Risk
A wave of new digital technology is confronting most insurance sectors and, while disruptive, the insurtech movement presents more technology-related opportunities than witnessed before, according to the 2017 World Insurance Report (WIR). The report, released on Wednesday by Capgemini and Efma, covers 21 insurance markets and features primary customer data, including more than 8,000 insurance […]
By Canadian Underwriter | September 14, 2017
4 min read
The Office of the Privacy Commissioner of Canada (OPC) announced on Tuesday that it has “advised Equifax to provide information to affected Canadians as soon as possible” following last week’s data breach that affected an estimated 143 million people in the United States. The Canadian Press reported late last week that credit monitoring company Equifax […]
By Canadian Underwriter | September 13, 2017
2 min read
Hurricane Irma could trigger catastrophe bonds sponsored by American insurers with significant exposure in Florida, A.M. Best Company Inc. suggested in a briefing released Tuesday. The United States National Weather Service reported Wednesday that Irma is now a post-tropical cyclone and that upper-level energy “once associated” with the storm will move into the northeast on […]
3 min read
Cybercriminals will navigate away from their focus on data and start to target or threaten human life in the near future, cybersecurity expert Kevvie Fowler suggested in an interview with Canadian Underwriter. “Moving forward the next five or ten years, I’m expecting a monumental shift where cybercriminals are going to skip the data – they’re […]
By Jason Contant | September 13, 2017
Just days after acquiring P&C brokerage Integro (Canada) Ltd., Hub International Limited announced it has acquired Saskatchewan brokerage Delisle Agencies Ltd. Terms of the acquisition were not disclosed. Based in Delisle, Sask., the brokerage specializes in personal lines and government automotive insurance solutions, Hub noted in a press release issued Wednesday. Rob Ouellette, president of […]
As the Bank of Canada announced Wednesday its second rate hike in less than two months, an analyst with A.M. Best Company Inc. suggested to industry professionals that a 2.1-point increase in the industry-wide operating ratio in the Canadian property and casualty sector was driven in part by the low interest rate environment. The Bank […]
By Jason Contant | September 6, 2017
Nearly four in 10 tenants in Quebec have no home insurance, “a regrettable situation that clearly puts their financial security at risk,” the Insurance Bureau of Canada (IBC) said in a press release on Wednesday. A survey completed for IBC among 3,076 individuals revealed that 37% of tenants have no home insurance, which not only […]
By Canadian Underwriter | September 6, 2017
The British Columbia government has options at its disposal to address auto insurance problems in the province – ranging from leaving the Insurance Corporation of B.C. (ICBC) to shuttering the insurer – but all should include reintroduction of competition, concludes a new report commissioned by the Canadian Taxpayers Federation (CTF). CTF argues that “fast and furious changes” are needed in light of the “looming 30% hike to car insurance,” a figure noted in an Ernst & Young LLP (E&Y) report made public last month. Among its many observations, the...
By Canadian Underwriter | August 25, 2017
Allianz Global Corporate & Specialty (AGCS) is now providing bespoke coverage designed to protect U.S. businesses faced with loss related to terrorism and political violence both at home and overseas. Given the recent tragic events in Europe and Virginia, the enhanced policy guidelines now mean coverage exists for incidents committed by a single attacker or […]
By Canadian Underwriter | August 24, 2017
A May, 2016 collision between two logging tugs near Nanaimo, British Columbia demonstrates that some marine firms are “not effectively managing their safety risks,” the Transportation Safety Board of Canada said in a report released Thursday. On May 24, 2016, the C.T. Titan and Albern were assigned to log yarding operations at Gabriola Bluffs, off the east coast of […]
By Canadian Underwriter | August 21, 2017
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