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News Markets / CoveragesPersonal Lines

Insurance providers ‘need to go further’ to understand needs of high net worth individuals: Chubb

March 14, 2017 by Canadian Underwriter

More than 50% of high net worth individual responding to a recent survey said they were worried about being underinsured, but fewer than one in five look for insurance providers that are experts in the field, Chubb Ltd. suggested in

News AssociationsConstructionInsurancePersonal Lines

Home Fire Sprinkler Coalition launches Canadian website

March 14, 2017 by Canadian Underwriter

A new website from the non-profit Home Fire Sprinkler Coalition (HFSC) – HomeFireSprinklerCanada.ca – seeks to help increase interest in the life-saving benefits of installed home fire sprinklers in new construction homes. In partnership with and funding from the Co-operators

News CatastrophesClimate ChangeInsurancePersonal Lines

Desjardins Insurance offers new flood coverage for low-, medium-risk areas

March 14, 2017 by Canadian Underwriter

Customers of Desjardins Insurance, The Personal and State Farm Canada who live in low-risk flood areas will now automatically be covered by a new flood endorsement while those in medium-risk areas can choose to purchase an additional premium. Endorsement 16d

News Commercial LinesInsurancePersonal LinesReinsurance

Fairfax Financial to increase cash consideration component in proposed acquisition of Allied World

March 13, 2017 by Canadian Underwriter

Fairfax Financial Holdings Limited and Allied World Assurance Company Holdings jointly announced Friday that the former has exercised its option to increase the cash consideration component of its US$4.9 billion cash and stock offer to Allied World shareholders. In exercising

News InsuranceLegalPersonal Lines

Supreme Court of Canada to hear appeal over duty of care owed by repair centre to auto thieves

March 10, 2017 by Canadian Underwriter

The Supreme Court of Canada recently announced it will hear an appeal from an auto repair centre that was successfully sued by a person who participated in the theft of a customer’s car from that repair centre and was injured

News AssociationsInsuranceLegislation / RegulationPersonal Lines

Ontario private member’s bill proposes 15% cap on personal injury lawyers’ contingency fees

March 10, 2017 by Canadian Underwriter

A bill tabled Wednesday in the Ontario legislature, by a backbench Liberal MPP, would limit lawyers’ contingency fees in the province, for personal injury claims, to 15%. If passed into law, Bill 103 would stipulate that “contingency fees be capped

News InsuranceLegalPersonal Lines

Aviva Canada applauds bill to address distracted driving through creation of designated “safe texting zones”

March 10, 2017 by Canadian Underwriter

Aviva Canada is applauding the second reading of a private member’s bill in Ontario to combat distracted driving through the creation of designated “safe texting zones.” Bill 19, the Safe Texting Zones Act, passed second reading on Thursday. Brought forward

News AssociationsCommercial LinesInsurancePersonal LinesReinsuranceTechnology

ATB Financial joins R3 distributed ledger consortium

March 10, 2017 by Canadian Underwriter

ATB Financial announced Thursday that the Alberta-based financial services provider has joined the consortium of financial innovation firm R3 to design and apply distributed and shared ledger-inspired technologies to global financial markets. The company will be collaborating with more than

News CatastrophesCommercial LinesInsurancePersonal Lines

Slower winds in forecast could aid crews battling wildfires

March 9, 2017 Heather Hollingsworth - THE ASSOCIATED PRESS

KANSAS CITY, Mo. – The winds fueling deadly wildfires that scorched vast swathes of land in four Plains states finally dropped Thursday, bringing hope to crews trying to contain the blazes. Emergency personnel warned, however, that extremely dry conditions and

News CatastrophesCommercial LinesInsurancePersonal LinesReinsurance

Outbreak of severe convective storms across U.S. Midwest causing widespread damage in Missouri, Iowa and Minnesota: RMS

March 9, 2017 by Canadian Underwriter

As of March 8, cumulative preliminary tornado, hail and straight-line wind reports in the United States for the year have all been more than double their respective 2005-2015 averages, according to the records of the National Oceanic and Atmospheric Administration’s

News Commercial LinesInsurancePersonal LinesTechnology

Incumbent insurers should rethink businesses, embrace opportunity in digital technology: McKinsey & Company

March 9, 2017 by Canadian Underwriter

The insurance industry is not impregnable and companies would be well-advised to reinvent themselves by incorporating digital technology and allowing it to become a catalyst, suggests a new report issued Thursday by McKinsey & Company. Some executives “know that staying

News InsuranceLegalPersonal Lines

Criminal charges related to auto insurance fraud dropped against Toronto man

March 9, 2017 by Canadian Underwriter

Criminal charges against a Toronto man alleging that he sold fake auto insurance have been dropped. As Canadian Underwriter reported on April 9, 2015, Toronto Police Service charged Min-Hoi Yau with “fraud under $5,000, uttering a forged document and possession