Alleged Yahoo hacker Karim Baratov to forgo extradition hearing
August 21, 2017 Paola Loriggio - THE CANADIAN PRESSHAMILTON – A Canadian man accused in a massive hack of Yahoo emails will forgo his extradition hearing and go face the charges in the United States in what his lawyer has called an effort to speed up the legal process.
Karim Baratov signed documents agreeing to waive the hearing before a Hamilton judge on Friday, after weighing the decision for months.
Ontario Superior Court Justice Andrew Goodman warned Baratov that the move could leave him open to more charges in the U.S., prompting the 22-year-old’s lawyer to confirm…
Global reinsurers’ first-half 2017 results reflect pricing pressure, consolidation expected: Fitch
August 21, 2017 by Canadian UnderwriterGlobal reinsurers’ first half 2017 results provide further evidence of continuing pressure on pricing and earnings, Fitch Ratings said in a report released on Monday. “Intense competition among global reinsurers and the abundance of capital invested in the sector mean…
Polled security professionals in U.S. find securing disconnected systems a challenge
August 21, 2017 by Canadian UnderwriterRecently surveyed IT security professionals in the U.S. say securing systems that are disconnected from their corporate networks is a challenge, a situation that could worsen over time, reports Los Angeles-based Lieberman Software Corporation. Polled at Black Hat USA 2017,…
Proposed model law could beef up U.S. insurers’ cyber risk management
August 17, 2017 by Canadian UnderwriterNew cyber-related obligations being proposed south of the border, if approved, could promote more rigorous cyber risk management practices in the U.S. insurance market, Fitch Ratings suggests. The CyberSecurity Working Group of the National Association of Insurance Commissioners (NAIC) has…
U.S. p&c industry’s reserve adequacy relatively stable in 2016, auto takes hit: Conning
August 10, 2017 by Canadian UnderwriterThe reserve adequacy of the property and casualty industry south of the border was relatively stable last year, with 2016 marking the 11th consecutive year of favourable development from prior-accident years, Conning notes in a study issued this week. “The…
Premium renewal rate positive across almost the majority of commercial product lines in U.S.: IVANS
August 3, 2017 by Canadian UnderwriterThe premium renewal rate change for most standard commercial lines products in the United States remained in positive territory for July, with workers’ compensation representing the only standout, notes the latest IVANS Index. The majority of standard commercial lines products…
Digital and app users not waiting around, quick to bail on non-responsive service: Australia research
August 2, 2017 by Canadian UnderwriterA huge divide exists between consumer expectations of their digital service experience and what is being delivered, with three-quarters of recently polled consumers in Australia reporting they will stop trying a digital app or service within a minute if it…
Q2 combined ratio improves 4.2 points for Intact, OneBeacon acquisition “on track to close” in 2017
August 1, 2017 by Canadian UnderwriterIntact Financial Corp. reported Tuesday its underwriting income was $103 million during the three months ending June 30, up $87 million from $16 million during the same period in 2016. Toronto-based Intact said direct premiums written rose 2%, from $2.458…
Most automakers slow to fix dangerous air bags: Associated Press analysis
August 1, 2017 Tom Krisher - THE ASSOCIATED PRESSDETROIT – A government effort to speed up recalls of more than 21 million of the most dangerous Takata air bag inflators is falling short, according to an analysis of completion rates by The Associated Press. Nearly 10 million inflators…
Record breaking US$6.3 billion of non-life property cat issuance in Q2 sees ILS reach “critical juncture:” Willis Towers Watson Securities
July 28, 2017 by Canadian UnderwriterNon-life insurance-linked securities (ILS) issuance reached a record breaking US$6.3 billion in Q2 2017, continuing the trend from the first quarter of the year, Willis Towers Watson Securities’ said in its latest ILS Market Update, released on Friday. ILS assets…
Canada’s fintech adoption rate doubles in last 18 months: EY report
July 25, 2017 by Angela StelmakowichCustomer wants, needs and demands are guiding players in Canada’s fintech space toward developing simpler, more transparent and customer-centric financial services products, with insurance expected to see a big increase in uptake in future, suggests new research released Tuesday by…
Platform provider revenues for sharing economy forecast to double in 2022: Juniper Research
July 24, 2017 by Canadian UnderwriterThe move by established sectors to press their first-mover advantage looks poised to push growth in the sharing economy much higher over the next five years, reaching US$40.2 billion in 2022, notes a new research report released Monday by U.K.-based…