Risk
Canada’s insurers are optimistic that a national flood program will be in place to protect high-risk properties sometime in the not-so-distant future, although it doesn’t appear to be likely before the next federal election scheduled for Oct. 21, 2019. “We’ve made some really good progress,” Insurance Bureau of Canada (IBC) president and CEO Don Forgeron […]
By David Gambrill | February 6, 2019
3 min read
The past few years have created a perfect storm leading to an increase in commercial insurance rates, Signature Risk Partners Inc. says in a white paper released last week, entitled Hard Commercial Insurance Market on the Way. One factor is that global catastrophe losses hit US$160 billion in 2018, according to Munich Re. Out of […]
By Jason Contant | February 4, 2019
2 min read
Whether the industry faces a hard market or simply a “market correction,” commercial lines premiums are definitely on the rise, Canadian commercial brokers reported in an online poll by Canadian Underwriter. And they are starting to get concerned about it. Commercial brokers may want to adapt their business renewal strategies accordingly, suggests a new white […]
By David Gambrill | February 4, 2019
VANCOUVER – The Transportation Safety Board is deploying a team of investigators to the Port of Vancouver following the collapse of a large crane onto a loaded container vessel. A statement from the safety board says the ship, the Ever Summit, struck a gantry crane while berthing and both the vessel and crane sustained damage. […]
By The Canadian Press | February 1, 2019
TORONTO _ A poorly laid out runway complex and pilots distracted by required tasks have led to potentially catastrophic situations at Canada’s busiest airport, federal safety authorities said on Thursday. The finding comes from an investigation into 27 runway incursions at Toronto’s Pearson International Airport in which a landing plane either taxied onto, or almost […]
By Greg Meckbach | January 31, 2019
MELFORT, Sask. – A Saskatchewan government report says the driver of a semi-truck should not have been on the road the day he flew through a stop sign and caused a crash with the Humboldt Broncos team bus. The report filed during the sentencing hearing for Jaskirat Singh Sidhu notes 51 violations of federal trucking […]
By Greg Meckbach | January 29, 2019
The number of Ontario auto policies in the residual market has increased by nearly a third in little more than a year, figures released to Canadian Underwriter show. Since the fall of 2017, there has been “some uptick” in the number of private passenger vehicle policies insured by the Facility Association Residual Market (FARM), Norm […]
By Greg Meckbach | January 28, 2019
Besurance Corporation, a Calgary-based insurance and technology company, has agreed to acquire Fenchurch General Insurance Company, an Ontario-based specialty insurer that offers insurance programs across Canada. Specifically, Fenchurch provides programs in warranty, trucking, surety and accident and sickness. Its products are — and will continue to be — distributed through respected third-party administrators, brokers and […]
By David Gambrill | January 23, 2019
Globally, the protection gap in 2018 shrunk to 60% – the lowest level it has been in 14 years, according to a new report on global catastrophes by Aon plc. Extreme weather drove the majority of the globe’s $225-billion worth of economic losses due to natural catastrophes in 2018, Aon plc reported. Private sector and […]
By David Gambrill | January 22, 2019
Commercial brokers advising Canadian clients involved in mergers and acquisitions could soon have another market to which they could place transactional risk. The Travelers Companies Inc. announced Jan. 15 it plans to offer transactional risk insurance in the United States. Asked whether Travelers plans to write transactional risk in Canada, a company spokesperson replied, “not […]
By Greg Meckbach | January 21, 2019
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