Industry
More than $100 million dollars worth of cargo losses have not been recovered under traditional cargo insurance policies in recent years as a result of critical exposures being excluded, Willis Group Holdings plc reported Monday. There is a significant gap in coverage for cargo risks around the world – highlighted by heightened levels of political […]
By Canadian Underwriter | April 15, 2014
2 min read
OTTAWA – The federal tax agency says the social insurance numbers of roughly 900 people were stolen from its systems, which were left vulnerable by the so-called Heartbleed bug. The Canada Revenue Agency blocked public access to its online services for several days last week until it addressed the security risk, but said Monday there […]
By The Canadian Press | April 14, 2014
Cybercriminals are plotting for several months to pull off major breaches for larger rewards, rather than “executing quick hits,” IT security firm Symantec Corp. says, based on its most recent Internet Security Threat Report. “One mega breach can be worth 50 smaller attacks,” Kevin Haley, director of Symantec Security Response said in a press release. […]
By Canadian Underwriter | April 11, 2014
Understanding consumer wants and needs – sometimes driven by technology – is critically important for the insurance industry in future, Sharon Ludlow, president and CEO of Swiss Re in Canada, suggested during the CIP Society Symposium in downtown Toronto Thursday. “We can’t quite staff all of our organizations with everyone under the age of 14,” […]
The consolidation of the property and casualty market in Canada is a trend that will impact the insurance industry in future and that future will likely include, among others, a small number of very large players, notes Denis Dubois, chief integration officer and general manager for Ontario, Atlantic and Western Regions at Desjardins General Insurance Group. […]
WINNIPEG – Manitoba is set to close an insurance loophole that forced its public insurer to pay out for accidents involving golf cart and race cars. The governing NDP is introducing legislation Thursday that, among other things, will spell out Manitoba Public Insurance will not be held liable for accidents involving golf carts, race cars […]
By The Canadian Press | April 11, 2014
1 min read
The insurance industry needs to come up with a better cyber coverage product, and some investment fund managers understand the insurance business much better than they used to, the head of a major commercial brokerage told an audience of insurance professionals Thursday at the CIP Society symposium. Peter Zaffino, president and chief executive officer of […]
By Canadian Underwriter | April 10, 2014
A group representing brokers in Quebec has issued a statement saying it is behind usage-based auto insurance programs, as long as they are voluntary. The note from the Regroupement des cabinets de courtage d’assurance du Québec (RCCAQ) comes as insurers are launching or expanding UBI programs, including Desjardins’ Ajusto program and Industrial Alliance’s Mobiliz. “A […]
Insurance technology firm Quindell has partnered with United Kingdom auto services and insurance firm RAC to create a new business, Connected Car Solutions Limited, to distribute their telematics technology. The new joint venture, which includes a £30 million investment split fairly equally between the firms, will market and distribute their combined telematics capabilities across the […]
ACE Group has created a new Global Property Engineering Unit, providing engineering risk management services to clients worldwide. Raimund Navakas has been appointed senior vice president of Global Property Engineering to lead the new unit, the firm announced Tuesday. Formerly vice president and regional manager of Risk Management Engineering Services for the company’s Asia Pacific […]
By Canadian Underwriter | April 9, 2014
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