Risk

2016 AgriInsurance coverage to increase an average of 7%

AgriInsurance – a business risk management program supported by the Canada and Manitoba governments – announced on Tuesday that coverage will increase an average of 7% this year, while the average premium per acre will decrease by 4%. The federal and Manitoba governments are supporting AgriInsurance changes, giving producers higher coverage at a lower cost […]

By Canadian Underwriter | January 19, 2016

2 min read

Risk

AIG increases global commercial property limits to US$2.5 billion from US$1.5 billion

American International Group, Inc. (AIG) announced on Tuesday that it has significantly raised available global commercial property limits to US$2.5 billion per occurrence. The announcement builds on AIG’s capacity of US$1.5 billion per occurrence available globally to clients since 2012. The move responds to the growing demand for capacity and services by clients managing more […]

By Canadian Underwriter | January 19, 2016

2 min read

Risk

Cyber exposure data standard released

The insurance industry now has a global cyber exposure data standard. The standard will help create a uniform method for data transfer across the insurance value chain, Verisk said in a press release. Verisk’s catastrophe modelling business, AIR Worldwide, has also developed a preparer’s guide to assist companies in collecting and storing the necessary cyber […]

By Canadian Underwriter | January 19, 2016

4 min read

Risk

Supreme Court of Canada will not hear appeal over commercial general liability policy with pollution exclusion

The Supreme Court of Canada will not hear an appeal from a Vancouver-area electroplating business that was unsuccessful it getting its insurer to defend it against lawsuits arising from a fire under a commercial general liability (CGL) policy with a pollution exclusion. Court records indicate that in April, 2011 a fire occurred in Surrey, British […]

By Canadian Underwriter | January 18, 2016

6 min read

Global economic loss from potential pandemics could average more than US$60 billion per year, new report says

Infectious disease outbreaks that turn into epidemics or pandemics could cause trillions of dollars of damage to economic activity and kill millions of people, said a report released this week by the international independent Commission on a Global Health Risk Framework for the Future. The Commission estimated the global expected economic loss from potential pandemics […]

3 min read

ACE completes Chubb acquisition; adopts Chubb name and launches new Chubb brand

ACE Limited announced on Thursday that it has completed its acquisition of Chubb, creating the world’s largest publicly traded property and casualty insurance company. ACE paid approximately US$29.5 billion in the aggregate in cash and stock, based on the most recent closing price of ACE Limited shares and the number of outstanding shares of The […]

5 min read

Cyber security must be viewed as a business issue, not a technology-only issue: PwC Canada

Canadian companies are taking steps towards establishing holistic, integrated safeguards against cyber security attacks, progress that will need to continue as the number of breaches increases, the threat landscape becomes more complicated and attacks grow sophisticated, suggests PwC Canada. Adopting layered protections are advisable, starting with the first line of defence. “If the company views […]

6 min read

Signature Risk Partners acquires South Western Insurance Group’s golf insurance practice

Toronto-based Signature Risk Partners Inc. has announced that it has purchased the commercial golf club insurance program business from South Western Insurance Group Limited, which has offices in Toronto, Quebec and Vancouver. Signature announced the acquisition this week, noting that it was effective from Dec. 31, 2015. The combined golf club insurance businesses will have […]

2 min read

Over half of major new business processes and systems will incorporate IoT by 2020: Gartner

More than half of major new business processes and systems will incorporate some element of the Internet of Things (IoT) by 2020, according to information technology research and advisory company Gartner, Inc. The impact of the IoT on consumers’ lives and corporate business models is rapidly increasing as the cost of “instrumenting” physical things with […]

3 min read

U.S. p&c commercial lines 2016 outlook negative; personal lines outlook stable: A.M. Best

Anticipating more downgrades than upgrades in the coming year, A.M. Best reports that it is maintaining its negative outlook on the commercial lines segment of the United States property/casualty industry. The negative outlook is despite relatively solid aggregate results over the past several years, notes a statement issued Thursday by A.M. Best. The outlook for […]

2 min read