Industry
WINNIPEG – Store owners who will sell cannabis in Manitoba will face strict rules about how they display and secure the drug when its recreational use becomes legal next month. New rules set by the province will require that stores have monitored alarm systems and video cameras that operate continuously. The cannabis will have to […]
By The Canadian Press | September 13, 2018
1 min read
Swiss Re Corporate Solutions has appointed Jamie Mullarkey as head of property and energy for Canada, replacing Yvonne Steiner. Swiss Re Corporate Solutions, which writes commercial primary insurance in Canada, targets large and mid-sized organizations. Steiner, who joined Swiss Re in 2007, has left the company, Swiss Re said Tuesday. Mullarkey, a British national, is […]
By Greg Meckbach | September 12, 2018
As the southeastern United States braces for Hurricane Florence – one year after Hurricanes Harvey, Irma and Maria caused widespread destruction in the country – the question of whether there is sufficient reinsurance capacity is again thrust into the spotlight. Last year, global insured losses from disaster events were the highest ever, with Hurricanes Harvey, […]
By Jason Contant | September 12, 2018
3 min read
Underwriting margins will need to improve by at least six to nine points in major western markets to deliver sustainable returns, according to the latest sigma report from global reinsurer Swiss Re. The report Profitability in non-life insurance: mind the gap, released Sept. 8, assessed the existing earnings gap in the non-life insurance (P&C) sector. […]
By Jason Contant | September 10, 2018
2 min read
Some Canadian auto insurers would hike rates even further if provincial bureaucrats would let them, a New Jersey-based analyst said Wednesday at A.M. Best’s 2018 Insurance Market Briefing-Canada in Toronto. In a recent report, A.M. Best Company Inc. warned of “ongoing challenges” in the Canadian auto insurance market, with the loss ratio in auto liability […]
By Greg Meckbach | September 6, 2018
Ontario Teachers’ Pension Plan (OTPP) has agreed to acquire Kanetix Ltd., a digital customer acquisition platform and marketplace providing online quotes for insurance and financial products. Many details about the acquisition are not yet known, and financial terms were not disclosed. OTPP could not immediately be reached for comment about the rationale for the acquisition. […]
By David Gambrill | September 4, 2018
Insurers in Newfoundland and Labrador are calling on politicians to make structural changes to the province’s auto insurance system, saying their recommendations would better align the province’s auto premiums with those elsewhere in the Atlantic region. Specifically, insurers are calling for: The insurers made their pitch this week as the provincial insurance regulator, the Board […]
4 min read
Aspen Insurance Holdings Ltd., which writes risks in Canada, has tentatively agreed to be bought for US$2.6 billion. If the deal closes, Hamilton, Bermuda-based Aspen will be owned by private equity firm Apollo Global Management LLC of New York City. Aspen’s board is recommending that shareholders of the publicly-traded company vote in favour of the […]
By Greg Meckbach | September 1, 2018
A flooded business and their insurers have been ordered by a court to “go back to the drawing board” and come up with a discovery plan, having “fallen short of the collaborative process,” a case master for the Ontario Superior Court has ruled. Maxi Boutique sued its insurers for breach of contract linked to a […]
By David Gambrill | August 30, 2018
The Insurance Bureau of Canada (IBC) wants a “regulatory sandbox” for the P&C insurance industry, something currently not accessible to insurers. “Sandboxes relax specific legal and regulatory requirements to create a safe and conductive space for innovative ideas, enabling companies to experiment while at the same time, containing the fallout of any failure,” explained Rana […]
By Jason Contant | August 27, 2018
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