Risk
The insurance industry now has a global cyber exposure data standard. The standard will help create a uniform method for data transfer across the insurance value chain, Verisk said in a press release. Verisk’s catastrophe modelling business, AIR Worldwide, has also developed a preparer’s guide to assist companies in collecting and storing the necessary cyber […]
By Canadian Underwriter | January 19, 2016
4 min read
The Supreme Court of Canada will not hear an appeal from a Vancouver-area electroplating business that was unsuccessful it getting its insurer to defend it against lawsuits arising from a fire under a commercial general liability (CGL) policy with a pollution exclusion. Court records indicate that in April, 2011 a fire occurred in Surrey, British […]
By Canadian Underwriter | January 18, 2016
6 min read
Infectious disease outbreaks that turn into epidemics or pandemics could cause trillions of dollars of damage to economic activity and kill millions of people, said a report released this week by the international independent Commission on a Global Health Risk Framework for the Future. The Commission estimated the global expected economic loss from potential pandemics […]
By Canadian Underwriter | January 15, 2016
3 min read
ACE Limited announced on Thursday that it has completed its acquisition of Chubb, creating the world’s largest publicly traded property and casualty insurance company. ACE paid approximately US$29.5 billion in the aggregate in cash and stock, based on the most recent closing price of ACE Limited shares and the number of outstanding shares of The […]
By Canadian Underwriter | January 14, 2016
5 min read
Canadian companies are taking steps towards establishing holistic, integrated safeguards against cyber security attacks, progress that will need to continue as the number of breaches increases, the threat landscape becomes more complicated and attacks grow sophisticated, suggests PwC Canada. Adopting layered protections are advisable, starting with the first line of defence. “If the company views […]
Toronto-based Signature Risk Partners Inc. has announced that it has purchased the commercial golf club insurance program business from South Western Insurance Group Limited, which has offices in Toronto, Quebec and Vancouver. Signature announced the acquisition this week, noting that it was effective from Dec. 31, 2015. The combined golf club insurance businesses will have […]
2 min read
More than half of major new business processes and systems will incorporate some element of the Internet of Things (IoT) by 2020, according to information technology research and advisory company Gartner, Inc. The impact of the IoT on consumers’ lives and corporate business models is rapidly increasing as the cost of “instrumenting” physical things with […]
Anticipating more downgrades than upgrades in the coming year, A.M. Best reports that it is maintaining its negative outlook on the commercial lines segment of the United States property/casualty industry. The negative outlook is despite relatively solid aggregate results over the past several years, notes a statement issued Thursday by A.M. Best. The outlook for […]
By Canadian Underwriter | January 8, 2016
American International Group, Inc.’s latest investment in technology meant to support data-driven approaches that help clients manage increasingly complex risks involves Human Condition Safety (HCS). Terms of AIG’s strategic investment in HCS – an early-stage technology start-up company developing wearable devices, analytics and systems to improve worker safety – were not disclosed, the company reports […]
By Canadian Underwriter | January 7, 2016
1 min read
Allianz Global Corporate & Specialty (AGCS) is looking to help its North American clients with preventing, preparing for and recovering from crisis incidents with the launch of a new division. The company’s new Crisis Management division will operate from within AGCS’s global liability line of business, which provides insurance and service solutions pertaining to product […]
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