Claims
It will be a challenging year for the insurance industry, but brokers will be able to manage those challenges with continued focus and hard work, Lorne Perry, president-elect of the Insurance Brokers Association of Canada (IBAC), suggested during IBAC’s annual general meeting in Quebec City Saturday. “We have new risks, like cyber risk; we have […]
By Canadian Underwriter | September 26, 2015
3 min read
Manitoba Public Insurance (MPI) announced on Friday that people who insure their vehicles with a $100 or $200 deductible package will qualify to have the deductible reduced to $0 for vandalism claims. Manitobans who insure their vehicles with an Autopac Extension deductible package of $100 or $200 will qualify. The change takes effect on Friday, […]
By Canadian Underwriter | September 25, 2015
2 min read
2014 was a “very tough” catastrophe year for Canadian insurers, while mergers and acquisitions are “on the minds” of managers for global reinsurance firms, analysts for A.M. Best Company Inc. told Canadian insurance professionals Thursday in Toronto. “All of a sudden in 2014 and 2015 we are seeing a huge amount of M&A activity” in […]
PORTLAND, Maine – Final approval of a massive settlement for victims of the 2013 train derailment in Lac-Megantic, Que., has been delayed. The delay is to provide time for the only party that’s opposed to the fund to either join in the settlement or negotiate terms to withdraw its objection. A U.S. bankruptcy judge ordered […]
Saskatchewan Government Insurance (SGI), the province’s self-sustaining auto insurance fund, announced on Thursday that provincial police issued 6,371 tickets last month, the majority of which were related to speeding. In August, commercial vehicle safety was the traffic focus and speeders were overrepresented, again, SGI said in a press release. Of the 6,371 tickets issued, 5,232 […]
By Canadian Underwriter | September 24, 2015
The Ontario Chamber of Commerce (OCC) is urging Toronto City Council to “unlock the economic potential” of the sharing economy as the city considers adopting a Transportation Network Company regulation for ridesharing. “The sharing economy is growing at an incredible rate and the opportunity for Ontario municipalities is an important one,” said Allan O’Dette, president […]
The Office of Personnel Management (OPM) in the United States – the human resources department for the federal government that suffered a massive data breach affecting about 21.5 million people in June – said on Wednesday that the number of individuals whose fingerprints have been stolen has increased by 4.5 million. As part of the […]
Flood Risk Canada, Inc. (FRC) has launched a new program designed to allow insurers, lenders and property owners to receive accurate and current flood hazard and flood risk data for commercial, residential and mixed-use properties in Canada. FRC reports the new flood maps in its Flood Hazard Mapping Program (FHMP) will help with determining a […]
Zurich Insurance Group has announced it currently estimates aggregate losses of about US$275 million in connection with mid-August’s series of explosions at a container storage station in the Port of Tianjin in China. The US$275 million estimate for Tianjin losses is net of reinsurance and before tax, notes a company statement this week providing a […]
Environment Canada announced on Tuesday that it has opened an investigation into Volkswagen’s alleged use of defeat devices to circumvent emissions regulations. On Sept. 18, the United States Environmental Protection Agency (EPA) issued a Notice of Violation of the Clean Air Act to Volkswagen, alleging that four-cylinder Volkswagen and Audi diesel cars from model years […]
By Canadian Underwriter | September 23, 2015
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