Risk

Average Canadian property reconstruction cost increase over 2015 calendar year was 1.46%: Opta Information Intelligence

Opta Information Intelligence, a provider of property intelligence and technology solutions based in Markham, Ont., reported on Wednesday that the average Canadian reconstruction cost increase over the 2015 calendar year was 1.46%. Among the provinces, British Columbia had the highest increase at 2.07% over the year, Opta said in a press release. “Further analysis shows […]

By Canadian Underwriter | February 11, 2016

2 min read

Risk

51% of Canadian respondents to cybersecurity study have experienced loss or exposure of sensitive information

More than half (51%) of Canadian respondents to a cybersecurity study have experienced an incident involving the loss or exposure of sensitive information within the last 12 months, Toronto-based IT firm Scalar Decisions Inc. said on Tuesday. Commissioned by Scalar, the second annual security study involved a survey of 654 IT and IT security practitioners […]

By Canadian Underwriter | February 10, 2016

3 min read

Risk

Cyber attack top business continuity threat for second consecutive year: global survey

Cyber attack and data breach are the top threats perceived by surveyed businesses – at number one and two, respectively, in 2015 – notes a new report released Monday. The fifth annual BCI Horizon Scan report – published by the Business Continuity Institute (BCI) in association with the British Standards Institution (BSI) – reflects responses […]

By Canadian Underwriter | February 9, 2016

3 min read

Risk

Willis Re, technology company Measure announce strategic partnership to advance drone usage for insurance industry

Willis Re, the reinsurance business of global advisory, broking and solutions company Willis Towers Watson, has announced a strategic partnership with technology company Measure to advance the use of drones within the insurance industry. Integrating drone technology into the insurance process has huge potential to improve risk assessment and claims response times, Willis Re said […]

By Canadian Underwriter | February 8, 2016

2 min read

Currency fluctuation contributes to 3% revenue drop at Aon

Commercial insurance brokerage Aon plc reported its revenue from risk solutions dropped 5%, from $7.834 billion in 2014 to $7.426 billion in 2015. All figures are in United States dollars. London-based Aon reported Friday its financial results for the full year and for the three months ending Dec. 31. The company reported net income of […]

2 min read

Revenue for Marsh’s U.S./Canada division increases to US$768 million in Q4 2015, from US$711 million in Q4 2014

Revenue for Marsh & McLennan Companies’ U.S./Canada division increased to US$768 million for the three months ending Dec. 31, 2015, up from US$711 million in Q4 2014, the company said in its full-year and Q4 2015 financial results, released on Thursday. For the 12 months ending Dec. 31, 2015, the U.S./Canada division produced revenue of […]

3 min read

Kingsway Financial Services Inc. records loss for 2015 Q4 compared to 2014 Q4, but posts US$1.3 million net income for 2015

Toronto-based Kingsway Financial Services Inc. posted net income of about US$1.3 million for 2015 compared to a loss of US$11.2 million for 2014, offering what senior executives regard as positive indicators for the company’s long-term potential. Kingsway Financial’s unaudited results show the company recorded a loss of US$2.1 million for 2015 Q4, down from the […]

3 min read

CatIQ conference speakers discuss ‘cyber cats,’ Lac-Mgantic response

A malicious computer program reported to have interfered with uranium enrichment in Iran was a “game changer” in cyber security, but there is no historical data that actuaries could use to assess potential losses arising from “cyber cats” affecting industrial control systems, a computer science professor recently told insurance professionals. Jose Fernandez, a professor at […]

4 min read

Offering incentives could help improve municipal risk management, Canadian Catastrophe Conference hears

Offering incentives to municipalities to invest in addressing risk and improving resilience is a dialogue that deserves more attention, attendees to the Canadian Catastrophe Conference heard on Tuesday. “We want to move to dialogue that can help provide clear incentives for cities that invest in improving and addressing risk, and encourage other stakeholders in investing […]

4 min read

RMS releases new Cyber Accumulation Management System

Risk Management Solutions Inc. (RMS) announced on Tuesday that it has released its Cyber Accumulation Management System, which includes a new software system and framework for cyber exposure reporting, in addition to a suite of cyber catastrophe scenarios for loss modelling. The system was developed with consortium of cyber insurers, and in collaboration with the […]

3 min read