Industry
Canada’s property and casualty insurance industry has taken important strides to provide coverage for select cyber security risks, but the lack of data around other related threats has prevented insurers from moving forward with more comprehensive offerings, attendees of an Insurance Institute of Canada (IIC) forum in downtown Toronto heard Thursday. Paul Kovacs, founder and […]
By Canadian Underwriter | May 28, 2015
5 min read
The average consolidated total cost of a data breach in Canada was $5.32 million, according to the first Canadian study of its kind from the Ponemon Institute in Traverse City, MI. Released on Wednesday, the inaugural 2015 Cost of Data Breach Study: Canada found that the average cost per lost or stolen record was $250 […]
3 min read
TORONTO – Transport Canada has released a detailed list of vehicles being recalled in Canada due to faulty airbags made by Japan’s Takata Corp., saying 1.2 million vehicles in this country are part of the worldwide recall. The list of affected vehicles was posted online and includes the Honda Civic, Accord, and CR-V, Chrysler products, […]
2 min read
Desjardins General Insurance Group Inc. released Thursday its financial results for the three months ending March 31, reporting a 7.3-point deterioration in its loss ratio, a 343% increase in net income and organic growth in net premiums written of 7%. Levis, Quebec-based DGIG said its direct written premiums in the most recent quarter were $908.7 […]
The Canadian p&c insurance industry saw a combined ratio of 103.6% in Q1 2015, compared to 102.6% in Q1 2014, while commercial lines writers saw an improved combined ratio of 102.2% in Q1 2015 from 104.4% a year earlier, said Joel Baker, president and CEO of MSA Research Inc., during the opening presentation at the […]
By Canadian Underwriter | May 27, 2015
Starting an insurance captive can help a company control losses, save money and get broader coverage, speakers suggested Wednesday at the 11th annual Captives and Insurance Strategies Summit. Teck Resources Ltd. has had a captive program for about 10 years, suggested Anne Chalmers, vice president of risk and chair of the materials and stewardship committee […]
Xuber, part of London, United Kingdom-based Xchanging’s insurance software business, revealed the second wave of results from its global reinsurance survey on Wednesday, which found that cultural integration was the biggest challenge facing reinsurers in relation to mergers and acquisitions (M&A). Chapter 2: Merger & Acquisition Success: A Market’s Challenge, was the second part of […]
Independent adjusting and claims management company ClaimsPro, announced on Wednesday that it has acquired Atlantic Canada adjusting service Plant Hope Adjusters Ltd. Fred Plant (pictured, right), formerly president of Plant Hope Adjusters Ltd., will serve as senior vice president, operations, Atlantic Canada, with ClaimsPro and will work alongside Wayne Guy, ClaimsPro’s vice president, Atlantic Canada. ClaimsPro, a company […]
Commercial insurance brokerage Jardine Lloyd Thompson Canada Inc. announced Monday it will be opening a new regional office in Halifax. JLT Canada’s Halifax office will “initially” focus on construction, healthcare, life sciences and real estate, and will also support JLT Canada’s public sector practice. JLT Canada has its head office in Toronto, plus offices in […]
By Canadian Underwriter | May 25, 2015
The significant impact a single failure can have in an environment of quickly advancing interconnectedness and interdependency on the Internet demands a new way of thinking about cyber security, argues Ray Boisvert, president and CEO of I-Sec Integrated Strategies. Speaking at the ARC Group Canada Spring Seminar 2015 in Toronto Thursday, Boisvert, a former assistant […]
By Canadian Underwriter | May 24, 2015
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