Risk
EDMONTON – Scientists have figured out how hydraulic fracking causes earthquakes in northern Alberta, but they have a way to go before they can use that knowledge to predict if it will cause temblors in other areas. “Right now, there isn’t a good solution for how to do that with induced earthquakes,” said Ryan Schultz […]
By Jason Contant | January 18, 2018
3 min read
As climate experts forecast more frequent extreme rain events, Toronto is working towards protecting properties by modernizing its storm drainage system. With its Basement Flooding Protection Program, Toronto’s city government brought in a new standard of accommodating a one-in-100-year storm instead of a one-in-five-year storm. Initially the program consisted of engineering studies in 31 areas […]
By Greg Meckbach | January 10, 2018
Insurers might be happy if lending rates rise by a few percentage points, but a financial executive with one mutual warns a sudden rise in interest rates carries a noticeable risk. The Bank of Canada announced in December it is keeping the overnight rate at 1%. That’s a quarter of a point higher than this […]
By Greg Meckbach | January 8, 2018
With a shortage of labour in nearly all engineering specialties in Canada, the forensic engineering companies that insurers rely on to help investigate claims are having difficulty retaining experts. CEP-Sintra usually does not hire engineers with less than five years experience, chief executive officer Jean-François Joubert told Canadian Underwriter Tuesday. CEP-Sintra – which investigates collisions, […]
By Canadian Underwriter | December 20, 2017
Using postal codes to determine auto insurance rates could come to an end if the Progressive Conservatives win the next Ontario election. “Geographic discrimination should be eliminated while not raising rates on other parts of the province,” a spokesperson for PC finance critic Vic Fedeli wrote Friday in an email to Canadian Underwriter. “Drivers living […]
By Canadian Underwriter | December 18, 2017
TORONTO – Bank of Canada governor Stephen Poloz is sounding the alarm on Bitcoin, calling the purchase of the cryptocurrency “closer to gambling than investing.” In a speech at the Canadian Club Toronto on Thursday, the governor said Bitcoin is not a reliable store of value and does not constitute “money.” He added that buying […]
By Canadian Underwriter | December 15, 2017
A “weak safety culture” was partly to blame for the fatal sinking of the 790-foot cargo vessel El Faro, the United States National Transportation Safety Board announced Tuesday. Safety management systems are also a major issue in Canada’s maritime sector, the Transportation Safety Board of Canada said July 20 in its annual report to Parliament. […]
By Canadian Underwriter | December 13, 2017
5 min read
Auto prices can vary based on the customer’s home address; while this has been a sore point for some consumers, the Insurance Brokers Association of Ontario is urging the regulator to think carefully before changing the use postal code rating factors. Ontario Finance Minister Charles Sousa announced Dec. 5 the government plans to tell the […]
By Canadian Underwriter | December 12, 2017
Ontario auto insurance changes announced last week are “unlikely” to reduce disputes over accident benefits claims, an insurance defence lawyer predicts, but brokers and insurers agree the provincial government is moving in the right direction. Finance Minister Charles Sousa’s Dec. 5 auto insurance reform announcement lacks a lot of detail but “appears unlikely to reduce […]
By Greg Meckbach | December 12, 2017
Minimum standards should be established for overland flood coverage offered by Canadian property and casualty insurers, an industry executive told Canadian Underwriter. Offering his personal perspective, Alain Thibault, chairman, president and CEO of the Canadian Association of Direct Relationship Insurers (CADRI), said he would like to see much more cohesion in Canada’s overland flood market. […]
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