Risk
Allianz Global Corporate & Specialty SE announced Tuesday that Bill Scaldaferri will be appointed chief executive officer for North America effective July 1, replacing Art Moossmann. Moossmann “will hand over his leadership responsibility” for AGCS North America to Scaldaferri from July 1 “and will step down” from the commercial insurance carrier’s board of management Dec. […]
By Canadian Underwriter | March 15, 2016
2 min read
Businesses have difficulties with reaching a basic level of protection around cyber security, often as a result of a lack of risk insights and data driven risk mitigation and risk management must play a central role, the Federation of European Risk Management Associations (FERMA) reported Monday. The risk manager’s role is to address cyber security […]
LAWRENCE, N.Y. – A cyberattack on a small dam in the New York City suburbs was a “shot across the bow” of the United States and should be met with tougher sanctions against Iran, U.S. Senator Charles Schumer said Friday. In 2013, hackers accessed the control system at the Bowman Avenue Dam, a small flood-control […]
By Canadian Underwriter | March 14, 2016
Specialist lines underwriting agency CFC Underwriting has launched a new suite of product recall products, available globally, to help enhance insureds’ protection, including from events related to hacking and electronic attack. The suite is aimed at industries ranging from food and beverage to automotive component parts and consumer product industries, notes a statement from London, […]
1 min read
A.M. Best Company on Thursday published proposed revisions to its core credit rating methodology, Best’s Credit Rating Methodology (BCRM). At the same time, the ratings firm has released proposed revisions for the criteria procedure for the United States property and casualty (P&C) Best’s Capital Adequacy Ratio (BCAR). A.M. Best is requesting comments from all interested […]
By Canadian Underwriter | March 10, 2016
3 min read
Mid-sized construction firms in the United States and Canada now have access to certain Chubb insurance products and services that were previously only available to large national and international construction companies, notes a company statement issued Thursday. The products will be handled through Chubb’s expanded Construction Industry Practice, the statement notes, pointing out that the decision to offer […]
American International Group, Inc. (AIG) announced on Wednesday that it has entered into a two-year reinsurance arrangement with Swiss Re, under which a share of AIG’s new and renewal U.S. Casualty portfolio will be ceded to the reinsurer. The arrangement is consistent with the plans announced by AIG in its Jan. 26 strategic update to […]
An inability to keep up with the pace of technological change is the number one risk for global airlines, according to the preliminary findings of a new survey of senior executives by Willis Towers Watson. Social unrest, involuntary migration and terrorist threats also ranked highly as a risk in the minds of airline business leaders, […]
By Canadian Underwriter | March 9, 2016
For the first time in the last three years, more countries on the Aon Political Risk Map 2016 for emerging markets show political risk reductions than increases, although continued low oil prices is exacerbating political risk in already-fragile states. “Anti-corruption reforms and the lifting of sanctions eased political risk in China and Iran, respectively, while […]
4 min read
A bill before the United States House of Representatives would “encourage the development of a robust private flood insurance market”, says an American politician who sponsored that bill, but one advocate warns that if the bill is passed into law, the nation’s National Flood Insurance Program could be “stuck with the worst and most risky […]
By Canadian Underwriter | March 8, 2016
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