Risk
Due to declines in property and liability costs and overall risk management costs, North American businesses paid 2% less in 2015 than they did in 2014 to cover the total cost of risk (TCOR), according to the 2016 RIMS Benchmark Survey. The annual RIMS survey, produced with Advisen Ltd., a commercial insurance and risk professional […]
By Canadian Underwriter | April 1, 2016
2 min read
Construction contractors involved in design-build projects take on additional professional liability exposure, while building information modelling software and employees storing data on wireless mobile devices can create cyber liability exposure, Chubb Ltd. suggests in a paper released Thursday. “Under the design-bid-build process that has long been the industry standard, a project is designed by the […]
By Greg Meckbach | March 31, 2016
Energy firms are facing challenges, including falling revenues, but are encouraged to maintain their investment in risk management to reduce the potential for future major incidents and insurance claims, suggests a new research report from global insurance broker and risk advisor Marsh. Over the past 20 months, oil prices have fallen by about 70%, notes […]
By Canadian Underwriter | March 24, 2016
4 min read
Chubb’s Global Cyber Risk Practice has launched a service to help policyholders with ransomware attacks in the wake of a 430% hike in the insurer’s criminal-related cyber losses over the past five years. “Chubb’s new cyber extortion solution can immediately connect impacted policyholders with cyber experts to help assess the scope of an attack,” notes […]
By Canadian Underwriter | March 23, 2016
1 min read
The federal government said Tuesday it is proposing to extend by two years the mandatory review of the Bank Act, which prohibits financial institutions from selling home and auto insurance in their branches. Finance Minister Bill Morneau is also proposing a bail-in plan in the event of the failure of a systemically important bank. In […]
Auto insurance providers cannot afford to wait 10 years to adjust their business for autonomous vehicles, but driverless cars do not necessarily pose a threat to personal auto insurance providers, the Royal Bank of Canada’s head of home and auto insurance suggested Tuesday. Tim Bzowey, head of home and auto at RBC Insurance, was this […]
By Canadian Underwriter | March 22, 2016
3 min read
More organizations are realizing that additional risk management sophistication is warranted given the fast pace in which complex risks are emerging, according to a survey by global consulting firm Protiviti and the Enterprise Risk Management (ERM) Initiative at the North Carolina State University’s Poole College of Management. The fourth annual joint survey assessing the current […]
EDMONTON – Officials at an Edmonton-area casino are doing damage control after finding out they were the target of a cyberattack that put employee and customer information at risk. Over the weekend, computer systems at the River Cree Resort and Casino went down, but what happened wasn’t made clear until this week. There was a […]
By The Canadian Press | March 21, 2016
A new study of the property insurance costs for wood frame and concrete mid-rise residential buildings has found a substantial gap in the risks and insurance rates between the two building systems. The data for the Study of Insurance Costs for Mid-Rise Wood Frame and Concrete for Residential Buildings, conducted by GLOBE Advisors and released […]
By Canadian Underwriter | March 21, 2016
Global shipping losses continue their long-term downward trend with 85 total losses reported worldwide in 2015, according to the Allianz Global Corporate & Specialty (AGCS) fourth annual Safety and Shipping Review 2016, released on Monday. The shipping review, which analyzes reported shipping losses of over 100 gross tons, found that although the number of losses […]
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