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Commonwell Mutual Insurance Group offers new flood policy endorsement for Ontario homeowners

February 13, 2017 by Canadian Underwriter

Commonwell Mutual Insurance Group has a new policy endorsement that uses geo-coding to provide Ontario homeowners in low- and medium-risk zones with protection against property damage from flooding, surface water and sewer back-up caused by flood events. Starting Feb. 13,

News CatastrophesInsuranceLegalPersonal Lines

Lawsuit filed in connection to explosion in Fort McMurray fire aftermath

February 13, 2017 The Canadian Press

FORT MCMURRAY, Alta. – A proposed class-action lawsuit has been filed against natural gas company Atco (TSE:ACO.X) in an explosion last May that damaged several homes in Fort McMurray, Alta. The blast took place in the Dickinsfield neighbourhood while the

News Commercial LinesEarnings / RatingsInsurancePersonal Lines

Zurich reports business operating profit of US$4.5 billion for 2016, up 55% from prior-year period

February 10, 2017 by Canadian Underwriter

Zurich Insurance Group has reported a business operating profit (BOP) for the full-year ending Dec. 31, 2016 of US$4.5 billion, up 55% from the prior-year period. The fourth quarter BOP for the three months ending Dec. 31, 2016 was up

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Fairfax proposes to acquire New Zealand insurer Tower for nearly $200 million

February 9, 2017 by Canadian Underwriter

Fairfax Financial Holdings Ltd., the corporate owner of Northbridge Insurance, announced Wednesday it has agreed to buy Auckland-based Tower Limited, which writes property and casualty insurance in New Zealand and nearby nations. Tower’s shareholders, if they approve the deal, would

News Commercial LinesInsuranceLegalPersonal LinesReinsurance

Trisura to form new Canadian insurance holding company

February 9, 2017 by Canadian Underwriter

Trisura Guarantee Insurance Company has announced that it is forming Trisura Group Ltd., a new Canadian insurance holding company. Trisura Guarantee is currently owned 60% by Brookfield Asset Management and 40% by Trisura employees through a holding company. Mike George,

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Q4 combined ratio up 14.9 points at Aspen

February 9, 2017 by Canadian Underwriter

Wildfires in Tennessee, an earthquake in New Zealand, Hurricane Matthew and energy-related losses all contributed to a 20.2-point deterioration in the fourth-quarter loss ratio in reinsurance for Aspen Insurance Holdings Ltd., while in primary insurance, Aspen reported a combined ratio

News CatastrophesCommercial LinesInsurancePersonal Lines

U.S. National Weather Service issues flash flood warning after dam fails

February 9, 2017 The Associated Press

ELKO, Nev. – An earthen dam failed in a rural area of northeastern Nevada and caused flash flooding that threatened homes, sent waters over low-lying roads and farms and forced the rerouting of trains, officials said. The National Weather Service

News CatastrophesCommercial LinesInsurancePersonal Lines

U.S. severe weather, flooding leads to billion-dollar cost for insurance industry in January: Aon Benfield

February 9, 2017 by Canadian Underwriter

Major severe weather and flood events in the United States in January led to billion-dollar cost for the insurance industry, according to Aon Benfield’s latest Global Catastrophe Recap. The January report noted that separate major severe weather outbreaks swept across

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British Columbia highway closed after avalanche

February 8, 2017 THE CANADIAN PRESS

LAKE LOUISE, Alta. – No one was hurt when an avalanche rolled over the Trans-Canada Highway in southeastern British Columbia early Wednesday morning. Jamieson Harbottle, the fire chief in nearby Field, B.C., said no vehicles were hit by the slide.

News InsurancePersonal Lines

Free windshield chip repair to be included in ICBC optional coverage

February 8, 2017 by Canadian Underwriter

Insurance Corporation of British Columbia announced Wednesday it will offer optional coverage for windshield repair for private passenger vehicles as well as some commercial light vehicles. “Starting this spring, customers who purchase ICBC’s optional comprehensive coverage will be able to

News AssociationsInsuranceLegalPersonal Lines

Denying catastrophic impairment status to Ontario auto claimant is not denying benefit: OIAA speaker

February 8, 2017 Greg Meckbach, Associate Editor

When an Ontario auto insurer notifies a claimant that he or she has not sustained a catastrophic impairment, that does not constitute the denial of a benefit for the purposes of the two-year limitation on filing a lawsuit, a lawyer

News CatastrophesCommercial LinesInsurancePersonal Lines

Dozens injured in tornadoes across southern Louisiana

February 8, 2017 Kevin McGill - THE ASSOCIATED PRESS

NEW ORLEANS – Brittany Ross remembers she was savoring the smell of her aunt’s simmering white beans when the storm that injured about 40 people in southeastern Louisiana hit. “The place started shaking, kind of twisting,” she said Tuesday as