Risk
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
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
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
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
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 […]
By Canadian Underwriter | February 5, 2016
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 […]
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 […]
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 […]
By Canadian Underwriter | February 4, 2016
4 min read
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 […]
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 […]
By Canadian Underwriter | February 3, 2016
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