Claims
A panel appointed by the Ontario Ministry of Finance has recommended the creation of a new regulatory agency to operate as an “integrated regulator of financial services with distinct market conduct, pensions and prudential regulatory functions; operating independently of each other, but in a coordinated and consistent manner.” The recommendation for the creation of a […]
By Canadian Underwriter | November 5, 2015
4 min read
A record number of global tropical cyclones that have reached Category 4 or 5 intensity have developed in the Northern Hemisphere this year, according to Impact Forecasting’s Global Catastrophe Recap report for October. Impact Forecasting, Aon Benfield’s catastrophe model development team, reported that 22 such cyclones occurred across the globe in 2015, breaking the previous […]
3 min read
Munich Re reports it is still on course for a good year despite a challenging environment that has contributed to the company posting a profit of 525 million euros for 2015 Q3 compared to 736 million euros in the same quarter of 2014. “The capital market turbulences have left their mark on the investment result, […]
RICHMOND, B.C. – A councillor in Richmond, B.C., says Vancouver Coastal Health has ignored studies about the safety of the city’s only hospital if a major earthquake occurs. Bill McNulty says studies conducted in 2005 and 2011 found Richmond Hospital could not withstand even a moderate shaker. McNulty says both reports found that the north […]
By The Canadian Press | November 4, 2015
1 min read
Concerns about the health effects of hookahs, or waterpipes, prompted Toronto City Council this week to ban such devices, from establishments requiring a municipal licence, effective next April. “Hookah smoking is found to be associated with a number of short and long-term health effects including carbon monoxide poisoning, heart, lung and gum disease, low birth […]
By Canadian Underwriter | November 4, 2015
2 min read
The United States’ Department of Transportation’s National Highway Traffic Safety Administration (NHTSA) announced on Tuesday that it has imposed the largest civil penalty in its history – US$70 million payable in cash and an additional US$130 million if Takata fails to meet its commitments or if additional violations are discovered – in connection with the […]
Hannover Re reports being well on track for solid year-end financial results, announcing Wednesday that Group net income was 786.0 million euros in 2015 Q3, a 13% increase over the 695.4 million euros in the prior-year quarter. The already good Group net income in 2014 Q3 was further boosted for the quarter ending Sept. 30, […]
Economical Insurance’s board of directors “formally decided” Tuesday to proceed with demutualization, and if successful, the money raised from demutualization would “likely be tied around acquisition activity,” the Waterloo, Ont.-based insurer’s chief executive officer suggested. Economical’s announcement comes four months after the federal government enacted regulations allowing for the demutualization of property & casualty insurance […]
By Canadian Underwriter | November 3, 2015
7 min read
EDMONTON – Alberta Premier Rachel Notley says progress on addressing climate change is the key to getting pipelines built. She made the comment a day after TransCanada Corp. asked the U.S. government to put a hold on the company’s permit application for the Keystone XL pipeline. The line would take Alberta crude across the United […]
By The Canadian Press | November 3, 2015
The Allstate Corp. reported Monday a 4.2% increase in property-liability insurance premiums written while catastrophe losses for the third quarter were 47.8% lower this year than in 2014, while third-quarter net income dropped 17% year over year. Northbrook, Ill.-based Allstate released its financial results for the third quarter, reporting its combined ratio improved 1.9 points, […]
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