Claims
One cryptomalware attack can cost a small or medium business (SMB) up to US$99,000 on average, according to recent research from global cybersecurity company Kaspersky Lab. And “despite the fact that cybercriminals do not guarantee the return of corporate data, 34% of entrepreneurs admitted paying extortionists,” Kaspersky Lab said in a press release earlier this […]
By Canadian Underwriter | September 9, 2016
3 min read
Twenty-four catastrophe bond transactions closed during the 12-month period to June 30, 2016, with a total limit of US$5.2 billion, a decrease on the prior-year period of US$7 billion, according to Aon Securities’ annual report on the insurance-linked securities sector. The report, Alternative Markets Find Growth Through Innovation, was released on Thursday by Aon Securities, […]
MONTREAL – Quebec’s taxi lobby called the government’s nascent deal with Uber a betrayal and a humiliation, while Premier Philippe Couillard countered Thursday the one-year pilot project doesn’t pose a threat to the traditional cabbie industry. Taxi drivers blocked traffic in Quebec City following Wednesday night’s tentative deal that was reached minutes before the midnight […]
By The Canadian Press | September 9, 2016
Evidence presented in an Ontario court shows “a fundamental difference of opinion between automotive recyclers” and police about “legitimate” reasons for transferring vehicle identification number (VIN) plates from one vehicle or part to another, the Court of Appeal for Ontario suggested in a recent decision. Court records indicate that in 1997, the Thunder Bay Police […]
By Canadian Underwriter | September 8, 2016
6 min read
BOSTON – As Hermine worked its way up the East Coast, scientists deployed several underwater drones they say will help them better understand what sustains and strengthens hurricanes and tropical storms – and ultimately better protect life and property. The ocean gliders, as they are called, resemble yellow-winged torpedoes. They were released into the ocean […]
By Jason Contant | September 8, 2016
2 min read
The recent flooding in Louisiana is expected to cost the economy of the United States between US$10 billion and US$15 billion, with public and private insured losses expected in the low-digit single billions, according to Aon Benfield’s latest Global Catastrophe Recap report. Released on Thursday, the report by Aon Benfield’s catastrophe model development team, Impact […]
Hurricane Hermine is expected to have a “modest” impact on the property and casualty and catastrophe bond markets, according to ratings agency Fitch Ratings. Insured losses for reinsurers from this event will also likely be limited, but Fitch said in a statement on Wednesday that it believes the hurricane could depress third quarter results for […]
Recent severe storms that swept through the southern Prairies – producing heavy rainfall, large hail, high winds, tornadoes and extreme lightning – are estimated to result in insured damage topping $66 million. The damage estimate released by Insurance Bureau of Canada (IBC), based on figures from Catastrophe Indices and Quantification Inc. (CatIQ), relates to a […]
WASHINGTON – It was time to purge the hacker from the U.S. government’s computers. After secretly monitoring the hacker’s online movements for months, officials worried he was getting too close to critical information and devised a plan, dubbed “the Big Bang,” to expel him. Trouble was, with all their attention focused in that case, they […]
By Jason Contant | September 7, 2016
4 min read
Human-caused climate warming increased the chances of the torrential rains that unleashed record flooding in southern Louisiana in mid-August by at least 40%, according to a team of National Oceanic and Atmospheric Administration (NOAA) and partner scientists with World Weather Attribution (WWA). For the assessment, scientists conducted a statistical analysis of rainfall observations and used […]
By Canadian Underwriter | September 7, 2016
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