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Insured losses from Colorado Springs “hail bomb” storm estimated at US$352.8 million

August 23, 2016 by Canadian Underwriter

A late July hailstorm that pelted the Colorado Springs area with golf- and tennis ball-sized hail cost an estimated US$352.8 million in insured losses, according to the non-profit Rocky Mountain Insurance Information Association (RMIIA), an organization affiliated with the Insurance

News AssociationsCommercial LinesInsuranceLegislation / RegulationPersonal LinesTechnology

City of Toronto issues Private Transportation Company licence to Uber

August 17, 2016 by Canadian Underwriter

The City of Toronto announced on Tuesday that it has issued a Private Transportation Company (PTC) licence to Uber, calling it the first of its kind in Canada. Since Toronto City Council gave Uber the green light to operate legally

News AssociationsInsuranceLegalLegislation / RegulationMarkets / CoveragesTechnology

Canada’s police chiefs want new law that would compel people to reveal passwords

August 16, 2016 Jim Bronskill - THE CANADIAN PRESS

OTTAWA – Canada’s police chiefs want a new law that would force people to hand over their electronic passwords with a judge’s consent. The Canadian Association of Chiefs of Police has passed a resolution calling for the legal measure to

News AssociationsInsuranceProfessional Development

Applications for Toronto Insurance Conference scholarships program due soon

August 9, 2016 by Canadian Underwriter

The Toronto Insurance Conference (TIC) is reminding broker members, partners and staff that the deadline to submit applications for the annual TIC Scholarships Program is just around the corner. Up to $15,000 in scholarships will be available as part of

News AssociationsCatastrophesCommercial LinesInsuranceMarkets / Coverages

RMS estimates potential 1-in-500 year catastrophe loss at 10 sea ports

August 8, 2016 by Canadian Underwriter

Six of the ten ports with the highest potential insured loss from natural catastrophes are on the United States gulf coast, Risk Management Solutions (RMS) Inc. said in a release Monday. Newark, Calif.-based RMS ranked the top 10 ports in

News AssociationsCatastrophesCommercial LinesInsurancePersonal Lines

C.D. Howe Institute report calls for federal emergency backstop arrangement for earthquakes

August 3, 2016 by Canadian Underwriter

A former federal Superintendent of Financial Institutions is calling for a last-resort federal emergency backstop arrangement for P&C insurers to minimize the systemic financial impact resulting from a “catastrophic and likely uninsurable natural disaster,” such as earthquake. “A federal emergency

News AssociationsInsuranceLegislation / RegulationMarkets / CoveragesProfessional Development

Mutual insurers seeing revival in recent years: Swiss Re sigma report

August 2, 2016 by Canadian Underwriter

Mutual insurers’ share of the overall insurance market increased from 24% of direct premiums written in 2007 to just over 26% in 2014, reversing some of the declines of previous decades, according to Swiss Re’s latest sigma report. Released on

Feature AssociationsCommercial LinesProfessional Development

Strategic Thinking

August 1, 2016 Greg Meckbach, Associate Editor

Risk management is becoming more about strategy and less about buying insurance and managing hazard risk, Julie Pemberton, RIMS president for 2016, says.

Feature AssociationsCommercial Lines

The Art of Taking Risk

August 1, 2016 Jessica Wasserman, Office of Compliance and Risk Management, New York University

Risk professionals would do well to consider “taking risk” as part of the risk management role. The art of taking that risk, however, demands risk professionals of all types have an understanding of conditions, influences and a clear plan on how best to go about meeting that objective.

News AssociationsInsuranceProfessional Development

Insurance Brokers Association of Ontario announces Colin Simpson as new CEO

July 28, 2016 by Canadian Underwriter

The Insurance Brokers Association of Ontario (IBAO) has announced the appointment of Colin Simpson as CEO, effective Wednesday. IBAO president Doug Heaman made the announcement on behalf of the association’s executive committee and recruitment committee. Simpson brings more than 15

News AssociationsCommercial LinesInsuranceLegislation / Regulation

Global commercial insurers operating in Canada join forces to form new association

July 18, 2016 by Canadian Underwriter

A number of foreign-owned commercial insurers operating in Canada have come together to form the Global Commercial Insurers Association (GCIA). The Toronto-based association will provide a platform through which foreign-owned commercial insurance carriers can become informed of current regulatory developments

News AssociationsCatastrophesCommercial LinesConstructionInsurancePersonal Lines

‘Prudent’ municipal development needed to reduce catastrophe losses: IBC

July 14, 2016 by Canadian Underwriter

With the recent wildfire in Fort McMurray, Alta. being the most expensive natural disaster in Canadian history and in the same province as Canada’s second most expensive catastrophe, officials from Insurance Bureau of Canada recently suggested that building codes and