Canadian Underwriter

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Insurance


Double exposure businessman
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Business interruption replaces cyber as top business risk for Canadian respondents to Allianz Risk Barometer

January 11, 2017 by Canadian Underwriter

The risk of cyber incidents has plummeted from first to fifth place among Canadian respondents in an annual survey by Allianz of the most important business risks, while more than one in seven Canadian respondents identified quality deficiencies, serial defects

Businessman calculating and checking articles of agreement
News Commercial LinesEarnings / RatingsInsurance

Loss ratio for Canadian commercial insurers deteriorates in accident year 2016 compared to same period in 2015: Willis Towers Watson survey

January 11, 2017 by Canadian Underwriter

Reported claim cost information for Canadian commercial insurers reveals a deterioration in loss ratio of 38.4% in accident year 2016 compared to the same period in 2015, according to Willis Towers Watson’s (WTW) Commercial Lines Insurance Pricing Survey – Canada

California Storms
News CatastrophesCommercial LinesInsurancePersonal Lines

Small tornado touches down as storm wallops California

January 11, 2017 Eric Risberg and Janie Har - THE ASSOCIATED PRESS

SAN FRANCISCO – A small tornado was whipped up as part of a powerful band of thunderstorms that moved through Northern California during the latest deluge that has downed trees, swollen rivers and prompted evacuations over flood fears. The tornado

Protection background. Technology security.
News Commercial LinesInsuranceLegalTechnology

One in three cyberattacks in the past year resulted in a security breach for Canadian companies, new Accenture survey finds

January 11, 2017 by Canadian Underwriter

Roughly one in three targeted cyberattacks over the past year resulted in an actual security breach for Canadian companies, according to a new survey from global professional services company Accenture. Despite these breaches – which equate to three effective attacks

Toronto's CN Tower with airplane landing
News InsuranceMarkets / Coverages

Transportation Safety Board reiterates warning of risk of unstable aircraft approaches

January 10, 2017 by Canadian Underwriter

Unstable approaches of airplanes before landing at airports was a factor in two investigation reports released this week by the Transportation Safety Board of Canada. TSB – which is independent of Transport Canada – released Tuesday an investigation report into

Container ships sailing
News InsuranceMarkets / Coverages

Sea kidnappings rise in 2016 despite plummeting global piracy, report says

January 10, 2017 by Canadian Underwriter

More crew members were kidnapped at sea in 2016 than in any of the previous 10 years, despite global piracy reaching its lowest levels since 1998, the International Chamber of Commerce’s International Maritime Bureau (IMB) reported on Tuesday. In its

FILE - In this Sept. 21, 2015, file photo, a Volkswagen logo is seen on car offered for sale at New Century Volkswagen dealership in Glendale, Calif. The Volkswagen executive, Oliver Schmidt, who once was in charge of complying with U.S. emissions regulations has been arrested in connection with the company’s emissions-cheating scandal, a person briefed on the matter said Monday, Jan. 9, 2017. (AP Photo/Damian Dovarganes, File)
News InsuranceLegalTechnology

Second VW employee arrested over emissions scheme

January 10, 2017 Tom Krisher and Eric Tucker - THE ASSOCIATED PRESS

DETROIT – The Volkswagen executive who once was in charge of complying with U.S. emissions regulations was arrested during the weekend in Florida and accused of deceiving federal regulators about the use of special software that cheated on emissions tests.

Container Ship Nearing Harbour
News Commercial LinesInsuranceMarkets / CoveragesProfessional Development

Berkshire Hathaway Specialty Insurance enters marine insurance market in Canada

January 10, 2017 by Canadian Underwriter

Berkshire Hathaway Specialty Insurance (BHSI) announced on Tuesday that it is introducing inland and ocean marine insurance in Canada. John Evans, vice president of marine with BHSI, said in a press release that with Gord Rider, who was named senior

City deals in the making
News Commercial LinesInsuranceMarkets / CoveragesPersonal LinesTechnology

Ontario brokerage Smith & Associates Insurance consolidates with The Standard Insurance Brokers

January 10, 2017 by Canadian Underwriter

Thunder Bay, Ont.-based brokerage Smith & Associates Insurance has announced its consolidation with The Standard Insurance Brokers, effective Tuesday. This consolidation will allow both organizations to offer a broader scope of products to clients, enhance their long established relationships with

News CatastrophesClimate ChangeInsuranceTechnology

Research on earthquakes, tsunamis and climate change to benefit from federal investment of $46.6 million to Ocean Networks Canada

January 10, 2017 by Canadian Underwriter

The federal government has provided a five-year $46.6 million investment to the University of Victoria’s (UVic) Ocean Networks Canada (ONC) to support its continued research and development. ONC pioneers ocean observatories that stream live data 24/7 to researchers across Canada

Huge hurricane between Florida and Cuba. Elements of this image furnished by NASA
News CatastrophesClimate ChangeCommercial LinesEarnings / RatingsInsurancePersonal LinesReinsurance

2016 Q4 preliminary loss estimate for natural catastrophes US$245 million: XL Group

January 10, 2017 by Canadian Underwriter

XL Group Ltd.’s insurance and reinsurance segments are almost evenly split with regard to accounting for the company’s approximately US$245 million, natural catastrophe net loss estimate for the fourth quarter of 2016. The preliminary loss estimate “is pre-tax and net

Interesting reflection and lines formed by two modern glass architecture.
News Commercial LinesConstructionInsuranceLegalMarkets / CoveragesPersonal Lines

CMW Insurance Services, Capri Insurance Services merger positions new company for growth

January 10, 2017 by Canadian Underwriter

The merger of CMW Insurance Services Ltd. and Capri Insurance Services Ltd. creates one of the largest independent, employee-owned insurance brokerages and risk management firms in Western Canada, the companies reported Monday. Effective Jan. 1, 2017, “the merger leverages the