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U.S. P&C insurers report US$4.7 billion net underwriting loss in 2016: Verisk Analytics

May 8, 2017 by Canadian Underwriter

Private property and casualty insurers in the United States suffered a US$4.7 billion net underwriting loss in 2016 following a US$8.9 billion net underwriting gain in 2015, according to ISO, a Verisk Analytics business, and the Property Casualty Insurers Association

News AppointmentsCommercial LinesInsurancePersonal LinesTechnology

Uber announces Toronto research hub for self-driving technology

May 8, 2017 by Canadian Underwriter

Uber has announced that Toronto will be the first international research hub of its Advanced Technologies Group. The technology company also welcomed Raquel Urtasun, an associate professor at the University of Toronto “and one of the world’s leading researchers in

News CatastrophesInsurancePersonal Lines

Portions of south, central interior B.C. remain under evacuation alert or order after recent flooding

May 8, 2017 by Canadian Underwriter

Areas in the south and central interior of British Columbia remain under evacuation alert or evacuation order after recent flooding events and there is potential for increased snowmelt and further precipitation and flooding next week, the provincial Ministry of Transportation

News CatastrophesCommercial LinesInsurancePersonal Lines

Quebec says high water levels across province to peak by Wednesday

May 8, 2017 The Canadian Press

MONTREAL – Quebec’s public security minister is saying water levels across the province are expected to peak between today and Wednesday. Martin Coiteux says authorities expect the water to start receding by mid-week. Heavy rains and melting snowpack across Quebec

News CatastrophesCommercial LinesEarnings / RatingsInsurancePersonal LinesTechnology

Economical Insurance posts net income of $5.3 million in 2017 Q1, down from $28.5 million in prior-year quarter

May 8, 2017 by Canadian Underwriter

Auto lines, catastrophe and weather-related losses served as a drag on underwriting results which, in turn, contributed to Economical Insurance posting net income of $5.3 million in 2017 Q1 compared to $28.5 million in 2016 Q1. “Higher investment income was

News CatastrophesInsurancePersonal Lines

Heavy rain likely to cause new or more flooding in Quebec and Ontario

May 5, 2017 Michelle McQuigge - THE CANADIAN PRESS

Persistent, steady rains soaking swaths of central and eastern Canada that have already endured record precipitation levels threatened to trigger widespread flooding Friday and put residents and governments on high alert. Environment Canada said a massive system is slowly drenching

News CatastrophesClimate ChangeConstructionInsurancePersonal Lines

New FireSmart Home Development Guide targets Canadian wildfire resiliency

May 5, 2017 by Canadian Underwriter

FireSmart Canada, in partnership with The Co-operators, has developed a new resource to help Canadian residents make their homes more resilient to wildfire. The FireSmart Home Development Guide, which will become part of the FireSmart Home Partners Program, outlines specific

News CatastrophesClimate ChangeCommercial LinesInsuranceMarkets / CoveragesPersonal LinesProducts

Majority of polled Canadians unaware of flood risks and responsibilities, half would not consider purchasing overland flood coverage: survey

May 5, 2017 by Jason Contant

Homeowners in Canada lack awareness of flood risk and the protection options available to them to reduce that risk, suggests a new study from researchers at the Interdisciplinary Centre on Climate Change and Partners for Action research network at Ontario’s

News Commercial LinesInsuranceMergers and AcquisitionsPersonal Lines

Two Ontario, two Alberta brokerages join BrokerLink

May 5, 2017 by Canadian Underwriter

BrokerLink has welcomed four brokerages – two in Ontario; two in Alberta – to the fold in a move that expands the company’s reach while providing the four brokerages and their employees greater access to resources and opportunities. The brokerages

News CatastrophesInsurancePersonal Lines

U.S. Midwest floods linger as officials warn of floodwater risks

May 4, 2017 Jim Salter - THE ASSOCIATED PRESS

ST. LOUIS – River levels are falling Thursday after record and near-record flooding in parts of the Midwest, but the crisis is far from over. Officials have not said when hundreds of residents displaced from flooded properties in suburban St.

News CatastrophesInsurancePersonal Lines

More than 220 evacuated from homes after Gatineau flooding

May 4, 2017 by Canadian Underwriter

Hundreds of people in Gatineau, Que. have been evacuated from their homes after heavy rainfall caused flooding. The City of Gatineau said in a statement that as of early Thursday morning, 223 people and 130 homes had been voluntarily evacuated.

News InsuranceLegislation / RegulationMarkets / CoveragesPersonal LinesTechnology

Global demand for new vehicles to increase 1% to 2% in 2017: Fitch

May 4, 2017 by Canadian Underwriter

Global demand for new vehicles will increase 1% to 2% in 2017, according to Fitch Ratings’ latest U.S. Automotive Handbook, published on Wednesday. The handbook noted that growth in China, Europe and Brazil will more than offset demand declines in