IDT911 expands in Canada to offer privacy breach services to insurers and businesses

IDT911, an identity management and data risk management services provider, has expanded into Canada to help businesses minimize the chance of breaches and manage them when they occur. The Arizona-based company, which has offices in Toronto, partnered with Economical Insurance and Trisura Guarantee Insurance Company earlier this year to provide privacy breach resources to Canadian businesses. Now, its products, which include data security education and training, proactive exposure mitigation tools, breach response services, and identity management services for consumers, will now be available to clients throughout Canada. It will also offer its expertise to insurance carriers to create privacy products that fit their policyholders’ specific needs. IDT911 also has a training methodology to help brokers promote cyber-security products and services to their clients. Privacy risks within and outside of Canadian businesses are increasing, especially with more technology in the workplaces, IDT911 notes. Employee errors, lost or stolen laptops and other mobile devices and deliberate, target attacks all present major concerns for privacy breaches. Though its offerings are built for businesses of all sizes, small and mid-sized businesses are often most unprepared and unprotected, the company notes.

Low interest rates a drag on investment returns for insurance industry

The low interest rate environment and declining investment returns are putting stress on the insurance industry and having a significant impact on re/insurers, Kurt Karl, chief economist for Swiss Re, noted in a blog post on Sept. 5. “The vulnerability of different lines of business depends on the importance of investment income as a source of revenue and the ability to hedge interest rate risks,” Karl writes. “Life savings products are more sensitive to interest rates than long-tail non-life products,” he adds. “Non-life insurers can periodically attempt to re-price their products as policies are renewed, allowing them to restore profitability.”

Canadian P&C outlook stable to year-end: A.M. Best

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Best TEXT SIZE 2012-09-06 -------------------------------------------------------------------------------- The outlook for the Canadian property and casualty market for the remainder of 2012 is stable, with a low level of change to companies’ ratings, notes a senior financial analyst with A.M. Best Company. This is despite economic uncertainty in many parts of the world, Jackie Catrino Lentz commented during the rating agency’s 2012 Insurance Market Briefing in Toronto on Sept. 6. “We see no significant drivers emerging currently that would indicate a near-term change to the stable outlook.” The vast majority, 97%, of companies are “secure” in terms of financial strength rating (FSR), Catrino Lentz said. Industry consolidation from mergers and acquisitions has led to movement in ratings, mainly companies improving their ratings. “Companies are looking for market share in a very competitive environment,” she said. Among the top 10 rated companies, which include companies that have seen M&A activity in recent months, market share has grown from 58% to 68% between 2007 and 2011, she added. Since 2011, there also have been no ratings downgrades. While the first six months of 2012 have developed favourably, severe weather events in various provinces across Canada may have a negative impact in 2012 Q3. Results for the P&C market overall have been very favourable compared to the last three years, with the auto segment helping to drive the industry to a modest underwriting profit. That strength has been offset by severe damage from major storms across Canada and the United States, including the Slave Lake fire and hail storms in Alberta, Catrino Lentz said. In the coming year, industry consolidation will continue to be a key issue and may test companies’ abilities to merge cultures and even leadership styles, she added. Some companies may have to simplify their business models and refocus on profitable lines, she added.