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Legislation / Regulation

News Climate ChangeCommercial LinesInsuranceLegislation / Regulation

Environment and Climate Change Canada releases technical paper on proposed federal carbon pricing options

May 19, 2017 by Canadian Underwriter

Environment and Climate Change Canada (ECCC) has released a technical paper outlining a proposed federal carbon pricing option for provinces that choose not to have their own system in place in 2018. A backgrounder from ECCC referenced the Pan-Canadian approach

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Child restraint systems in commercial aviation should be mandatory: TSB

May 19, 2017 by Canadian Underwriter

The use of child restraint systems should be mandatory on commercial aircraft in Canada, the Transportation Safety Board of Canada reiterated Thursday in a report on an accident that injured 25. No child restraint systems were used (nor were they

News InsuranceLegislation / RegulationMarkets / Coverages

Law allowing blue and amber lights for roadside assistance vehicles now in effect in Saskatchewan

May 17, 2017 by Canadian Underwriter

Roadside assistance vehicles in Saskatchewan can now use blue lights in conjunction with amber lights, Saskatchewan Government Insurance (SGI) announced on Tuesday. The Government of Saskatchewan has proclaimed the Traffic Safety (Tow Trucks) Amendment Act to permit blue lights to

News Commercial LinesInsuranceLegislation / RegulationMarkets / Coverages

Mandatory locomotive recorder bill ‘addresses a key safety issue,’ says Transportation Safety Board

May 16, 2017 by Canadian Underwriter

Amendments to the federal Railway Safety Act mandating recording devices, if passed into law, could provide “essential information” to Transportation Safety Board of Canada staff investigating rail accidents and could help prevent such accidents in the future, TSB suggested Tuesday.

News Commercial LinesInsuranceLegislation / RegulationMarkets / CoveragesTechnology

WannaCry ransomware attack “arguably the first ever cyber-catastrophe”: RMS cyber expert

May 16, 2017 by Canadian Underwriter

The global WannaCry ransomware attack is “arguably the first ever cyber-catastrophe,” an expert in cyber risk management from RMS said on Tuesday. Tom Harvey said in a statement that the cyberattack “clearly demonstrates the systemic nature of the risk, with

News InsuranceLegislation / RegulationPersonal Lines

IBC board recommends Ontario, Atlantic Canada members voluntarily align home policies to protect innocent co-insureds

May 16, 2017 by Canadian Underwriter

The Insurance Bureau of Canada’s (IBC) board of directors is recommending that IBC’s members operating in Ontario and the Atlantic provinces voluntarily align their home insurance policies with other jurisdictions when it comes to protecting “innocent co-insureds.” Current legislation in

News InsuranceLegislation / RegulationPersonal Lines

Ontario Chamber of Commerce endorses major changes to auto insurance rate regulation

May 9, 2017 by Canadian Underwriter

The Ontario Chamber of Commerce (OCC) is calling on the provincial government to put an end to its existing auto rate filing system, a system the chamber describes as “one of the most costly, onerous, and restrictive in North America.”

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City loses argument that nine-year-old contributorily negligent after being hit by car

May 9, 2017 by Canadian Underwriter

The Supreme Court of Canada has dismissed an application from the City of Hamilton for leave to appeal a finding that a nine-year-old boy was not contributorily negligent after he was hit by a car at a location where a

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‘No active deals on the table’ to sell minority interest in SGI Canada

May 7, 2017 by Canadian Underwriter

Saskatchewan has a new law allowing for the sale of up to 49% of crown corporations, but the provincial government will continue to have a monopoly on compulsory auto insurance, a spokesperson for Saskatchewan Government Insurance told Canadian Underwriter Friday.

News InsuranceLegislation / RegulationMarkets / CoveragesPersonal LinesTechnology

Global demand for new vehicles to increase 1% to 2% in 2017: Fitch

May 4, 2017 by Canadian Underwriter

Global demand for new vehicles will increase 1% to 2% in 2017, according to Fitch Ratings’ latest U.S. Automotive Handbook, published on Wednesday. The handbook noted that growth in China, Europe and Brazil will more than offset demand declines in

News Commercial LinesInsuranceLegalLegislation / RegulationMergers and AcquisitionsPersonal LinesReinsurance

Liberty Mutual Insurance completes acquisition of Ironshore from Fosun International for US$2.94 billion

May 3, 2017 by Canadian Underwriter

Liberty Mutual Insurance has announced that it has completed its acquisition of 100% ownership in Ironshore Inc. from Fosun International Limited. Global insurer Liberty Mutual made the announcement earlier this week that it had acquired Ironshore Inc., a global specialty

Feature Climate ChangeCommercial LinesLegislation / RegulationTechnology

Diminishing Diesel

May 1, 2017 Peter Hatges, Managing Director, KPMG Corporate Finance Inc. and National Sector Leader, KPMG in Canada

The future of the diesel engine is up in the air due to concerns over nitrogen oxide emissions, the touting of fuel cells and the availability of liquefied natural gas.