Risk
Markel Insurance Company of Canada recently announced a cyber risk product that includes a cyber risk help line provided by NetDiligence and access to the response team at law firm Fasken Martineau. Markel stated March 2 that its new cyber product includes cyber liability and first party coverages, for data protection, cyber risk and network […]
By Canadian Underwriter | March 8, 2016
2 min read
The U.S. Department of the Treasury’s Federal Insurance Office (FIO) has published a notice in the Federal Register requesting that insurers voluntarily submit certain insurance data and information regarding their participation in the Terrorism Risk Insurance Program (TRIP). Section 111 of the Terrorism Risk Insurance Program Reauthorization Act of 2015 requires the Secretary of the […]
Regardless of whether a vacation is a return to a regular haunt or a brand new adventure, surveyed Canadians do not rank travel insurance as high on the priority list as other items, with more respondents making sure they pack electronic devices than insurance. The top item travellers would never leave home without is a […]
Increased risks of ransomware and extortion-driven attacks as well as the rise of the Internet of Things (IoT) are challenging Canadian organizations in new ways, according to a recent report from audit, tax and advisory services firm KPMG LLP. KPMG identified five key cybersecurity trends impacting Canadian businesses in its Cyber Watch Report, released last […]
By Canadian Underwriter | March 7, 2016
3 min read
Pricing improvements over several years in underwriting portfolios have propelled returns for regional property and casualty insurers in the United States, credit ratings and research company Fitch Ratings said on Friday. The ability to implement further pricing actions in a more competitive market environment will have a significant influence on future underwriting experience within the […]
More than four in five property and casualty insurers in the United States that have already implemented predictive models have recognized a positive impact on their carrier’s profitability, according to a survey released by Willis Towers Watson. The 2015 Predictive Modeling and Big Data Survey (U.S.), released earlier this week, found that 83% of insurers […]
By Canadian Underwriter | March 3, 2016
Eighty-nine per cent of insurers in the United States polled for a recent Novarica, Inc. study have said that their board of directors doesn’t know the right questions to ask about IT, presenting a risk to the industry. “Due to a general lack of understanding technology, insurance boards of directors govern IT as if it […]
Nearly three out of four (73%) organizations surveyed include cybersecurity risk in their internal 2016 audits, a 20% increase year-over-year, according to a new Protiviti Inc. report. The 2016 Internal Audit Capabilities and Needs Survey report, titled Arriving at Internal Audit’s Tipping Point and Business Transformation, was released on Wednesday by the global consulting firm. […]
The continued evolution of the Internet of Things (IoT) is among the multiple threats pushing the insurance industry toward massive disruption, notes a report released Tuesday by Capgemini and Efma. IoT, combined with changing behaviours and preferences from Gen Y customers, “is driving the urgent need for insurers to undergo significant transformation or risk falling […]
By Canadian Underwriter | March 2, 2016
4 min read
Ten months after it completed its acquisition of Catlin Group Ltd., insurance carrier XL Group plc is proposing to change its place of incorporation to Bermuda. XL’s principal offices are currently in Dublin, Ireland. In Canada, XL’s coverages include commercial property, liability and surety. It has offices in Toronto, Montreal, Vancouver and Calgary. Since May […]
By Canadian Underwriter | March 1, 2016
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