Industry
Average ransom demands have increased nearly threefold and smaller companies are experiencing more cyberattacks, according to the results of Coalition Inc.’s latest cyber insurance claims report. From the first half of 2020 to H1 2021, the average ransom demand made to Coalition policyholders jumped nearly 170% from $450,000 to $1.2 million per claim, Coalition said […]
By Jason Contant | July 27, 2021
3 min read
Nova Scotia motorists who purchase autonomous emergency braking systems will no longer qualify for a discount with one insurer as of October. In Nova Scotia, Aviva General Insurance Company has a 15% discount, to bodily injury and accident benefits insurance premiums, for vehicles with original manufacturer-installed autonomous emergency braking systems. This is according to Nova […]
By Greg Meckbach | July 27, 2021
2 min read
With many people still working from home, one marine underwriter has seen the pleasurecraft line of business “take off.” But that doesn’t mean it’s smooth sailing for marine underwriting. It can still be difficult finding capacity for small- or mid-sized commercial risks, said MaryKate Townsend, manager and senior underwriter at Pacific Marine Underwriting Managers (PMU). […]
Amid the uncertainty over Aon PLC’s now-scuttled plan to acquire Willis Towers Watson PLC, Marsh & McLennan Companies Inc. increased its staff level by nearly 2,000 during the first half of 2021, Marsh & McLennan CEO Dan Glaser says. “We are hiring. The first six months of the year, [our] head count has grown nearly […]
By Greg Meckbach | July 26, 2021
The new president of the Canadian Association of Managing General Agents (CAMGA) is looking to bring some recognition and change to the MGA industry during her two-year term. CAMGA president and board member MaryKate Townsend told Canadian Underwriter Friday that the association is working on educating brokers about the services that MGAs offer. Oftentimes, a […]
By Jason Contant | July 26, 2021
The number and size of wildfires in northern Ontario this year are substantially higher than average, and have forced thousands of people to flee First Nations communities, the government said Monday. This year there have been 902 wildfires so far, nearly double the 10-year average of 520. More than 520,000 hectares have been burned by […]
Crop insurance payouts in Alberta will likely reach about $1 billion later this year due to hot, dry weather that is contributing to severe drought conditions, Alberta’s Minister of Agriculture and Forestry said Thursday. “This year’s crop insurance claims will be comparable to 2002, when farmers and ranchers in Alberta collected about $1 billion after […]
By Jason Contant | July 23, 2021
Emmanuel Clarke, a former CEO of Bermuda insurer PartnerRe Ltd., is now on Intact Financial Corporation’s board of directors, Toronto-based Intact announced Thursday. Clarke, a French national, was appointed CEO of PartnerRe in 2016, shortly after EXOR S.p.A. completed its US$6.9-billion acquisition of PartnerRe. Hamilton, Bermuda-based PartnerRe writes reinsurance and commercial specialty insurance. “As a […]
By Greg Meckbach | July 23, 2021
RICHMOND, B.C. – Safety changes have been made after a WestJet Encore passenger plane went off a snow-covered runway in Terrace, B.C., last year. The Transportation Safety Board says in a report that the De Havilland aircraft was landing with 43 passengers and four crew aboard on Jan. 31, 2020. The report says the airport […]
1 min read
Editor’s Note: In honour and celebration of Women and Insurance Cancer Crusade (WICC)’s 25th anniversary, Canadian Underwriter will be publishing each Friday a personal story of someone who has been touched by WICC’s fundraising activities in support of cancer care and research. There will be four stories in all, starting this week with the personal […]
By David Gambrill | July 22, 2021
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