Claims
A federal bill proposing to impose absolute liability for “unintended or uncontrolled releases” of oil and gas from pipelines regulated by the National Energy Board is ready for third reading in the Senate. Bill C-46, the Pipeline Safety Act, passed third reading in May in the House of Commons and was the subject of hearings […]
By Canadian Underwriter | June 10, 2015
4 min read
Guy Carpenter & Company, LLC has launched new components of its stochastic modelling platform designed to address the liability-based catastrophe risks of cyber/data breaches and financial crisis-type risks. The new components of the GC ForCasSM casualty catastrophe modelling platform are meant to help insurance carriers better understand their exposure to casualty catastrophe losses resulting from […]
By Canadian Underwriter | June 9, 2015
2 min read
Independent brokerages Sharp Insurance and Rogers Insurance have launched floodinsurance.ca, an online resource offering flood-related topics, flood watch advisories, quick quote options and online support chat features for Alberta residents looking to learn about coverage options. The website launch, announced on Monday, educates consumers on flood risks, flood mitigation and water coverage options. “There is […]
By Canadian Underwriter | June 8, 2015
A new study published online Thursday in the journal Science finds that the rate of global warming during the last 15 years has been as fast as or faster than that seen during the latter half of the 20th century, refuting the notion that there has been a slowdown or “hiatus” in the rate of […]
By Canadian Underwriter | June 5, 2015
3 min read
It’s the “end of the road” for an estimated 7,000 to 10,000 insured vehicles following the recent flooding in Texas, the National Insurance Crime Bureau (NICB) in the United States said on Friday. The current estimate is from Dallas-based Copart, which works on behalf of insurers to handle vehicles damaged in catastrophes. About 2,500 cars, […]
Just two days after Ontario announced increased fines for distracted drivers, the province of Manitoba indicated that provincial high-risk drivers would also face stiffer consequences, including increased costs of up to $3,200, under proposed regulatory amendments. On Tuesday, Ontario passed the Making Ontario’s Roads Safer Act, which increased the maximum fine for distracted driving to […]
WASHINGTON – China-based hackers are suspected once again of breaking into U.S. government computer networks, and the entire federal workforce could be at risk this time. The Department of Homeland Security said in a statement that data from the Office of Personnel Management – the human resources department for the federal government – and the […]
The Insurance Brokers Association of Ontario (IBAO) and the Insurance Bureau of Canada (IBC) announced they are “applauding” the passage Tuesday of the Making Ontario’s Roads Safer Act because it raises fines for distracted driving. “Collisions caused by distracted driving are preventable,” IBAO president Michael Brattman stated in a release on Thursday. “We hope that […]
Italian investment firm EXOR S.p.A. announced Wednesday it has filed a “definitive proxy statement” with the American investment regulator in an effort to “communicate directly” with shareholders of reinsurance and commercial insurance provider PartnerRe Ltd. EXOR – which effectively controls Fiat-Chrysler Automobile – earlier offered to acquire PartnerRe for about US$6.8 billion, but PartnerRe’s board […]
By Canadian Underwriter | June 4, 2015
LOS ANGELES – A pipeline rupture that spilled an estimated 101,000 gallons of crude oil near Santa Barbara last month occurred along a badly corroded section that had worn away to a fraction of an inch in thickness, federal regulators disclosed Wednesday. The preliminary findings released by the federal Pipeline and Hazardous Materials Safety Administration […]
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