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Lawsuit filed four years after auto accident can proceed against insurer
November 6, 2015 by Canadian UnderwriterThe Supreme Court of Canada will not hear an appeal, from AXA General Insurance, of a Newfoundland and Labrador court ruling allowing a lawsuit to proceed four years after a pedestrian was hurt in a hit-and-run in St. John’s, the…
2015 sees record number of Category 4 or 5 global tropical cyclones: Aon Benfield
November 5, 2015 by Canadian UnderwriterA record number of global tropical cyclones that have reached Category 4 or 5 intensity have developed in the Northern Hemisphere this year, according to Impact Forecasting’s Global Catastrophe Recap report for October. Impact Forecasting, Aon Benfield’s catastrophe model development…
Munich Re sees profit fall to 525 million euros in 2015 Q3 from 736 million euros in 2014 Q3
November 5, 2015 by Canadian UnderwriterMunich Re reports it is still on course for a good year despite a challenging environment that has contributed to the company posting a profit of 525 million euros for 2015 Q3 compared to 736 million euros in the same…
U.S. Department of Transportation imposes largest-ever civil penalty in connection with Takata air bag recall
November 4, 2015 by Canadian UnderwriterThe United States’ Department of Transportation’s National Highway Traffic Safety Administration (NHTSA) announced on Tuesday that it has imposed the largest civil penalty in its history – US$70 million payable in cash and an additional US$130 million if Takata fails…
Hannover Re posts Group net income of 786.0 million euros in 2015 Q3, up from 695.4 million euros in prior-year quarter
November 4, 2015 by Canadian UnderwriterHannover Re reports being well on track for solid year-end financial results, announcing Wednesday that Group net income was 786.0 million euros in 2015 Q3, a 13% increase over the 695.4 million euros in the prior-year quarter. The already good…
AIG reports net loss of US$231 million in 2015 Q3, down from net income of $2.2 billion in 2014 Q3
November 3, 2015 by Canadian UnderwriterAmerican International Group, Inc. has reported the company has posted a net loss of US$231 million for the third quarter of 2015 compared to net income of $2.2 billion for the same quarter of 2014. “Compared to the prior-year quarter,…
Saskatchewan Government Insurance, police to focus on safe winter driving throughout November
November 2, 2015 by Canadian UnderwriterSaskatchewan Government Insurance (SGI) and police in the province will be on the lookout for people driving too fast for road conditions throughout the month of November. “You don’t know exactly when winter’s coming and it happens very quickly when…
New demands under privacy act could pose some challenges
November 2, 2015 Angela Stelmakowich, EditorMost new requirements ushered in by the Canadian Digital Privacy Act (DPA) are very helpful and provide a fix, but a number could pose some challenges, including maintaining a record for every breach, John Beardwood, a partner with Fasken Martineau…
Blast Radius
November 1, 2015 Angela Stelmakowich, EditorIt may be that it becomes the blast felt around the world. The reverberations from the August 12 explosions in China’s Port of Tianjin – believed to be the result of a warehouse fire that sparked an explosion that then…
Consumer-based approach key, consolidation a potential threat to making Ontario auto insurance market competitive
October 30, 2015 Angela Stelmakowich, EditorTaking a consumer-based approach to auto insurance is what allowed New Jersey to punt the perennial political football from the state arena and create a truly competitive market – something that Holly Bakke suggests Ontario could accomplish as well. “What…
Bullfrog Insurance offers online business and liability insurance to small business owners in B.C., Alberta and Ontario
October 28, 2015 by Canadian UnderwriterSmall business owners in British Columbia, Alberta and Ontario can now purchase their business and liability insurance from their computers or smartphones in as little as 90 seconds, according to Bullfrog Insurance, a Mississauga, Ont.-based online brokerage. “We have simplified…
Warnings issued as remnants of hurricane Patricia move through southern Ontario
October 28, 2015 The Canadian PressTORONTO – Rain and wind warnings and flood watches have been issued as the remnants of hurricane Patricia move across southern Ontario today, making for a messy morning commute in some areas. Forecasters predicted a “large shield of rain” in…