Industry
MONTREAL – Authorities in Quebec have broken up a ring they allege shipped stolen luxury vehicles to Africa. Canada Border Services Agency and the RCMP began a joint investigation after customs agents discovered vehicles inside shipping containers at the Port of Montreal about one year ago. Police say they’ve arrested four people today and been […]
By The Canadian Press | July 17, 2014
1 min read
The overwhelming majority, 96%, of surveyed organizations spanning five industries in the United States and Europe experienced a significant IT security incident in the past year, notes a new report issued Wednesday by ForeScout Technologies Inc. The finding is included in the company’s 2014 Cyber Defense Maturity Report, independent research for which was conducted by […]
By Canadian Underwriter | July 17, 2014
3 min read
TORONTO – Onex Corp. says it has agreed to acquire risk management firm York Risk Services Group Inc. for US$1.33 billion. The Toronto-based private equity firm says the transaction is expected to close in the third quarter. York Risk Services provides property, casualty, and workers’ compensation insurance to more than 6,300 clients in the United […]
By The Canadian Press | July 16, 2014
The cyber risk landscape is evolving rapidly in many areas and those looking to address the risk through insurance should understand that certain policies generally do not provide coverage following an attack, cautions a new white paper released Monday by the Insurance Information Institute (III). “The potential economic fallout from the cyber threat cannot be […]
By Canadian Underwriter | July 15, 2014
4 min read
About one-third of 200 recently polled insurance executives in the United States report that rising consumer expectations are their primary driver for new product development, notes new survey results from SAP SE. In all, 34% of respondents indicated that rising consumer expectations are their primary driver for new product development, followed by changing regulatory demands […]
2 min read
Respondents to J.D. Power’s 2014 Canadian Auto Claims Satisfaction study report being significantly happier with their auto insurance company’s claims process in 2014 than in 2013. Overall customer satisfaction with the auto claims experience averages 798 in 2014 – 11 points higher than in 2013 – driven by substantially improved interactions, notes a statement issued […]
By Canadian Underwriter | July 14, 2014
Crawford & Company has released a white paper meant to help insurance companies and adjusters better understand the current cyber risk environment and how insurers are addressing a risk that continues to be a global threat to millions of commercial enterprises and consumers. Cyber crime is a still-evolving area that insurance companies and adjusters are […]
By Canadian Underwriter | July 11, 2014
Insurer FM Global announced Thursday that current executive vice president Thomas A. Lawson has been appointed president and elected to the board of directors, effective Aug. 1. He will also succeed Shivan S. Subramaniam as chief executive officer, effective Jan. 1, 2015. Lawson joined the mutual insurance company in 1979 and was appointed in 2009 […]
By Canadian Underwriter | July 10, 2014
Ontario government officials are “reviewing” a proposal to place “reasonable limits” on the amount of money that can be recovered from a municipality named as a joint defendant in a negligence lawsuit, Attorney General Madeleine Meilleur suggested earlier this week. However, a Progressive Conservative opposition MP contends the ruling Liberals have “still not committed” to […]
Despite acceptance of the inevitable, a new survey out of the United Kingdom indicates the cost of Solvency II remains a major concern for insurance industry. Just 6% of respondents to the survey by business and financial advisor Grant Thornton UK LLP report they believe the costs of Solvency II are “reasonable.” That compares to […]
By Canadian Underwriter | July 9, 2014
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