last week. Speaking at the National Insurance Conference…
Endeavour launches cyber facility, cyber protection becoming key to risk management
October 10, 2017 by Canadian UnderwriterEndeavour Insurance Services is looking to facilitate easier management of risks in the small-medium enterprise (SME) cyber space – while also supporting MGAs, brokers and clients in the U.S. and Canada – with the launch of a new technology and…
Magnitude of U.K.’s Grenfell Tower fire was preventable: FM Global
October 5, 2017 by Canadian UnderwriterThe magnitude of the fire that engulfed London’s Grenfell Tower in June was preventable, according to a newly released whitepaper from FM Global, one of the world’s largest business property insurers. On June 14, a massive fire broke out in…
Utilities cautioned to act now to strengthen their cyber security defences: Accenture
October 5, 2017 by Canadian UnderwriterUnprepared distribution utilities are urged to immediately begin improving their cyber security capabilities given the anticipated future hike in cyber attacks and the fact that most recently polled utility executives say such an attack could interrupt electricity supply, Accenture suggests…
Inefficient and cumbersome renewal process needs improvement, NICC speakers agree
October 3, 2017 Jason Contant, Online EditorThe insurance policy renewal process is both inefficient and cumbersome and needs to be fixed, speakers suggested on Monday at the National Insurance Conference of Canada (NICC) in Quebec City. “It’s a total disaster; it’s not working at all,” charged…
Karen Clark & Company estimates insured losses from Hurricane Maria at US$30 billion
September 29, 2017 by Canadian UnderwriterInsured losses from Hurricane Maria will total almost US$30 billion, according to a flash estimate from catastrophe risk management firm Karen Clark & Company (KCC). The majority of losses – US$28.35 billion – will be from Puerto Rico, KCC said…
City of Toronto examining impact of automated vehicles on internal departments: RIMS conference speaker
September 27, 2017 Jason Contant, Online EditorThe City of Toronto is taking an all-encompassing approach to automated vehicles by examining their potential impact on a variety of city departments, attendees to the RIMS Canada Conference heard on Monday. AVs could impact taxi regulations, employment, social services,…
Autonomous vehicles will require a reassessment of liability: RIMS Canada Conference speaker
September 26, 2017 Jason Contant, Online EditorAutonomous vehicle (AV) technology will require a reassessment of liability and the uncertainty surrounding liability may even slow the introduction of AV technology, a speaker suggested on Monday at the RIMS Canada Conference. Jim Kidd, project manager at the City…
ORIMS presents Tony Lackey with 2017 Donald M. Stuart Award at RIMS Canada Conference
September 26, 2017 by Canadian UnderwriterRIMS Ontario Chapter (ORIMS) has presented the Donald M. Stuart Award to Tony Lackey, director of risk and insurance services for Carleton University in Ottawa. Lackey was presented the award at the RIMS Canada Conference, RIMS said in a press…
Cyberattacks, asset bubble risks top Canadian business worries: World Economic Forum survey
September 22, 2017 by Canadian UnderwriterCyberattacks and asset bubble risks top the list of worries for Canadian businesses, according to new survey data from the World Economic Forum (WEF). The data – released earlier this week and published by the strategic partners of WEF’s Global…
Widespread flooding in San Juan as first Cat 4 hurricane in 85 years makes landfall in Puerto Rico
September 21, 2017 by Canadian UnderwriterHurricane Maria is causing river levels to approach or exceed record levels in the United States territory of Puerto Rico, while Hurricane Irma could cause total economic losses of up to US$95 billion in the U.S. and the Caribbean, catastrophe…