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Industrial Alliance net income reaches $155 million in Q4 2016 from $4.2 million in Q4 2015

February 16, 2017 by Canadian Underwriter

Industrial Alliance Insurance and Financial Services Inc. has reported a net income attributed to common shareholders of $155 million in the fourth quarter of 2016 ending Dec. 31, up dramatically from net income of $4.2 million in the same quarter

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The Co-operators launches mobile app for clients to access and manage insurance information

February 16, 2017 by Canadian Underwriter

Guelph, Ont.-based The Co-operators announced on Thursday that it has launched a new mobile app providing clients with a “quick, easy and secure way” to access and manage their insurance information. With the free app, available through iTunes and Google

News CatastrophesCommercial LinesEarnings / RatingsInsurancePersonal Lines

Co-operators General Insurance Company net income $128.8 million in 2016 Q4, up from $103.3 million in 2015 Q4

February 16, 2017 by Canadian Underwriter

The consolidated net income for Co-operators General Insurance Company increased for the fourth quarter of 2016 over the same quarter in 2015, but net income for 2016 decreased from 2015. The Co-operators has posted net income of $128.8 million for

News CatastrophesCommercial LinesInsurancePersonal Lines

Northern Nevada braces for more flooding Thursday and beyond

February 16, 2017 Scott Sonner - THE ASSOCIATED PRESS

RENO, Nev. – Northern Nevada officials still assessing millions of dollars in damage from the latest round of flooding braced Tuesday for another series of wet storms that could swamp parts of the state again into next week. “Wednesday is

News InsurancePersonal LinesTechnology

Auto executive warns U.S. Congress it will be ‘pretty hard’ to make autonomous vehicles ‘safe in all conditions’

February 15, 2017 by Canadian Underwriter

Companies aiming to deploy autonomous vehicles in the next few years are “typically” referring to vehicles that are only autonomous under certain conditions, such as good weather, a Toyota executive suggested this week to a subcommittee of the United States

News CatastrophesClimate ChangeCommercial LinesEarnings / RatingsInsurancePersonal Lines

AIG sees net loss of about US$3 billion in 2016 Q4

February 15, 2017 by Canadian Underwriter

American International Group, Inc. (AIG) has posted net losses for both the full year and the fourth quarter of 2016, but company president and CEO Peter Hancock reports that actions taken last year will help “dramatically reduce uncertainty and deliver

News CatastrophesCommercial LinesInsurancePersonal Lines

Buildings evacuated after massive fire breaks out in midtown Toronto

February 15, 2017 Liam Casey - THE CANADIAN PRESS

TORONTO – Firefighters continued to pour water on a massive and “hazardous” blaze in midtown Toronto early Wednesday, several hours after the fire began and forced the evacuation of surrounding buildings. Division Cmdr. Len Stadler said the fire at The

News InsuranceLegislation / RegulationPersonal LinesTechnology

U.S. Congress committee warned that autonomous vehicles could ‘pose an avenue for terrorism’

February 14, 2017 by Canadian Underwriter

The industry and regulators need to “think very broadly” around the cyber security of autonomous vehicles, and having autonomous cars operate in such a way that human drivers must be ready to take control can actually increase the risk of

News CatastrophesInsurancePersonal Lines

Massive storm continues slow march east after paralyzing Maritimes

February 14, 2017 Alison Auld and Michael MacDonald - THE CANADIAN PRESS

HALIFAX – Parts of Atlantic Canada remained under a blizzard warning Tuesday after a massive storm descended on the region, dumping a thick blanket of snow and unleashing howling winds before marching off to Newfoundland. Environment Canada issued the warnings

News InsuranceLegalLegislation / RegulationPersonal Lines

Intact, Allstate disagree on whether accident victims “principally dependent” on policyholder

February 13, 2017 by Canadian Underwriter

The Supreme Court of Canada will not hear an appeal over an arbitration ruling in an auto accident benefits priority dispute, where insurers disagreed on whether a claimant was “principally dependent” on the owner of a vehicle. Court records indicate

News Commercial LinesInsuranceLegislation / RegulationPersonal LinesTechnology

Personal, commercial drone market revenue expected to increase 34% to reach US$6 billion+ in 2017: Gartner

February 13, 2017 by Canadian Underwriter

Production of drones for personal and commercial use is growing rapidly, with global market revenue expected to increase 34% to reach more than US$6 billion in 2017 and more than US$11.2 billion by 2020, according to a new forecast from

News Climate ChangeInsurancePersonal LinesTechnology

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,