Risk
Weak growth, political tensions and company debt in emerging economies are three risks that should be on the radar in 2016, notes a new report from Coface. “A cautious approach to country risk will be necessary in 2016, since the risks that emerged in 2015 are expected to continue this year,” notes global credit insurer […]
By Canadian Underwriter | January 29, 2016
2 min read
Global insurance broking and risk management company Marsh LLC announced on Wednesday the launch of Cyber ECHO, a new global excess cyber risk facility that provides “more reliable insurance coverage” for organizations around the world, including in Canada. Following a series of high-profile cyber losses, underwriters have become more selective and in some cases are […]
By Canadian Underwriter | January 27, 2016
The majority of large companies – 90% – will have a chief data officer (CDO) role by the end of 2019, predicts Gartner, an information technology research and advisory company based in Stamford, Conn. The race to drive competitive advantage and improved efficiency through better use of information assets is leading to a sharp rise […]
By Canadian Underwriter | January 26, 2016
The winter storm that delivered record-breaking snow totals and hurricane-force wind gusts – affecting 20 states in the eastern United States and paralyzing a number of major cities – could represent the first billion-dollar weather event of 2016 for the United States. Noting it is too early to provide a specific economic or insured loss […]
6 min read
The ratings outlook for 120 oil & gas and 55 mining companies is being reconsidered, with Moody’s Investors Service announcing Friday that it has placed the ratings on review for downgrade. The reviews “reflect a mix of declining prices that are near multi-year lows, weakening demand and a prolonged period of oversupply that will continue […]
By Canadian Underwriter | January 25, 2016
3 min read
Bermuda-based AXIS Capital Holdings Limited has announced that AXIS Healthcare has launched a new medical catastrophe business interruption product for hospitals in Canada and the United States to protect against a loss of revenue caused by the outbreak of a contagious disease. Minneapolis-based AXIS Healthcare – the division of AXIS Insurance that provides professional liability […]
By Canadian Underwriter | January 22, 2016
The Travelers Companies, Inc. reported record 2015 full-year net written premiums (NWPs) of US$24.121 billion, a 1% change from 2014 full-year NWPs of US$23.904 billion. Fourth quarter 2015 NWPs were US$5.864 billion, from US$5.836 billion in Q4 2014. The company – a property and casualty insurer for auto, home and business – recorded a combined […]
By Canadian Underwriter | January 21, 2016
4 min read
The province of Manitoba has announced changes to the provincial building and fire codes, such as requiring sprinklers in new and existing care facilities. Manitoba Labour and Immigration Minister Erna Braun, minister responsible for the Office of the Fire Commissioner, announced the changes on Tuesday, following recommendations from the Fire Safety Task Force. “Implementing these […]
By Canadian Underwriter | January 20, 2016
AgriInsurance – a business risk management program supported by the Canada and Manitoba governments – announced on Tuesday that coverage will increase an average of 7% this year, while the average premium per acre will decrease by 4%. The federal and Manitoba governments are supporting AgriInsurance changes, giving producers higher coverage at a lower cost […]
By Canadian Underwriter | January 19, 2016
American International Group, Inc. (AIG) announced on Tuesday that it has significantly raised available global commercial property limits to US$2.5 billion per occurrence. The announcement builds on AIG’s capacity of US$1.5 billion per occurrence available globally to clients since 2012. The move responds to the growing demand for capacity and services by clients managing more […]
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