Insurers react to Canadian wildfires
The wildfires that have decimated the Alberta community of Fort McMurray has cost many thousands of people their homes and businesses. As usual, the insurance industry has been quick to provide help and support to those affected.
"Our thoughts are with those whose lives have been disrupted and whose homes have been destroyed by these wildfires. The first priority right now is the safety of those affected and their loved ones," said Bill Adams, Vice-President, Western & Pacific, Insurance Bureau of Canada.
First assessments of the insured costs of the fires runs to millions of dollars and global reinsurers are anxiously watching the story unfold with the potential for even larger losses if oil sands projects are affected.
Ken Hughes of Alpine Insurance Brokerage in Calgary told The Financial Post that international firms are generally the ones facing losses from the province’s big energy projects but that Canadian insurers will cover most of the costs from home and business losses. He said that it looks like this latest emergency will exceed the costs of the 2011 Salve Lake fire, estimated by the IBC at C$742 million.
73 per cent of organizations were hit by this in 2015
Almost three quarters of organizations were hit by a DDoS (Distributed Denial of Service) cyber attack in 2015. A global survey by Neustar reveals that 45 per cent also reported that malware or a virus was installed during a cyber breach.
The research also revealed that 82 per cent of those that had suffered a cyber incident were then repeatedly targeted, some as many as 6 times. Neustar’s study shows that 57 per cent of attacks involved some kind of theft of intellectual property, customer data or financial information.
“The findings of our most recent report are clear: attacks are unrelenting around the world but organizations are now recognizing DDoS attacks for what they are - an institutionalized weapon of cyber warfare – and so are protecting themselves
,” said Rodney Joffe, Head of IT Security Research at Neustar.
Half of the organizations that were polled said that a DDoS attack would cost them at least $100,000 per hour during a peak-time attack with a third losing more than $250,000.
Canadian auto insurers improve satisfaction for first time in 5 years
Customers’ satisfaction with auto insurers in Canada has improved according to JD Power. It’s the first time in 5 years that the sector has seen improvement.
“Streamlining processes and improving digital self-service has been a core focus for many insurers as they look to improve the customer experience, and they are starting to see some return on that investment,” said Valerie Monet, director of the insurance practice at J.D. Power.
Improvements in process and communication with customers was an important part of the gains in satisfaction while price perceptions had less impact.
Customer satisfaction in the Alberta region averages 743, up 8 points from 2015. The Co-operators ranks highest in satisfaction in Alberta for a third consecutive year, with a score of 777. TD Insurance ranks second (754).
In the Atlantic region, customer satisfaction averages 768, up 6 points from 2015. The Co-operators ranks highest with a score of 797.
Intact Insurance ranks second (780).
Customer satisfaction in the Ontario region averages 753, up 9 points from 2015. The Co-operators ranks highest with a score of 781.
State Farm ranks second (768) and Intact Insurance third (764).
In the Quebec region, customer satisfaction averages 786, up 3 points from 2015. The Personal ranks highest for a fourth consecutive year, with a score of 820. Industrial Alliance ranks second (809) and Promutel third (797).
