Industry
A month after City of Toronto staff reported a “lack of common understanding of risks across the entire organization,” municipal politicians have voted to ask the city’s most senior civil servant to “review options for managing risks on an integrated basis.” During an assessment of risk across City of Toronto public sector organizations, “it became […]
By Canadian Underwriter | July 15, 2015
3 min read
Just over half of all food recalls cost the affected United States companies more than US$10 million, with losses of more than US$100 million possible, according to a report released on Wednesday by Swiss Re. Food Safety in a Globalised World found that the number of recalls per year in the U.S. has almost doubled […]
2 min read
REGINA – People forced out of their homes by wildfires across northern Saskatchewan are getting temporary relief on overdue payments. Premier Brad Wall says the province’s Crown utilities and its insurance company SGI are waiving bills, premiums and driver’s licence fees until Sept. 1. He says SaskTel, SaskPower and SaskEnergy won’t go ahead with collection […]
By The Canadian Press | July 14, 2015
1 min read
More than half of large financial service institutions surveyed for a new report by Accenture expect to invest at least US$200 million on projects to overhaul how they do business to address global structural reform (GSR) regulations this year, with nearly one-third expecting to spend at least US$500 million. Released on Tuesday, the Accenture 2015 […]
By Canadian Underwriter | July 14, 2015
Nearly one in three Canadians surveyed said they think fatigue is the “most common form of impaired driving,” while a majority think that driving 15 kilometres per hour or more over the limit is an excessive speed on city streets, State Farm Canada suggested in a survey released Tuesday. Canadian Driving Habits, a survey released […]
Strategic Underwriting Managers Inc., an independent managing general agent (MGA), has announced it has acquired Montreal-based MGA Morin Elliott Associés Ltée, whose expertise in property risks will complement SUM Insurance’s focus on casualty products. Each company will continue to run separately, notes a statement from the SUM Insurance Group of Companies. The terms of the […]
Zurich Insurance Company Ltd. has registered as a lobbyist with the federal government, indicating in a public filing it is lobbying on three recently-passed laws, one of which makes data breach notification mandatory across Canada. “The nature of cyber security is evolving so quickly it can be difficult for businesses to keep track of the […]
By Canadian Underwriter | July 13, 2015
5 min read
DETROIT – General Motors’ faulty ignition switches were responsible for at least 124 deaths and 266 injuries, according to a fund set up to compensate the victims. The fund, run by attorney Kenneth Feinberg, said Monday it has finished processing the 4,342 claims it received by the Jan. 31 deadline. Of those, 80 per cent […]
Munich Reinsurance America, Inc. and Comet, a developer of ground mobile robotics pilot projects, announced last week that they have commenced a “feasibility study” focused on autonomous vehicle (AV) data and market development opportunities. Autonomous vehicles are expected to make driving safer, but they also pose new questions about risk and liability, which the feasibility […]
Treatment of drivable claims – when a car is damaged, but still drivable – is a key factor fuelling polled Canadian drivers’ increasing dissatisfaction with the auto insurance claims process, note survey results released Monday by J.D. Power. Drivers taking part in J.D. Power’s 2015 Canadian Auto Claims Satisfaction study voiced they are significantly less […]
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