Industry
Aggregation and systemic risk in cyber insurance means commercial carriers need to build up more capital for large widespread losses, suggests the CEO of a Bermuda insurer. Within cyber lines, Axis Capital Holdings Limited reduced its limits and increased deductibles, CEO Albert Benchimol said during an earnings call. “We set much more stringent underwriting criteria, […]
By Greg Meckbach | August 18, 2021
3 min read
Barbara Bellissimo, former chief agent for State Farm Canada, is now on the board of Ontario’s insurance regulator. The Ontario Financial Services Regulatory Authority announced Monday that Bellissimo is a member of its board of directors effective Aug. 12. Bellissimo joined State Farm Canada as an underwriter in the 1980s, and was chief agent from […]
By Greg Meckbach | August 17, 2021
1 min read
If your client thinks they are more at risk of a cyberattack in the future, they may not be imagining things. According to a recent survey from global cybersecurity company Trend Micro, 80% of global organizations report they are more likely to experience a data breach that impacts customer in the next 12 months. And […]
By Jason Contant | August 16, 2021
2 min read
The blocking of the Suez Canal by the Ever Given container ship in March shows that ever-increasing vessel sizes continue to pose a disproportionately large risk, said marine insurer Allianz Global Corporate & Specialty SE (AGCS). On Mar. 23, 2021, the massive container ship Ever Given ran aground, crashing into a bank of a single-lane […]
Improving employees’ experience is a top priority for almost all Canadian employers’ post-pandemic success, Willis Towers Watson (WTW) said in a study released Aug. 11. However, while employers recognize adapting to the new reality will take time and require a hybrid work model, many are not ready to meet the challenges, WTW noted in its […]
By Jason Contant | August 13, 2021
What would happen if a property and casualty insurer were to go bust? Last week, thousands of Florida home owners were left scrambling for coverage when — during peak hurricane season — Sarasota-based Gulfstream Property & Casualty announced its liquidation to customers. In 2018, California’s Camp Fire left Merced Property & Casualty in ruins, unable […]
DRYDEN, Ont. – Most residents of First Nations in northwestern Ontario who were evacuated due to the threat of nearby wildfires are heading home. The province says hundreds of members of three communities — Pikangikum First Nation, Deer Lake First Nation, Poplar Hill First Nation — are in the process of being repatriated. Those who […]
By The Canadian Press | August 13, 2021
Editor’s Note: In honour and celebration of Women and Insurance Cancer Crusade (WICC)’s 25th anniversary, Canadian Underwriter will be publishing each Friday a personal story of someone who has been touched by WICC’s fundraising activities in support of cancer care and research. There are four stories in all. Canada’s property and casualty insurance industry has […]
While U.S. brokers are seeing a surge in employment practices liability insurance (EPLI) claims due to an increase in pandemic-related lawsuits, brokers north of the border can expect less turmoil, a brokerage CEO says. Almost 3,000 employment lawsuits related to COVID-19 have been filed in the U.S., according to a pandemic-related litigation tracker assembled by […]
A lack of catastrophic events in the first half of 2021 and decreased personal auto and commercial claims related to COVID-19 contributed to a 6.7% improvement in Aviva Canada’s combined operating ratio (COR) in the first half of 2021 compared to the same time a year ago. Aviva plc reported its 2021 half-year results Thursday, […]
4 min read
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