Industry
Satisfaction among surveyed auto insurance customers in the United States may be high, but a quarter of respondents still report shopping around, mostly in a bid to secure a better rate, notes the Insurance Research Council (IRC). In all, 86% of insured drivers responding to a recent public opinion survey commissioned by IRC say they […]
By Canadian Underwriter | June 15, 2015
2 min read
The head of Manitoba Public Insurance (MPI) says the decision not to request an overall rate increase – the twelfth time in 15 years – for the 2016-2017 insurance demonstrates rate stability and the strength of the public auto insurance system. With Manitoba’s Public Utilities Board’s (PUB) “approval of last year’s rate application (a 3.4% […]
3 min read
New figures from Shred-it show there is a growing divide between large organizations and small businesses when it comes to information security. Although there appears to be growing awareness among polled C-suite executives about the threat posed by data breaches – prompting them to take concrete steps to improve their security policies and procedures – […]
By Canadian Underwriter | June 12, 2015
Institutions would be well-advised to approach governance, risk and compliance (GRC) as a federated architecture that allows for solutions as required, suggests a new report issued Thursday by TABB Group, which forecasts US$2.592 billion in global compliance market spend this year to handle the GRC “data tsunami.” “The idea of a single GRC platform to […]
Tokio Marine Holdings Inc. has agreed to acquire Houston-based HCC Insurance Holdings Inc. for about US$7.5 billion. The companies announced Wednesday their boards have approved the agreement, which is still subject to shareholder and regulator approval, as well as “other customary closing conditions.” If approved, Tokyo-based Tokio Marine would acquire HCC through Tokio Marine & […]
By Canadian Underwriter | June 11, 2015
WASHINGTON – The engineer driving an Amtrak train wasn’t using his cellphone to talk, text or download data just before the train derailed in Philadelphia last month, safety investigators said Wednesday, deepening the mystery of what caused the accident that killed eight and injured about 200. In an updated report, the National Transportation Safety Board […]
4 min read
Allianz Global Corporate & Specialty (AGCS), the corporate insurer of Allianz Group, has announced a strategic partnership with red24, a global crisis management assistance company. A press release from AGCS on Thursday said that red24 will offer its crisis support services to AGCS clients “in order to manage product recalls or contamination, resolve emergency incidents […]
Standard and Poor’s Rating Services has yet to downgrade a company’s rating because of damage resulting from a cyber attack, but the potential is there, suggests new commentary from the agency. “Although cyber attacks can result in losses and, depending on the systemic nature and magnitude, possible market disruptions, such events so far have not […]
5 min read
Class action lawsuits involving information security breaches are increasing but cyber risk is operational and strategic rather than one of computer technology, insurance professionals suggested at a workshop Wednesday in Toronto. In North America, American International Group Inc. “gets about three breach notices every business day, and more than half of them deal with operational […]
By Canadian Underwriter | June 10, 2015
DETROIT – A Louisiana woman who may be the seventh person killed by a defective Takata air bag received a recall notice two days after the crash that caused her death, according to a lawsuit filed by her family. Kylan Langlinais, 22, of Lafayette, Louisiana, died at a hospital on April 9, four days after […]
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