Industry
WASHINGTON – The engineer driving an Amtrak train wasn’t using his cellphone to talk, text or download data just before the train derailed in Philadelphia last month, safety investigators said Wednesday, deepening the mystery of what caused the accident that killed eight and injured about 200. In an updated report, the National Transportation Safety Board […]
By Canadian Underwriter | June 11, 2015
4 min read
Allianz Global Corporate & Specialty (AGCS), the corporate insurer of Allianz Group, has announced a strategic partnership with red24, a global crisis management assistance company. A press release from AGCS on Thursday said that red24 will offer its crisis support services to AGCS clients “in order to manage product recalls or contamination, resolve emergency incidents […]
2 min read
Standard and Poor’s Rating Services has yet to downgrade a company’s rating because of damage resulting from a cyber attack, but the potential is there, suggests new commentary from the agency. “Although cyber attacks can result in losses and, depending on the systemic nature and magnitude, possible market disruptions, such events so far have not […]
5 min read
Class action lawsuits involving information security breaches are increasing but cyber risk is operational and strategic rather than one of computer technology, insurance professionals suggested at a workshop Wednesday in Toronto. In North America, American International Group Inc. “gets about three breach notices every business day, and more than half of them deal with operational […]
By Canadian Underwriter | June 10, 2015
3 min read
DETROIT – A Louisiana woman who may be the seventh person killed by a defective Takata air bag received a recall notice two days after the crash that caused her death, according to a lawsuit filed by her family. Kylan Langlinais, 22, of Lafayette, Louisiana, died at a hospital on April 9, four days after […]
The Boiler Inspection and Insurance Company of Canada (HSB BI&I), a member of the Hartford Steam Boiler Group and part of Munich Re’s Risk Solutions family, announced on Wednesday data breach coverage enhancements for businesses and complimentary access to a suite of online tools to help prevent the loss or theft of personal information. The […]
Oceanwide, An Insurity Company, has released a new cyber risk assessment tool designed to help insurers identify and mitigate company-specific risks to data and privacy. The tool is designed to allow insurance companies identify high-risk processes, policies, systems and third-party provider relationships so that they can better mitigate intrusions and data breaches, notes a statement […]
Navacord Inc. is expanding its partnership of entrepreneurial insurance brokers across Canada with the announcement Tuesday that Toronto-based Petrela, Winter & Associates is joining the Navacord network. “The Petrela, Winter & Associates team has the expertise, high-level specialization and culture that complement our guiding principles and business strategy,” T. Marshall Sadd, executive chairman at Navacord, […]
There has been a 165% increase in new ransomware in the first quarter of 2015 from Q4 2014, largely due to the proliferation of the hard-to-detect CTB-Locker ransomware family, according to an Intel Security report released on Tuesday. The McAfee Labs Threats Report: May 2015 said that McAfee Labs registered a 165% increase in new […]
By Canadian Underwriter | June 9, 2015
Insurance-specific Internet domain names are anticipated to become available later this year, suggested a recent blog post from a partner and associate of law firm McCarthy Tetrault. The blog post on Saturday from partner Ana Badour from McCarthy Tetrault’s Toronto office and associate Sophie Gupta from the Montreal office noted that in 2008, the Internet […]
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