Claims
Internet fragmentation is among the top three emerging risks – of the 21 detailed in Swiss Re’s latest SONAR report released Wednesday – with the highest potential impact on the reinsurance industry and society. “Firewalls, special software to filter out unwanted information and isolated IT infrastructure detached from global networks: disconnected nets could soon become […]
By Canadian Underwriter | May 25, 2016
2 min read
SAN FRANCISCO – Volkswagen and attorneys for vehicle owners affected by the company’s emissions cheating scandal are on target to meet a June deadline for a final settlement proposal, a federal judge said Tuesday. Senior U.S. District Court Judge Charles Breyer said the parties have made substantial progress in reaching a deal for nearly half […]
By Jason Contant | May 25, 2016
CALGARY – Alberta oilsands workers forced to flee the ferocious Fort McMurray wildfire are returning to begin the tricky process of restarting their projects in northern Alberta, reassured by colder weather and a forecast of rain. In a Tuesday morning update, provincial emergency officials said the Fort McMurray wildfire had grown to 523,000 hectares, almost […]
By Jason Contant | May 24, 2016
4 min read
Corporate investigations are on the rise, with over a quarter (27%) of businesses saying they have experienced a claim or investigation involving a director of their company in the past year, up from one in five in 2014. That was one of the key findings from the joint survey titled Directors’ liability – D&O: The […]
By Canadian Underwriter | May 24, 2016
3 min read
The province of British Columbia announced on Friday that it is committing nearly $1.5 million toward a flood mitigation project in East Kootenay. The $1.47 million in funding will go toward a flood mitigation project near Fairmont Hot Springs that will “protect the important economic area from flood damage,” the B.C. Ministry of Transportation and […]
Global media and telecommunication executives both ranked regulatory fines and penalties arising from data protection breaches as the primary risk facing their respective industries, according to new research released on Tuesday by global advisory, broking and solutions company Willis Towers Watson (WTW). Risk alchemy in the TMT sector also found that technology executives said that […]
The British Columbia Court of Appeal recently ruled against the province’s government-run auto insurer when it upheld a lower court decision awarding disability payments after the 104-week period covered by the regulation covering auto accident benefits, essentially finding that a clause in the province’s accident benefits regulation must be interpreted in a manner consistent with […]
5 min read
The Co-operators General Insurance Company has estimated that the Fort McMurray wildfire will cost it between $70 million and $90 million. While access to the affected area remains restricted, The Co-operators’ preliminary estimate indicated that the after-tax cost of the wildfire to the company’s consolidated, net of reinsurance and inclusive of reinstatement premiums, will likely […]
Young drivers in Britain understand emoji road signs better than real road signs, new research from MORE TH>N, a trading name of Royal & Sun Alliance Insurance plc (RSA), has found. The research was conducted by OnePoll on behalf of MORE TH>N, involving 1,000 motorists aged 17 to 25, RSA Group noted in a press […]
By Canadian Underwriter | May 20, 2016
Canada’s National Energy Board (NEB) has issued a 533-page report recommending the approval of the Trans Mountain Expansion Project (Project), subject to 157 conditions. The recommendation from the NEB, an independent federal regulator of pipelines, energy development and trade, follows a public hearing process that included a thorough scientific and technical examination of all the evidence […]
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