Industry
A new breed of industry challengers are coming from technology and Silicon Valley companies to test insurers’ historical views of competitors, suggests a research brief issued Tuesday by Strategy Meets Action (SMA). There have been numerous articles and blogs regarding the potential of companies like Google, Apple, Amazon, eBay and other technology companies entering the […]
By Canadian Underwriter | September 3, 2014
2 min read
The outlook for Canadian insurers remains stable in the wake of a recent turbulent period, but although insurers appear well-positioned to manage ongoing and upcoming challenges, they must guard against becoming complacent, notes A.M Best’s new special report on Canadian property/casualty & life insurance. “Property/casualty insurers endured a string of catastrophe losses in 2013 and […]
By Canadian Underwriter | September 2, 2014
4 min read
SAN FRANCISCO — California regulatory judges have issued a US$1.4 billion penalty against the state’s largest utility for a 2010 gas pipeline explosion that engulfed a suburban San Francisco neighbourhood in fire, killing eight people and prompting national alerts about aging pipelines. The California Public Utilities Commission on Tuesday announced the figure reached by two […]
1 min read
American International Group, Inc. (AIG) announced Monday that in accordance with the company’s succession plan, Peter D. Hancock has assumed the role of president and chief executive officer. As disclosed June 10, Hancock succeeds Robert H. Benmosche – who retired and now serves as an advisor to AIG – has also joined AIG’s Board of […]
Aon Benfield has sourced the reinsurance capacity for a cyber product that offers a comprehensive cyber risk management service – focusing on both operational and information technology breaches – and allows AEGIS’ policyholders to separately reinsure their cyber exposures with a panel of leading reinsurers. Developed by the Lloyd’s syndicate of mutual energy insurer AEGIS […]
Recent airline hull losses, such as the tragedies in July in Ukraine, Taiwan and Mali, have insurance professionals predicting that rating levels will need to be reviewed. This underscores the need for underwriters to obtain detailed information on risk factors such as overflight plans and overnight stops.
By Jason B. Hutchings, Vice President and Team Leader, Aon Risk Solutions | August 31, 2014
5 min read
NEW YORK – JPMorgan Chase, the nation’s biggest bank by assets, is working with law enforcement officials to investigate a possible cyberattack, said a person familiar with the situation who spoke on condition of anonymity, though the bank isn’t currently seeing any unusual fraud activity at the time. Jamie Dimon, the bank’s CEO, said in […]
By Canadian Underwriter | August 29, 2014
Willis Re Inc. announced Thursday it has appointed Geoff Lubert as managing director and executive vice president of Willis Re Canada, replacing Robert Wildbore. Willis Re, a reinsurance broker owned by London-based brokerage and risk consultancy Willis Group Holdings plc, opened its Toronto office in 2010. At that time, Wildbore moved from London to Toronto. […]
NEW YORK – The FBI said Wednesday it’s working with the Secret Service to determine the scope of recently reported cyberattacks against several U.S. financial institutions. A report on Bloomberg.com said Wednesday that the FBI is investigating an incident in which Russian hackers attacked the U.S financial system this month in possible retaliation against U.S. […]
By Canadian Underwriter | August 28, 2014
Desjardins General Insurance Group Inc. announced Thursday its financial results for the three months ending June 30, reporting a 5.4% increase in direct written premiums and an 86% drop in underwriting income over the second quarter last year. The Levis, Quebec-based property and casualty insurer reported a combined ratio, in the second quarter of 2014 […]
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