Claims
“Canada is in a better position than many other countries to actually close its protection gap,” Veronica Scotti, president and CEO of Swiss Re Canada, said Wednesday during Swiss Re’s Canadian Insurance Outlook in downtown Toronto. “Sometimes it takes an outsider to proclaim that things are not as bad as they seem,” said Scotti, who […]
By Angela Stelmakowich | April 6, 2016
4 min read
ISO, a Verisk Analytics business, announced on Wednesday that it will collect, aggregate and analyze cyber insurance data to help address a major issue facing today’s cyber insurance market: the need for more detailed underwriting and rating information. ISO said in a press release that it is currently collecting premium, exposure and loss data for […]
By Canadian Underwriter | April 6, 2016
2 min read
The Court of Appeal for Ontario has ruled against a tenant who was obliged under its lease to obtain property insurance, and tried to sue its landlord after a fire destroyed a Renfrew, Ontario building. In a decision released Monday, the Court of Appeal for Ontario overruled a 2014 ruling, by the Ontario Superior Court […]
Vulnerable road users, which includes pedestrians, bicyclists and motorcyclists, is the traffic safety spotlight for the month of April, Saskatchewan Government Insurance (SGI) said on Wednesday. Police in the province will be paying particular attention to vehicles not yielding to pedestrians, making unsafe lane changes around motorcycles and driving without due care and attention around […]
Despite the challenges and fluctuations of 2015 – including plummeting oil prices – Canada’s property and casualty industry “had a relatively good year,” with underwriting income tripling to about $1.7 billion, David McGown, senior vice president of strategic initiatives for Insurance Bureau of Canada (IBC), said Wednesday during Swiss Re’s 2016 Canadian Insurance Outlook. “Underwriting […]
5 min read
Total economic losses from a winter storm in Ontario and Quebec in March were estimated to approach $130 million (US$100 million), while insurers anticipated losses well into the tens of millions in U.S. dollars, according to Impact Forecasting’s Global Catastrophe Recap for March. The winter storm on March 24 and 25, tracked into southern Canada […]
3 min read
Sponsors completed two catastrophe bonds with coverage for Canada in the first quarter of 2016 – the same two sponsors that did so in the first quarter of 2015, according to Property Claims Services’ (PCS) Q1 2016 cat bond report. Déjà vu: PCS Q1 2016 Catastrophe Bond Report, released on Wednesday, noted that capital raised […]
Tropical Storm Risk (TSR), part of Aon Benfield Research’s academic and industry collaboration, is forecasting 12 named storms, six hurricanes and two major (Category 3+) hurricanes between the months of June and November. The April forecast for the Atlantic Hurricane season, issued on Tuesday, is similar to a preliminary forecast late last year, which forecast […]
By Canadian Underwriter | April 5, 2016
Alberta’s Minister of Justice and Solicitor General, Kathleen Ganley, confirmed on Monday that client data from the province’s Maintenance Enforcement Program (MEP) may have been compromised by an employee. The MEP collects court-ordered child support, spousal and partner support and “enforces as needed,” according to the program’s website. Ganley said in a statement that she […]
1 min read
NEW ORLEANS – A federal judge in New Orleans granted final approval Monday to an estimated $20 billion settlement over the 2010 BP oil spill in the Gulf of Mexico, resolving years of litigation over the worst offshore spill in the nation’s history. The settlement, first announced in July, includes $5.5 billion in civil Clean […]
By Jason Contant | April 5, 2016
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