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Study: California fault could cause magnitude 7.4 quake

March 8, 2017 The Associated Press

SAN DIEGO – An earthquake fault running from San Diego Bay to Los Angeles is capable of producing a magnitude-7.4 earthquake that could affect some of the region’s most densely populated areas, according to a study released Tuesday. The study

News CatastrophesCommercial LinesInsurancePersonal Lines

Severe weather outbreaks in U.S. in February lead to billion-dollar payout for insurance industry: Aon Benfield

March 8, 2017 by Canadian Underwriter

Prolific severe weather outbreaks in the United States lead to an expected billion-dollar payout for the insurance industry as no fewer than five outbreaks of severe weather impacted portions of the country during February, according to Impact Forecasting’s latest Global

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Non-standard auto insurer Echelon completes sale of European operations

March 8, 2017 by Canadian Underwriter

Echelon Financial Holdings Inc. announced Tuesday it has completed the sale of its European operations, which provide non-standard auto through Danish insurer Qudos Insurance A/S. At current exchange rates, Mississauga, Ont.-based Echelon will receive about $5.1 million on closing “and

News Commercial LinesInsuranceMarkets / CoveragesPersonal LinesTechnology

Driverless cars to “revolutionize” motor insurance as liability shifts towards manufacturers: Fitch

March 8, 2017 by Canadian Underwriter

Widespread adoption of autonomous vehicles will completely transform the motor insurance sector in the long-term as liability shifts towards manufacturers and the traditional risk pool shrinks, Fitch Ratings said in a new report on Wednesday. Simply put, insurers will be

News CatastrophesCommercial LinesInsurancePersonal Lines

Parts of Manitoba, Saskatchewan hit by blizzard, travel extremely dangerous

March 7, 2017 The Canadian Press

Snow, high winds and low visibility made travel extremely dangerous in parts of Manitoba and eastern Saskatchewan Tuesday as a blizzard howled through the region for a second day. Manitoba said the Trans-Canada Highway and highways 16, 5 and 45

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U.S.-based DrivSafe launches mobile telematics app in Canada

March 7, 2017 by Canadian Underwriter

DrivSafe, a Boston, Mass.-based mobile telematics solutions company that specializes in telematics and analytics for the auto insurance industry, has announced the launch of its mobile app in Canada. The DrivSafe app helps auto insurance companies evaluate the driving habits

News CatastrophesCommercial LinesInsuranceMarkets / CoveragesPersonal Lines

2016 insured losses for Canadian cats reached about $4.9 billion last year – 10 times more severe than 2015: PCS

March 7, 2017 by Canadian Underwriter

Insured losses from catastrophe events in Canada reached about $4.9 billion last year, nearly 10 times more severe than 2015, the quietest Canadian catastrophe year on record, according to Property Claim Services’ (PCS) full-year 2016 review. In 2016, PCS designated

News InsuranceLegalLegislation / RegulationPersonal LinesTechnology

ICBC, B.C. government and police unite for enforcement crackdown on distracted driving

March 7, 2017 by Canadian Underwriter

The Insurance Corporation of British Columbia (ICBC), the provincial government and police across B.C. are joining forces in March to raise awareness of the dangers and consequences of distracted driving. “Despite tougher penalties and increased education, distracted driving still contributes

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Global market for autonomous, assistive safety and comfort vehicle features up to US$26 billion annually by 2025: Bain & Company

March 7, 2017 by Canadian Underwriter

Autonomous vehicles are revving up, with Bain & Company Inc. forecasting annual growth of 12% to 14% for the global market of autonomous and assistive safety and comfort features by 2025. That translates to a global B2B market of US$22

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Partnership creates “Canada’s largest Indigenous-owned insurance agency”

March 6, 2017 by Canadian Underwriter

TIPI Insurance Partners and IMI Brokerage Company have announced a partnership to create “Canada’s largest Indigenous-owned insurance agency,” providing property insurance, pension plans and group benefits designed exclusively for Indigenous people. Announced late last week, the partnership roughly doubles TIPI’s

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ICBC seeks fairness with basic insurance rate discounts

March 6, 2017 by Canadian Underwriter

The Insurance Corporation of British Columbia (ICBC) is looking to reduce pressure on customers who do not cause crashes and increase the accountability of at-fault drivers with proposed changes to basic insurance. “We believe that drivers who cause crashes should

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Two Ontario brokerages – Vision Insurance Brokers and Steele & Ferraro Insurance Brokers – join BrokerLink

March 3, 2017 by Canadian Underwriter

Two Ontario brokerages – Vision Insurance Brokers Ltd. and Steele & Ferraro Insurance Brokers Limited – announced on Thursday that they will join BrokerLink, one of the largest property and casualty insurance brokerages in Canada. Terms of the transactions, finalized