Industry
Cyber-risk management professionals must look beyond their internal information technology safeguards to interconnected risks that could build up and create a global shock on a similar scale to the 2008 financial crisis, cautions recently published research from Zurich Insurance Group. The reliance on information technology has created a complex web of interconnected risks, notes a […]
By Canadian Underwriter | April 24, 2014
4 min read
The Office of the Superintendent of Financial Institutions’ (OSFI) Own Risk and Solvency Assessment (ORSA) guideline will demand a new level of focus by insurers to adequately assess their risk profile, but could put upward pressure on the levels of capital to hold, Karen Gavan, president and CEO of Economical Insurance, suggested during a luncheon […]
By Canadian Underwriter | April 23, 2014
3 min read
MOUNTAIN VIEW, Calif. – Trips down memory lane are now available on Google’s digital maps. The new twist on time travel is debuting Wednesday as part of the “Street View” feature in Google’s maps, a navigational tool that attracts more than 1 billion visitors each month. Street View snapshots will now include an option to […]
The Centre for Study of Insurance Operations held its annual general meeting Tuesday, acclaiming eight members of the board of directors, touting its eDocs certification program and presenting awards to 12 members who have passed eDocs certification. Eight board members were appointed by acclamation for two-year terms: CSIO vice-chairman Ted Harman, president of Accent Insurance […]
NEW YORK – While Target’s massive data breach last year caused consumers to panic and drew attention to Internet crime, a new study finds that breaches on retailer payment systems are less common than other kinds of attacks. More than twice as many of last year’s Internet data breaches resulted from various small online acts, […]
By Canadian Underwriter | April 22, 2014
2 min read
Private U.S. property and casualty insurers’ net income after taxes grew last year to $63.8 billion, from $35.1 billion in 2012, the Insurance Information Institute said Monday. Insurers’ overall profitability (measured by their rate of return on average policyholders’ surplus) also increased to 10.3% from 6.1%, the highest level since the 12.4% for 2007, according […]
By Canadian Underwriter | April 21, 2014
Mutual insurers looking to remain competitive in the wake of enormous pricing pressure must differentiate themselves, David Thomas, CEO of market services and solutions for Willis, recommends in a new video blog. “In this environment, (mutuals) must emphasize how they differ from the competition in terms of understanding the dynamics of a homogeneous book of […]
By Canadian Underwriter | April 17, 2014
1 min read
“Actuary” has been listed among the top five best jobs in a ranked list from U.S. job search website CareerCast, although other insurance industry positions weren’t as close to the top of the list. Of 200 careers, actuary listed as No. 4, with a listed average income of $93,680. Mathematician ranked as the top career, […]
By Canadian Underwriter | April 16, 2014
Approved rates for private passenger auto insurance declined on average by 5.01% during the first quarter of the year, the Financial Services Commission of Ontario has reported. That figure is for the 14 insurers’ rate filings that were approved during the first three months of the year. Those insurers account for 20.22% of the market, […]
Lloyd’s of London has published a new strategy outlining its plans for 2014 to 2016 as part of its overall vision for 2025, which was originally set out two years ago. “We all know that Lloyd’s has an extraordinary opportunity to grow in developing economies around the world: we developed Lloyd’s Vision 2025 in part […]
By Canadian Underwriter | April 15, 2014
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