Claims
A windstorm in eastern Newfoundland on March 11 has resulted in nearly $45 in insured damages, according to Catastrophe Indices and Quantification Inc. (CatIQ). The Insurance Bureau of Canada (IBC) explained in a press release on Wednesday that a low pressure system brought damaging winds to the eastern portion of the province, with wind gusts […]
By Canadian Underwriter | April 26, 2017
2 min read
Non-life insurance-linked securities (ILS) capital grew again in the first quarter of 2017, continuing the trend from last year, the securities division of Willis Towers Watson (WTW) has reported. Willis Towers Watson Securities, the investment banking business of WTW, released its ILS Market Update on Tuesday. It found that following a strong fourth quarter of […]
An exclusion in an auto insurance policy for loss or damage caused by “conversion,” by someone in lawful possession of a vehicle does not apply to a truck tractor badly damaged by fire, a Supreme Court of British Columbia judge found in a recent ruling against the province’s auto insurer. Court records indicate that starting […]
By Canadian Underwriter | April 24, 2017
5 min read
The month of March saw the most tickets yet for distracted driving since monthly traffic safety spotlights began in 2014, Saskatchewan Government Insurance (SGI) reported on Monday. Last month, a total of 523 tickets were issued: 441 for driving while using, holding, viewing or manipulating a hand-held cellphone and 82 for driving without due care […]
WASHINGTON – The Supreme Court on Monday turned away an appeal from General Motors Co. seeking to block dozens of lawsuits over faulty ignition switches that could expose the company to billions of dollars in additional claims. The justices without comment left in place a lower court ruling that said the automaker’s 2009 bankruptcy did […]
By Jason Contant | April 24, 2017
Hurricane Matthew, which is estimated to have caused $150 million in economic losses in Canada alone and killed more than 600 in the Western hemisphere, set several records, Impact Forecasting LLC said in a report released Monday. Hurricane Matthew officially made landfall at 10:45 a.m. Eastern time Oct. 8, 2016 near McClellanville, S.C., Impact Forecasting […]
3 min read
Desjardins Group and the Desjardins Group Pension Plan (DGPP) announced on Friday that they have invested more than $1 billion in renewable energy and clean technologies. The financing came from Desjardins Group’s Capital Market Division and equity investments from the DGPP, with the contribution of two Desjardins insurance subsidiaries, Desjardins said in a press release. […]
If legislation tabled last week is passed into law, Canadian police officers would be able to test any legally-stopped driver for alcohol impairment and the Criminal Code of Canada would be amended to clarify that police drug recognition experts could give opinion testimony during criminal trials of motorists charged with impaired driving. If Bill C-46 […]
By Canadian Underwriter | April 21, 2017
On the heels of the second warmest winter in its 138-year record, the National Oceanic and Atmospheric Administration (NOAA) has reported that March 2017 and the year-to-date were the second warmest on record for the world. The March 2017 average global temperature was 1.89 degrees Fahrenheit above the 20th-century average of 54.9°F, according to the […]
DETROIT – Volkswagen has been ordered to pay a $2.8 billion criminal penalty in the United States for cheating on diesel emissions tests. Federal Judge Sean Cox in Detroit followed the deal negotiated by VW and the U.S. Justice Department. The sentence was ordered Friday, six weeks after the German automaker pleaded guilty to conspiracy […]
1 min read
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