Risk

One in five survey respondents don’t use analytics or rare event modelling in anti-fraud programs: Deloitte

One-fifth (20.8%) of respondents to an online survey released earlier this week by Deloitte LLP don’t use analytics or rare event modelling in their anti-fraud programs. The poll of more than 3,600 professionals – during a Sept. 22 webcast titled Managing fraud in the digital era: Channeling faint signals amid the noise – also found […]

By Canadian Underwriter | December 17, 2015

2 min read

Risk

Lloyd’s to launch insurance-based index in 2016

Lloyd’s of London, the world’s specialist insurance and reinsurance market, announced on Wednesday that it plans to launch its own insurance-based index in the summer of 2016. Lloyd’s said in a statement that the release “would be the first index for diversified risk,” showing loss ratios and focused on insurance performance. “The availability of detailed […]

By Canadian Underwriter | December 16, 2015

2 min read

Risk

Allianz Global Corporate & Specialty launches U.S. cyber unit

One year after Allianz Global Corporate & Specialty (AGCS) offered cyber security coverage in Canada, the specialist corporate insurer announced on Tuesday that it is launching a dedicated cyber unit in the United States as part of its Financial Lines portfolio. AGCS said in a media release that Emy R. Donavan and Jenny Soubra have […]

By Canadian Underwriter | December 15, 2015

3 min read

Risk

No indication yet of ‘terrorist act’ in Russian plane crash: Egyptian investigators

CAIRO – A preliminary investigation into the crash of a Russian passenger plane has found no indication yet of any “illegal or terrorist act,” Egypt’s chief investigator said in a statement released Monday. The vaguely worded statement by Ayman el-Muqadam said the investigation committee so far has not found “any evidence” indicating foul play in […]

By Canadian Underwriter | December 14, 2015

2 min read

Shareholders approve merger of Willis Group, Towers Watson

Shareholders of commercial insurance brokerage Willis Group Holdings plc and consulting firm Towers Watson & Co. have approved a US$18-billion merger agreement, the firms announced Friday. “The companies expect that the transaction will close very early in the New Year, subject to customary closing conditions, including the receipt of certain regulatory approvals,” Willis and Towers […]

3 min read

Smaller North American brokerages outperform larger ones in overall satisfaction: J.D. Power study

Smaller brokers outperform their large counterparts in overall satisfaction, according to the J.D. Power 2015 Large Commercial Insurance Study, released on Wednesday. The study, conducted in association with RIMS, the risk management society, also found that brokers that outperform their peers in overall satisfaction emphasize quality advice and guidance as well as reasonable fees. Based […]

3 min read

FSB exploring possible ‘policy remedies’ to address asset managers’ risk: OSFI

None of the world’s largest asset managers are regulated by Canada’s Office of the Superintendent of Financial Institutions (OSFI), but that sector is vulnerable to incidents “that can spark global financial stability concerns,” OSFI deputy superintendent Mark Zelmer suggested Tuesday. “The asset management sector is not immune to stress that can spark global financial stability […]

3 min read

Canadian risk management VPs surveyed report median salary of $174,000

More than one in four risk managers surveyed in the United States have 25 years’ experience or more on the job, while in Canada fewer than 19% have been managing risk for more than a quarter century, a recent survey from Risk and Insurance Management Society (RIMS) Inc. suggests. In its Risk Management Compensation Survey […]

3 min read

Cargo theft program launches in Western Canada

The Insurance Bureau of Canada (IBC), along with law enforcement and provincial trucking associations in British Columbia, Alberta, Saskatchewan and Manitoba, announced on Tuesday that the “highly successful” cargo theft reporting program currently operating in Eastern Canada is expanding to the four western provinces. The expansion includes the launch of a new national database, which […]

3 min read

U.S. underwriting cycle turning unfavourable in commercial segments, including D&O liability: Fitch Ratings

The insurance market underwriting cycle is turning unfavourable in many commercial market segments in the United States, including directors and officers (D&O) liability insurance, Fitch Ratings said on Monday. The credit ratings and research firm said in a press release that premium rates in property lines have been declining for some time in response to […]

2 min read