Industry
The Insurance Council of New Zealand (ICNZ) called on businesses – particularly small and medium-sized enterprises – to be better prepared for escalating cyber threats by reviewing the security of their networks and Internet operations and considering any gaps in insurance cover. “Cyber-related crimes are believed to have cost New Zealand businesses over $625 million […]
By Canadian Underwriter | May 27, 2014
2 min read
Aviva Canada announced Tuesday that Sharon Ludlow will join the insurer as president of Aviva Insurance Company of Canada, effective June 17, moving on from her role as president and CEO of Swiss Re Canada. In the newly-created role, Ludlow will be responsible for Aviva Canada’s broker distribution operations, as well as the company’s customer, marketing […]
QUEBEC – Twelve people suffered various injuries Monday afternoon when a cruise ship slammed into a pier during berthing at Quebec City. Quebec ambulance officials say a few of the injured from the ”Louis Joliett” were transported to hospital but none of the injuries are life-threatening. It’s not yet known if there was a mechanical […]
By The Canadian Press | May 27, 2014
1 min read
Munich Re’s risk know-how and RIB’s iTWO Technology are being combined to form what is being called the first global IT-based insurance product for large construction projects that covers elements of unplanned increase in construction cost. Munich Re and RIB have signed an exclusive agreement to jointly develop the product, which is targeted at project […]
By Canadian Underwriter | May 26, 2014
Fire Underwriters Survey, operated by Opta Information Intelligence, will be releasing a new online system for its Canadian Fire Insurance Grading Index. Version 2.0 will be available May 25 through the iClarify property valuation tool from Opta, at no additional cost to all subscribing insurance companies and the brokers they sponsor. The system is also […]
By Canadian Underwriter | May 23, 2014
A.M. Best Company Inc. announced Friday it has assigned an “excellent” financial strength rating to The Dominion of Canada General Insurance Company, based mainly on the recent acquisition by The Travelers Companies Inc. That rating is “partially offset” by “legacy issues” with The Dominion’s Ontario auto business, while the entire Travelers group reported “solid returns” […]
4 min read
Aon Risk Solutions recently reported the lead premium in the aviation sector declined by 5% in 2013, to US$653.4 million, after a “protracted period with relatively few claims.” Aon Corp.’s risk solutions division reported, in its Aerospace Insurance Market Outlook 2014, that insurance prices in the aerospace sector “have continued their almost decade long decline.” […]
By Canadian Underwriter | May 22, 2014
3 min read
WASHINGTON – Law enforcement faces an “enormous challenge” in preventing state-sponsored cyber crimes, FBI Director James Comey said Wednesday, days after the Justice Department charged five Chinese military officials with hacking into American companies to steal trade secrets. “There are two kinds of big companies in the United States: those who’ve been hacked by the […]
By Canadian Underwriter | May 21, 2014
Real growth in the worldwide primary property and casualty insurance is expected to pick up this year and in 2015, while Canada is expected to remain the ninth largest market in 2020, Munich Re projected in a report announced Tuesday. Munich Re released its Insurance Market Outlook 2014, which provides estimates of premium growth by […]
By Canadian Underwriter | May 20, 2014
Arthur J. Gallagher & Co. has signed a $422-million agreement to acquire Noraxis Capital Corporation – a Canadian insurance broker network that provides retail commercial, personal and employee benefits insurance products and services – that, if approved, will leave the Illinois-based company holding majority equity interests in Noraxis. Upon completion of the transaction – which […]
5 min read
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