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Global market for usage-based insurance grew by 32% in 2016 to 14 million policies: PTOLEMUS

May 18, 2017 by Canadian Underwriter

The global market for usage-based insurance (UBI) insurance grew by 32% in 2016 to 14 million policies, according to PTOLEMUS Consulting Group’s UBI Quarterly Dashboard, released on Thursday. The dashboard is a 100-page quarterly quantitative and business intelligence report surveying

News Commercial LinesInsuranceMarkets / CoveragesPersonal LinesTechnology

Autonomous vehicles will add US$81 billion in new premiums for U.S. auto insurers by 2025: report

May 18, 2017 by Canadian Underwriter

Insurance coverage for autonomous vehicles will bring US$81 billion in new premiums to the auto insurance industry in the United States over the next eight years, according to a new report from Accenture and Stevens Institute of Technology (SIT). The

News AppointmentsInsuranceMarkets / CoveragesPersonal Lines

Saskatchewan government extends effective data for PST on insurance premiums

May 18, 2017 by Canadian Underwriter

The Government of Saskatchewan announced on Wednesday that it has extended the effective date for the application of provincial sales tax to insurance premiums following discussions with insurance industry associations. The Ministry of Finance said in a press release that

News CatastrophesCommercial LinesInsurancePersonal Lines

Storms pummel central U.S., as tornadoes kill at least two

May 17, 2017 The Associated Press (APR)

ELK CITY, Okla. – Storms whipped through a wide swath of the central U.S., forming tornadoes that flattened a Wisconsin mobile home park and an Oklahoma subdivision and killing at least two people and injuring dozens of others. The storms

News CatastrophesInsurancePersonal Lines

Residents airlifted out as rising Churchill River threatens Labrador town

May 17, 2017 The Canadian Press

HAPPY VALLEY-GOOSE BAY, N.L. – Police in Labrador say residents of a small community surrounded by water are being evacuated as an ice jam causes a river to swell and flood the area. RCMP Cpl. Rick Mills says the air

News CatastrophesInsurancePersonal Lines

Q1 combined ratio ex-MYA 101.6% for Desjardins General Insurance

May 16, 2017 by Canadian Underwriter

Desjardins General Insurance Group reported Thursday an underwriting loss, excluding market yield adjustment, of $17.2 million during the three months ending March 31, while premiums dropped 11% from the same period of last year. Direct premiums written dropped from $1.04

News Commercial LinesInsuranceMarkets / CoveragesMergers and AcquisitionsPersonal LinesProfessional Development

Rogers Insurance Ltd. obtains minority shares purchase of Megson FitzPatrick Inc.

May 16, 2017 by Canadian Underwriter

Rogers Insurance Ltd. announced on Tuesday that it will obtain a minority shares purchase of Megson FitzPatrick Inc. The partnership between Calgary-based Rogers Insurance and Victoria, B.C.-based Megson FitzPatrick became effective May 5, Rogers Insurance said in a press release

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

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U.S. personal lines carriers investing in insurtech for early information on new ideas, competitive advantage: Novarica

May 16, 2017 by Canadian Underwriter

Personal lines carriers in the United States are using insurtech to focus on diverse research and development efforts, analytics, improved self-service capabilities (including mobile platforms) and core systems upgrades with an eye to the future, suggests a new report from

News CatastrophesInsurancePersonal Lines

Quebec premier wants to announce flood compensation changes before end of week

May 16, 2017 The Canadian Press

MONTREAL – New rules governing compensation for flood victims could come by the end of the week, Quebec Premier Philippe Couillard said Monday. The government’s current financial aid program isn’t inadequate, but could be improved, the premier told reporters in

News Commercial LinesInsuranceMarkets / CoveragesPersonal LinesTechnology

Global cyber attacks expected to up demand for related insurance, U.S. market could grow 10-fold: Fitch Ratings

May 16, 2017 by Canadian Underwriter

Fitch Ratings expects demand for cyber insurance protection will increase in the wake of the slew of recent ransomware cyber attacks in 150-plus countries, but cautions against aggressive expansion that could prove credit-negative. “Growth in corporate anxiety from cyber-related threats

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Waymo, Lyft to team up on self-driving vehicles

May 15, 2017 The Associated Press

NEW YORK – Waymo, the self-driving car company owned by Google’s parent Alphabet Inc., and Lyft Inc. are teaming up to road test autonomous cars in a potential challenge to Uber Technologies Inc. In its statement, Lyft said Waymo holds