Risk
Officials with Canada’s Office of the Superintendent of Financial Institutions are working on a “wide range of amendments” to its guidelines for corporate boards of directors, as well as a new capital guideline for private mortgage insurers, OSFI’s deputy superintendent said during a recent event organized by Insurance Bureau of Canada. “We are in the […]
By Jason Contant | April 18, 2016
3 min read
The Canadian branch of Great American Insurance Company is offering consumers coverage intended to supplement federal Employment Insurance benefits through brokerage BFL Canada Risk and Insurance Services Inc., BFL announced Thursday. BFL is selling the Great American coverage, dubbed SalaryGuard, in British Columbia. “It will be offered in other provinces in the future,” brokerage BFL […]
By Greg Meckbach | April 15, 2016
1 min read
There has been “very little impact,” on brokers and cedents, from recent mergers and acquisitions in the reinsurance industry, a speaker suggested Wednesday at Insurance Bureau of Canada’s Financial Affairs Symposium. “I think, a little surprisingly, to date there has been very little impact from the (mergers and acquisitions) and overall consolidation,” said David Sloan, […]
By Jason Contant | April 13, 2016
2015 was the most lethal year for terrorist violence in Europe in nearly a decade and the first net increase in global terrorism risk ratings since 2013, according to Aon Risk Solutions. On Tuesday, Aon Risk Solutions – the global risk management business of Aon plc – released its annual Terrorism and Political Violence Map, […]
By Canadian Underwriter | April 12, 2016
The costs of business interruption due to a breach is the top cyber risk concern for businesses across all industries, according to Aon Global Risk Consulting’s (AGRC) 2016 Captive Cyber Survey report, released on Monday. As Aon’s first cyber captive survey, the findings offer a better understanding of organizations’ current attitude towards cyber threats, risk […]
By Canadian Underwriter | April 11, 2016
The withdrawal by American International Group Inc. from some monoline site pollution markets “will result in increased competition” as other carriers look to pick up the displaced business, losses arising from the explosion last August in the Chinese port of Tianjin could reach $6 billion and some retailers could expect cyber insurance rates to rise […]
By Canadian Underwriter | April 7, 2016
TORONTO – There is no “plague” of data breaches and solvency issues affecting financial technology upstarts, contrary to what TD Bank’s CEO says, the heads of several companies in the so-called fintech sector said Monday. The industry insiders were responding to comments made by TD Bank (TSX:TD) chief executive Bharat Masrani who, during the bank’s […]
By Jason Contant | April 6, 2016
2 min read
An oversupply of capital and falling demand from buyers, caused by cost-cutting in the wake of the oil price crash, is heaping pressure on insurers to the extent that they may eventually consider exiting the energy insurance market, or at least scaling back their participation, according to a report by Willis Towers Watson (WTW). The […]
By Canadian Underwriter | April 5, 2016
Failure to comply with the Payment Card Industry (PCI) Data Security Standard can potentially result in a host of “nasty things” happening to those without coverage, attendees to the 2016 International Cyber Risk Management Conference (ICRMC) heard last week. Matthew Davies, assistant vice president – professional, media and cyber liability at Chubb Insurance Company of […]
By Jason Contant | April 4, 2016
The process to obtain cyber insurance may be more rigorous than it has been just a few years ago, even if it is a renewal, a speaker suggested last week at the 2016 International Cyber Risk Management Conference (ICRMC) in Toronto. Catherine Evans, assistant vice president at Marsh Canada Ltd., said that the process may […]
4 min read
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