Risk
REGULATION Eligible policyholders to vote on demutualization Economical Insurance’s Board of Directors has announced a shareholder vote on demutualization will proceed in mid-December. The announcement comes several months after Ottawa enacted regulations allowing property and casualty insurers to demutualize. Beyond Board of Directors approval, a mutual p&c insurer requires the approval of eligible policyholders and […]
November 30, 2015
6 min read
Insurance carriers writing cyber risk need to understand “aggregate exposures,” such as exposure of multiple clients to major service providers and “common vectors of attack,” A.M. Best Company Inc. suggested in a recent report. In a Best Special Report, the Oldwick, N.J.-based rating firms noted that it gets information on cyber security data from annual […]
By Canadian Underwriter | November 30, 2015
2 min read
Underwriting profitability for private passenger automobile insurance has deteriorated in 2015 for many writers in the United States, according to credit rating and research firm Fitch Ratings. The weakening results through the first nine months of the year reverse a trend in underwriting profitability improvement since 2012, Fitch Ratings said in a statement on Monday. […]
A new report from Lloyd’s of London – the world’s specialist insurance and reinsurance market – is scrutinizing the power of supply chain management to understand and quantify liability events. Released on Monday, the report examines liability exposure management and looks at the theory behind quantifying possible risk accumulation, Lloyd’s explained in a press release. […]
The question of whether the radius of the “primary response zones,” around Ontario nuclear generating facilities, should be increased from 10 to 50 kilometres is on the agenda of a meeting of Toronto politicians scheduled Tuesday. Three recommendations from 11 city councillors are scheduled to be considered by the Executive Committee of Toronto City Council […]
By Canadian Underwriter | November 28, 2015
4 min read
Ottawa’s Auditor General has recommended that the city’s chief information officer (CIO) and city-wide managers “continue to improve the identification and assessment of IT and related mitigation strategies.” In his annual report tabled on Thursday, Auditor General Ken Hughes suggested that “improved identification, assessment and mitigation initiatives will protect the City against potential system failures […]
By Canadian Underwriter | November 27, 2015
Manitoba has witnessed a 42% hike in road fatalities in the province over the last three months compared to the average number of fatalities over the same time period in the previous five years, Manitoba Public Insurance (MPI) reported Friday. Since Sept. 1, MPI notes that 34 people have been killed in vehicle collisions compared […]
1 min read
Proposed legislation that could lead to a requirement for the Ontario School Boards’ Insurance Exchange (OSBIE) to track student concussion injuries – and to require that high-risk sports athletes and their parents to sign participation agreements – was tabled Wednesday in the legislature in Toronto. Bill 149, if passed into law, would establish a committee […]
By Canadian Underwriter | November 26, 2015
3 min read
Vehicle collisions in Alberta, New Brunswick, Nova Scotia and Ontario are on the rise, with a 7.3% increase in frequency rate from last year, according to the seventh annual Allstate Insurance Company of Canada Safe Driving Study released on Thursday. The study – which uses Allstate data to track collision frequency among Allstate Canada consumers […]
In light of the increasing magnitude and sophistication of cyber threats, XL Catlin’s Cyber & Technology insurance business announced Monday that it is offering an online resource giving clients access to support for cyber security readiness and incident response services. The online portal, CyberRiskIQ.com, seeks to help clients better understand their risks so they can […]
By Canadian Underwriter | November 24, 2015
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