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Ontario brokers voice support for provincial commitment to electronic proof of insurance

April 28, 2017 by Canadian Underwriter

The Insurance Brokers Association of Ontario (IBAO) has welcomed the provincial government’s budget pledge to give drivers the option of electronic proof of insurance, a move IBAO suggests will help make insurance more affordable for consumers. The advance is part

News Commercial LinesEarnings / RatingsInsuranceLegislation / RegulationPersonal Lines

A.M. Best requests comments on draft ratings criteria for Canadian P&C insurers

April 27, 2017 by Canadian Underwriter

Oldwick, N.J.-based ratings firm A.M. Best Company is requesting comments from market participants in the insurance industry and other interested parties on the draft criteria reporting Understanding BCAR for Canadian Property/Casualty Insurers. BCAR, or Best’s Capital Adequacy Ratio, is calculated

News CatastrophesCommercial LinesConstructionInsurancePersonal Lines

Alberta needs new operations centre to manage disasters: minister

April 27, 2017 John Cotter - THE CANADIAN PRESS

EDMONTON – Alberta is looking at building a new operations centre to better manage how it responds to disasters such as the Fort McMurray wildfire. Municipal Affairs Minister Shaye Anderson said the need for a larger and more modern nerve

News Commercial LinesEarnings / RatingsInsurancePersonal LinesReinsurance

SCOR reports combined ratio of 94.5% and net income of 140 million euros in Q1 2017

April 27, 2017 by Canadian Underwriter

French reinsurer SCOR SE has reported a P&C combined ratio of 94.5% and a net income of 140 million euros for the first quarter of 2017 ending March 31. SCOR released its financial results on Thursday. Its 94.5% P&C combined

News CatastrophesCommercial LinesInsurancePersonal LinesReinsurance

Impact of Fort McMurray wildfire softened by reinsurance risk sharing: DBRS

April 26, 2017 by Canadian Underwriter

Most Canadian insurers were able to generate positive underwriting results in Alberta through their use of reinsurance risk sharing following the Fort McMurray wildfire, credit ratings agency DBRS Limited said in a commentary released on Wednesday. The commentary, titled 2016

News Commercial LinesEarnings / RatingsInsuranceMergers and AcquisitionsPersonal LinesReinsurance

Chubb net income up 149.2% to US$1.09 billion in Q1 2017

April 26, 2017 by Canadian Underwriter

Chubb Limited has reported a 149.2% increase in net income for the first quarter of 2017 ending March 31, from US$439 million in Q1 2016 to US$1.09 billion in the most recent quarter. Operating income was US$1.17 billion, up 15.3%

News CatastrophesCommercial LinesInsurancePersonal Lines

March windstorm in eastern Newfoundland caused close to $45 million in insured damage: CatIQ

April 26, 2017 by Canadian Underwriter

A windstorm in eastern Newfoundland on March 11 has resulted in nearly $45 in insured damages, according to Catastrophe Indices and Quantification Inc. (CatIQ). The Insurance Bureau of Canada (IBC) explained in a press release on Wednesday that a low

News InsuranceLegislation / RegulationPersonal Lines

‘Fresh approach’ needed for Ontario auto insurance: IBC CEO

April 25, 2017 Greg Meckbach, Associate Editor

A report released two weeks ago is “probably the best description we have to date of what is wrong” with Ontario’s auto insurance system, the chief executive officer of Insurance Bureau of Canada said Tuesday. In opening remarks at IBC’s

News InsurancePersonal LinesProfessional DevelopmentTechnology

FCA, Google begin offering rides in self-driving cars

April 25, 2017 Dee-Ann Durbin - THE ASSOCIATED PRESS

DETROIT – Fiat Chrysler and Google for the first time will offer rides to the public in the self-driving vehicles they are building under an expanding partnership. The companies announced in the spring of last year that they would build

News InsuranceMarkets / CoveragesPersonal LinesTechnology

Global organizations spending almost four times more budget on property-related risks than cyber risks: Aon/Ponemon report

April 25, 2017 by Canadian Underwriter

Global organizations are spending nearly four times more budget on property-related risks than cyber risks, according to a report released on Tuesday by the Ponemon Institute and sponsored by Aon plc. The 2017 Cyber Risk Transfer Comparison Global Report also

News InsuranceLegalPersonal Lines

Exclusion clause for ‘conversion’ in comprehensive auto policy ‘does not come close’ to being easily intelligible: Court

April 24, 2017 by Canadian Underwriter

An exclusion in an auto insurance policy for loss or damage caused by “conversion,” by someone in lawful possession of a vehicle does not apply to a truck tractor badly damaged by fire, a Supreme Court of British Columbia judge

News InsuranceLegalPersonal Lines

Saskatchewan sees most tickets yet for distracted driving since traffic safety spotlights began in 2014: SGI

April 24, 2017 by Canadian Underwriter

The month of March saw the most tickets yet for distracted driving since monthly traffic safety spotlights began in 2014, Saskatchewan Government Insurance (SGI) reported on Monday. Last month, a total of 523 tickets were issued: 441 for driving while