Risk
Cyber attack and data breach are the top threats perceived by surveyed businesses – at number one and two, respectively, in 2015 – notes a new report released Monday. The fifth annual BCI Horizon Scan report – published by the Business Continuity Institute (BCI) in association with the British Standards Institution (BSI) – reflects responses […]
By Canadian Underwriter | February 9, 2016
3 min read
Willis Re, the reinsurance business of global advisory, broking and solutions company Willis Towers Watson, has announced a strategic partnership with technology company Measure to advance the use of drones within the insurance industry. Integrating drone technology into the insurance process has huge potential to improve risk assessment and claims response times, Willis Re said […]
By Canadian Underwriter | February 8, 2016
2 min read
Commercial insurance brokerage Aon plc reported its revenue from risk solutions dropped 5%, from $7.834 billion in 2014 to $7.426 billion in 2015. All figures are in United States dollars. London-based Aon reported Friday its financial results for the full year and for the three months ending Dec. 31. The company reported net income of […]
By Canadian Underwriter | February 5, 2016
Revenue for Marsh & McLennan Companies’ U.S./Canada division increased to US$768 million for the three months ending Dec. 31, 2015, up from US$711 million in Q4 2014, the company said in its full-year and Q4 2015 financial results, released on Thursday. For the 12 months ending Dec. 31, 2015, the U.S./Canada division produced revenue of […]
Toronto-based Kingsway Financial Services Inc. posted net income of about US$1.3 million for 2015 compared to a loss of US$11.2 million for 2014, offering what senior executives regard as positive indicators for the company’s long-term potential. Kingsway Financial’s unaudited results show the company recorded a loss of US$2.1 million for 2015 Q4, down from the […]
A malicious computer program reported to have interfered with uranium enrichment in Iran was a “game changer” in cyber security, but there is no historical data that actuaries could use to assess potential losses arising from “cyber cats” affecting industrial control systems, a computer science professor recently told insurance professionals. Jose Fernandez, a professor at […]
By Canadian Underwriter | February 4, 2016
4 min read
Offering incentives to municipalities to invest in addressing risk and improving resilience is a dialogue that deserves more attention, attendees to the Canadian Catastrophe Conference heard on Tuesday. “We want to move to dialogue that can help provide clear incentives for cities that invest in improving and addressing risk, and encourage other stakeholders in investing […]
Risk Management Solutions Inc. (RMS) announced on Tuesday that it has released its Cyber Accumulation Management System, which includes a new software system and framework for cyber exposure reporting, in addition to a suite of cyber catastrophe scenarios for loss modelling. The system was developed with consortium of cyber insurers, and in collaboration with the […]
By Canadian Underwriter | February 3, 2016
Drones are a new technology that could lead to more claims given the current environment, but also clearly illustrate the need for a new breed of adjuster equipped with a different skill set, Paul Hancock, national director of global technical services at Crawford & Company, suggested Tuesday in Toronto. “Due to obstacles like the skills […]
By Canadian Underwriter | February 2, 2016
More than half (54%) of surveyed companies said their organization had a security or data breach involving payment data, four times in the past two years on average, digital security firm Gemalto said last week. The survey was conducted by the Ponemon Institute on behalf of Gemalto. It involved a survey of 3,773 IT security […]
By Canadian Underwriter | February 1, 2016
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