Risk

ACE Group launches global cyber facility

ACE Group has announced the launch of its Global Cyber Facility, providing up to US$100 million of primary capacity. To meet growing demand, ACE announced the facility, “which goes beyond standard risk transfer by incorporating a comprehensive risk management solution into a single policy purchase,” the multiline property and casualty insurer said in a press […]

By Canadian Underwriter | September 25, 2015

4 min read

Risk

Internet of Things, drones, new payment technologies and wearables to transform insurance industry over the next three years: SMA report

More than 40% of 147 insurance professionals surveyed by strategic advisory firm Strategy Meets Action (SMA) say that the Internet of Things (IoT), drones, new payment technologies and wearables will transform the industry over the next three years. This week, SMA released a pair of research reports: Emerging Technologies in P&C and Emerging Technologies in […]

By Canadian Underwriter | September 23, 2015

3 min read

Risk

Ontario introduces new insurance plan for beekeepers

Ontario’s Ministry of Agriculture, Food and Rural Affairs announced on Wednesday that beekeepers in the province will soon have access to a new production insurance plan that will help them manage financial loss from winter bee colony damage. Production insurance is part of a suite of business risk management programs designed to help farmers manage […]

By Canadian Underwriter | September 23, 2015

2 min read

Risk

U.S. p&c insurers must be careful investors: A.M. Best

Property and casualty insurance companies in the United States have demonstrated continued interest in equity holding, but are advised to be prudent and careful investors by managing the risk of their invested premium dollars, A.M. Best suggests in a special report issued Monday. The rating agency cites an earlier A.M. Best report, in which respondents […]

By Canadian Underwriter | September 22, 2015

2 min read

Robust cybersecurity at risk as 44% of CFOs cite insufficient understanding of IT issues: EY study

Almost three-quarters (71%) of global chief financial officers (CFOs) have had increased involvement in the IT agenda in the last three years, but 44% cite insufficient understanding of IT issues as a barrier to collaboration with chief information officers (CIOs), according to a study from Ernst & Young (EY). Released last week, the Partnering for […]

2 min read

Aon Benfield identifies seven emerging risk opportunities for insurance growth

Aon Benfield, the global reinsurance intermediary and capital advisor of Aon plc, has identified seven emerging risks that present re/insurers with business opportunities over the next five to 10 years: United States mortgage credit, the sharing economy, reputation and brand, microinsurance, corporate liability covers, terrorism cover and cyber risk. Speaking at Aon Benfield’s 14th Biennial […]

3 min read

Marsh managing director to replace Stauffer as Oil Insurance CEO

Bermuda mutual energy insurer Oil Insurance Ltd. announced that chief executive officer Robert Stauffer will retire this January and be replaced by Bertil Olsson, who will join OIL from Marsh & McLennan Companies Inc. Olsson held the position of managing director and head of south central region, for New York City-based commercial brokerage Marsh USA […]

1 min read

EXOR deal ‘may not be the end of the discussion’ on fate of PartnerRe: A.M. Best

PartnerRe Ltd.’s announcement last month that its board recommends shareholders approve an acquisition by EXOR S.p.A. “may not be the end of the discussion” on whether PartnerRe will be actually acquired by EXOR or whether PartnerRe would merge with rival insurer Axis Capital Holdings Ltd., A.M. Best Company Inc. suggested in a recent report. In the […]

3 min read

American home insurers updating underwriting criteria for wildfire risk: Munich Re

The Valley Fire in Northern California could become the largest wildfire loss event in the area in 24 years, as primary insurers are changing the criteria they use to underwrite home property wildfire losses, Munich Reinsurance America Inc. suggested Wednesday. “As of this morning, the Valley and Butte fires in Northern California have destroyed over […]

2 min read

Toronto should ask FSCO about auto insurance for transportation network firms: City staff

A recommendation to seek confirmation from the Financial Services Commission of Ontario (FSCO), on the availability of insurance products for “transportation network companies,” is on the agenda of a Toronto City Council committee Wednesday. Toronto’s licencing and standards committee will consider a recommendation, from the city’s executive director, municipal licensing and standards, to update the […]

2 min read