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Cyber security, water sensors, and AIG's announcement made news this week.

This week, cyber security — and the vulnerability of businesses — trended, while AIG announced its results, posting a loss in 2016. In other news, Northbridge Insurance launched a project in which customers can save on their homeowner’s insurance by installing water sensors.

AIG announces Q4 net loss of $3 billion; year-end loss of $850M
AIG has announced its 2016 Q4 and year-end results, posting a Q4 net loss of US$3,041 million and full-year net loss was US$849 million. In comparison, in Q4 of 2015, it posted a net loss of US$1,841 million net loss and full-year net income of US$2,196 million. “We took decisive actions in 2016 to dramatically reduce uncertainty and deliver higher quality, more sustainable earnings in the future,” said Peter Hancock, AIG President and Chief Executive Officer, in a release.

Only 43% of Canadian firms could detect a sophisticated cyber-attack
As the frequency and scale of cyber-attacks show no signs of abating, the majority of Canadian companies still wouldn’t be able to detect a sophisticated breach. According to EY’s Global Information Security Survey, only 43% of Canadian companies could spot a significant cybersecurity incident, compared to 50% globally.

Water sensors can help Ontario homeowners prevent water damage
To help customers protect their homes, Northbridge Insurance has launched a pilot project that offers customers annual savings of up to $150 on home insurance when they purchase an Alert Labs Home Solution package, consisting of a Flowie water sensor and a Floodie companion sensor.

Chubb expands $100M Global Cyber Facility
Chubb’s new suite of multiline cyber peril endorsements for the Global Cyber Facility helps risk managers address exposure gaps in their insurance portfolio and enables them to confidently respond to the concerns of their C-Suite and Board.

Copyright © 2017 Transcontinental Media G.P.
Transcontinental Media G.P.