Risk

More political risk reductions than increases on Aon’s 2016 emerging markets map

For the first time in the last three years, more countries on the Aon Political Risk Map 2016 for emerging markets show political risk reductions than increases, although continued low oil prices is exacerbating political risk in already-fragile states. “Anti-corruption reforms and the lifting of sanctions eased political risk in China and Iran, respectively, while […]

By Canadian Underwriter | March 9, 2016

4 min read

Risk

American officials call for private carriers in flood insurance market

A bill before the United States House of Representatives would “encourage the development of a robust private flood insurance market”, says an American politician who sponsored that bill, but one advocate warns that if the bill is passed into law, the nation’s National Flood Insurance Program could be “stuck with the worst and most risky […]

By Canadian Underwriter | March 8, 2016

4 min read

Risk

Markel Canada cyber coverage includes network interruption

Markel Insurance Company of Canada recently announced a cyber risk product that includes a cyber risk help line provided by NetDiligence and access to the response team at law firm Fasken Martineau. Markel stated March 2 that its new cyber product includes cyber liability and first party coverages, for data protection, cyber risk and network […]

By Canadian Underwriter | March 8, 2016

2 min read

Risk

U.S. Federal Insurance Office requests voluntary data from insurers on participation in Terrorism Risk Insurance Program

The U.S. Department of the Treasury’s Federal Insurance Office (FIO) has published a notice in the Federal Register requesting that insurers voluntarily submit certain insurance data and information regarding their participation in the Terrorism Risk Insurance Program (TRIP). Section 111 of the Terrorism Risk Insurance Program Reauthorization Act of 2015 requires the Secretary of the […]

By Canadian Underwriter | March 8, 2016

2 min read

Travellers would choose to pack electronic devices first over travel insurance: RBC Insurance

Regardless of whether a vacation is a return to a regular haunt or a brand new adventure, surveyed Canadians do not rank travel insurance as high on the priority list as other items, with more respondents making sure they pack electronic devices than insurance. The top item travellers would never leave home without is a […]

2 min read

Increased risks of ransomware, rise of IoT challenging Canadian organizations: KPMG

Increased risks of ransomware and extortion-driven attacks as well as the rise of the Internet of Things (IoT) are challenging Canadian organizations in new ways, according to a recent report from audit, tax and advisory services firm KPMG LLP. KPMG identified five key cybersecurity trends impacting Canadian businesses in its Cyber Watch Report, released last […]

3 min read

Underwriting drives U.S. regional P&C insurer returns: Fitch

Pricing improvements over several years in underwriting portfolios have propelled returns for regional property and casualty insurers in the United States, credit ratings and research company Fitch Ratings said on Friday. The ability to implement further pricing actions in a more competitive market environment will have a significant influence on future underwriting experience within the […]

3 min read

U.S. P&C insurers see value in predictive analytics: Willis Towers Watson survey

More than four in five property and casualty insurers in the United States that have already implemented predictive models have recognized a positive impact on their carrier’s profitability, according to a survey released by Willis Towers Watson. The 2015 Predictive Modeling and Big Data Survey (U.S.), released earlier this week, found that 83% of insurers […]

3 min read

Most U.S. insurance boards of directors don’t know questions to ask about IT: Novarica study

Eighty-nine per cent of insurers in the United States polled for a recent Novarica, Inc. study have said that their board of directors doesn’t know the right questions to ask about IT, presenting a risk to the industry. “Due to a general lack of understanding technology, insurance boards of directors govern IT as if it […]

2 min read

Cybersecurity risk becoming a mainstay in annual audit plans: Protiviti

Nearly three out of four (73%) organizations surveyed include cybersecurity risk in their internal 2016 audits, a 20% increase year-over-year, according to a new Protiviti Inc. report. The 2016 Internal Audit Capabilities and Needs Survey report, titled Arriving at Internal Audit’s Tipping Point and Business Transformation, was released on Wednesday by the global consulting firm. […]

2 min read