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Courts should not use ‘second-hand lay evidence’ to support damage awards for psychological harm: IBC

January 4, 2017 by Canadian Underwriter

The question of whether a court can award compensation for psychological injuries in the absence of a medical diagnosis will be considered this month when the Supreme Court of Canada hears an appeal arising from an auto collision near Vancouver.

bush fire destroy tropical forest
News CatastrophesClimate ChangeCommercial LinesInsurancePersonal LinesReinsurance

2016 costliest 12 months for natural catastrophes in the last four years: Munich Re

January 4, 2017 by Canadian Underwriter

The US$175 billion in natural catastrophes losses in 2016 – the lion’s share of which were uninsured – dwarfed those in the previous year and were just shy of 2012’s US$180 billion total, Munich Re reports. The research released Wednesday

Driverless Cars Ahead
News InsurancePersonal LinesTechnology

26% of Canadians looking forward to driverless cars, many neutral, new Kanetix survey finds

January 4, 2017 by Canadian Underwriter

Slightly more than one in four (26% of) Canadians said they “couldn’t wait” for the day when driverless cars would become a reality, according to newly released survey results from Kanetix.ca, an online comparison site for insurance, mortgages and credit

Auto Workshop Mechanic Inspecting Damage To Car
News InsuranceMarkets / CoveragesPersonal LinesTechnology

Belron Canada announces acquisition of vehicle damage repair company Speedy Collision

January 3, 2017 by Canadian Underwriter

Belron Canada has announced the acquisition of Speedy Collision, a network of 24 franchise collision centres located across Alberta, Saskatchewan and Ontario. Like other retail businesses, the automotive aftermarket service industry is changing as customers are more and more influenced

YEAR News Story 20161220
News CatastrophesCommercial LinesInsurancePersonal LinesReinsurance

Fort McMurray wildfire tops annual meteorologist list of weather stories

January 3, 2017 The Canadian Press

TORONTO – The “beast” of a wildfire that charred Fort McMurray, Alta., was named Canada’s biggest weather story of the year in an annual list compiled by the country’s top meteorologists. The list, which also includes the melting Arctic Sea

Tsunami damage of the East Japan great earthquake disaster
News CatastrophesCommercial LinesEarnings / RatingsInsuranceMarkets / CoveragesPersonal LinesReinsurance

Record new Cat bond, ILS issuance in 2016 spurs highest-ever outstanding market size: Artemis.bm

January 3, 2017 by Canadian Underwriter

Catastrophe bonds and similarly structured insurance-linked securities (ILS) deals in 2016 propelled the market to record levels, with the approximately US$7 billion in new issuance resulting in an outstanding market size of US$26.82 billion at year-end, notes the latest edition

M&A or Mergers and Acquisitions words on yellow road sign
News Commercial LinesInsuranceMarkets / CoveragesPersonal Lines

Fairfax-Allied World deal among the ‘most noteworthy’ of recent insurance M&A announcements: Willis Re

January 3, 2017 by Canadian Underwriter

The merger agreement between Fairfax Financial Holdings Ltd. and Allied World Assurance Company Holdings AG – announced Dec. 18 – reflects “the view that the new U.S. government may provide a more favorable corporate tax environment” and demonstrates “that scale

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News Commercial LinesInsuranceLegalPersonal Lines

Archway Insurance purchases D.R. Hayman Insurance

January 3, 2017 by Canadian Underwriter

Archway Insurance has enhanced its presence in Nova Scotia generally and in Pictou County specifically with the recent acquisition of Stellarton-based D.R. Hayman Insurance. The acquisition, effective Dec. 31, 2016, represents the entry of Archway Insurance – one of Atlantic

Accident
News InsuranceLegalPersonal Lines

Ottawa city bus driver had ‘elevated standard of care’ in fatal collision: Court

December 22, 2016 by Jason Contant

The City of Ottawa and an OC Transpo bus driver have lost their appeal of a ruling that the bus driver was 20% liable, for a fatal collision, with a vehicle driven by an alcohol-impaired driver who ran a red

News InsuranceLegislation / RegulationPersonal Lines

Manitoba amends regulations to allow auto dealers to offer guaranteed asset protection insurance

December 22, 2016 by Canadian Underwriter

Manitoba Finance announced on Thursday that it has amended regulations to allow provincial auto dealers to provide guaranteed asset protection (GAP) insurance. Finance Minister Cameron Friesen announced the changes, saying that they will provide “more insurance options and better protection

Holding puzzle pieces
News Commercial LinesEarnings / RatingsInsurancePersonal Lines

Fourth quarter 2016 M&A deal volumes fall from Q4 2015: Willis Towers Watson

December 21, 2016 by Canadian Underwriter

Deal volumes for the fourth quarter of 2016 so far have fallen to 201 deals compared to 307 in Q4 2015, according to Willis Towers Watson’s (WTW) latest Quarterly Deal Performance Monitor (QDPM), released on Tuesday. While there is a

News InsuranceLegalPersonal Lines

SGI reports 279 impaired driving offences in November in Saskatchewan

December 21, 2016 by Canadian Underwriter

Saskatchewan Government Insurance (SGI) has reported that there were 279 impaired driving offences in November in the province. SGI and law enforcement across Saskatchewan focused on impaired driving in November, the province’s self-sustaining auto insurance fund said in a press