Risk

Terrorist attack on extraction companies likely low, cyber risk increase as refining process advances

PHILADELPHIA – Resources extraction industries are certainly not alone in facing cyber risk, but the risk of a related terrorism attack would most likely be higher later in the refining process, suggested Christof Bentele, head of global crisis management for Allianz Global Corporate & Specialty (AGCS). For the base metals and oil and gas industries, […]

By Angela Stelmakowich | April 28, 2017

4 min read

Risk

A.M. Best requests comments on draft ratings criteria for Canadian P&C insurers

Oldwick, N.J.-based ratings firm A.M. Best Company is requesting comments from market participants in the insurance industry and other interested parties on the draft criteria reporting Understanding BCAR for Canadian Property/Casualty Insurers. BCAR, or Best’s Capital Adequacy Ratio, is calculated by dividing a company’s adjusted surplus by its net required capital, after a covariance adjustment, […]

By Canadian Underwriter | April 27, 2017

2 min read

Risk

CIBC economist tells insurers how investment returns could be affected by ‘things that go Trump in the night’

Interest rates in Canada are predicted to stay “very low by historic standards” through the end of 2019, an economist recently told insurance professionals, while a “movement against globalization” is a concern for one of Canada’s largest carriers. Avery Shenfeld, managing director and chief economist for the Canadian Imperial Bank of Commerce, was one speaker […]

By Jason Contant | April 26, 2017

4 min read

Risk

Transportation Safety Board calls on aviation firms to have “clearly defined” go-around policies

Commercial aviation firms are at increased risk if they do not have a “clearly defined go-around policy” during approach and landing, the Transportation Safety Board of Canada suggested in a report released Thursday, the same day the agency announced a runway incursion at Toronto International. On Aug. 15, 2015, a twin-engine turboprop Beechcraft King Air […]

By Canadian Underwriter | April 20, 2017

4 min read

Ontario home inspector licensing bill ready for royal assent

Ontario politicians voted unanimously Monday in favour of a bill that will mandate licensing of home inspectors in the province and will let the government and consumer services minister regulate insurance requirements. Bill 59, an omnibus bill that also introduces new rules for payday loans and door-to-door sales, passed third reading in the legislature. All […]

4 min read

Business losses from terrorism shifting away from property damage: Aon

Terrorism “linked to” Al Qaeda and the Islamic State of Iraq and the Levant “remains a critical threat” worldwide, especially in the oil and gas sector, but with a recent trend towards terrorists using vehicles as weapons, the loss to the businesses in the west tend to be business interruption and loss of life rather […]

4 min read

Transportation Safety Board calls for ‘clear standards limiting’ airplane approaches and landings in thunderstorms

Unless Canadian airports have systems that alert air crew to wind shear, aircraft “may be exposed to the risk of approach-and-landing accidents,” the Transportation Safety Board of Canada warned in a recent investigation report. TSB released Tuesday an investigation report into an incident in 2014. An Airbus A330 was landing at Montreal-Dorval airport when the […]

5 min read

Larger liability claims expected to become more expensive, complex: AGCS

There is increasing potential for “larger liability claims to become more expensive, complex and international, demonstrating the pervasive and long-term nature of liability losses,” suggests a new global claims review released Thursday by Allianz Global Corporate & Specialty (AGCS). Industrial, environmental, product liability and financial lines claims in excess of US$1 billion – based on […]

4 min read

Markel looking to develop trade credit and political risk business in Canada

Specialist insurer Markel International announced on Wednesday that it is seeking to develop its trade credit and political risk business in Canada. Business will be underwritten by Markel Canada on Lloyd’s syndicate 3000 paper, Markel International said in a statement. The move reflects the successful development of Markel’s trade credit and political risk business expansion […]

2 min read

TSB reiterates recommendation to require all fishing vessels have anti-exposure worksuits or survival suits

The federal agency responsible for investigating boating accidents reiterated this week a warning that many small fishing vessels are permitted to operate in cold waters without anti-exposure worksuits or survival suits. In March, 2016, the Transportation Safety Board of Canada noted that the federal government was proposing to change the Small Fishing Vessels Inspection Regulations […]

3 min read