Industry
VALHALLA, N.Y. — A crowded commuter train slammed into a sport utility vehicle on the tracks at a suburban New York crossing and burst into flames, killing seven people, seriously injuring nearly a dozen others and sending hundreds of passengers scrambling for safety, authorities said. The collision involved a Metro-North Railroad train and a Jeep […]
By Canadian Underwriter | February 4, 2015
3 min read
Recent changes to insurance policies – in large part, responding to weather-related losses in recent years – could lead to more checker-boarding in coverage as additional segmentation within insurers occurs, suggested Mark Prefontaine, Alberta’s assistant deputy minister of financial sector regulation and policy. There is currently an evolution of the insurance contract in Alberta – […]
Collaboration at both country and corporation levels is critically important to address an ever-evolving cyber risk which, coupled with today’s interconnected infrastructure, can have potentially catastrophic ramifications, Carol Kreiling, vice president of Swiss Re (pictured), suggested Tuesday during a presentation in Toronto. “How do we prevent a system intrusion or a data breach?” Kreiling asked […]
4 min read
With “significantly lower losses from catastrophes” in 2014 than the year before, Intact Financial Corp. release Wednesday its financial results for the final quarter of 2014, reporting a 222% increase in underwriting income and a 12.8-point drop in its fourth-quarter combined ratio in personal property. Direct premiums written (excluding pools) were $1.76 billion in the […]
2 min read
Willis Group Holdings plc announced Tuesday its reinsurance division released a modeling tool intended to let insurance carriers quantify the exposure of their portfolio to data breaches. The London-based commercial insurance broker said Willis Re’s new tool – dubbed PRISM-Re – was developed in collaboration with Willis Retail’s cyber team and actuaries from Willis Risk […]
By Canadian Underwriter | February 3, 2015
WASHINGTON – The military officer in charge of the United States Defense Intelligence Agency warned Tuesday that America’s technological edge over China is at risk because of cybertheft. The DIA’s director, U.S. Marine Corps Lieutenant General Vincent Stewart (pictured), told a congressional hearing the U.S. retains technological superiority. But he said China had stolen “a […]
The Transportation Safety Board of Canada released Tuesday its report of an investigation of involving a fire involving an airplane that had landed and stopped at its gate in Montreal, which resulted in an evacuation of the cabin and sent five passengers to the hospital. TSB noted in its report that the evacuation was “hampered” […]
Canadian insurance technology vendor Kanetix Ltd. announced Monday it has acquired the comparison site rates.ca from VerticalScope Inc. “The move signifies Kanetix’s commitment to growing its interests in the insurance and financial services industries online, as well as the ability to offer more choice to consumers shopping online for financial products,” stated Toronto-based Kanetix in […]
1 min read
XL Group plc released Monday its financial results for the three months ending Dec. 31 and for the full year, reporting an 8.8-point improvement in its combined ratio, an 11.1% increase in gross written premiums, a 116% increase in underwriting profit and a 53.6% drop in net income attributable to ordinary shareholders, which was affected […]
SCM Insurance Services has launched Xpera, the brand it is now using for its risk and investigation services. SCM – which was providing investigative services under the Forensic Investigations Canada (FIC) name – acquired the property and casualty businesses of Granite Global Solutions in August, 2014. Granite’s operations at the time included CKR Global, which […]
By Canadian Underwriter | February 2, 2015
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