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Fairfax reports 2016 combined ratio for insurance and reinsurance operations of 92.5%

February 17, 2017 by Canadian Underwriter

Toronto-based Fairfax Financial Holdings has released its most recent financial results for the fourth quarter and full-year 2016 ending Dec. 31, reporting a combined ratio for its insurance and reinsurance operations of 92.5% on a consolidated basis. This result produced

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Powerful storm enters California and brings risk of flooding

February 17, 2017 by John Antczak - THE ASSOCIATED PRESS

LOS ANGELES – The leading edge of a powerful Pacific storm entered southern and central California early Friday, bringing rains that forecasters said could become the strongest in years if not decades. With the storm feeding on an atmospheric river

News InsuranceLegislation / RegulationMarkets / CoveragesTechnology

Nearly half of global insurers expect to acquire new technologies through M&A in the next three years: Willis Towers Watson survey

February 17, 2017 by Canadian Underwriter

Nearly three-quarters of global insurers (74%) believe that their sector has failed to show leadership in digital innovation, according to a new survey by Willis Towers Watson (WTW) released on Thursday. The report, titled New horizons: How diverse growth strategies

News CatastrophesCommercial LinesInsuranceTechnology

Transport Canada urged to ‘identify appropriate mitigating strategies’ to reduce severity of derailments involving dangerous goods

February 17, 2017 by Canadian Underwriter

The federal transport department should study the factors involved in severity of train derailments involving dangerous goods, Transportation Safety Board of Canada said Thursday. TSB – a separate organization from Transport Canada that investigates rail, aviation, marine and pipeline incidents

News CatastrophesInsurancePersonal LinesTechnology

Northbridge Insurance teams up with Alert Labs for pilot project with home water damage sensors

February 17, 2017 by Canadian Underwriter

Northbridge Insurance has teamed up with Alert Labs for a pilot project that provides customers up to $150 in annual savings on their home insurance if they purchase sensors aimed at protecting homes against water damage. The pilot project offers

News Climate ChangeInsuranceMarkets / Coverages

60% of Ontarians at least somewhat oppose cap and trade: Nanos Research poll

February 17, 2017 by Canadian Underwriter

A new province-wide poll has found that more than 60% of Ontarians at least somewhat oppose cap and trade, which is designed to help fight climate change and reward businesses that reduce their greenhouse gas emissions. The Nanos Research poll,

News Commercial LinesEarnings / RatingsInsuranceMarkets / CoveragesPersonal Lines

Echelon Financial Holdings Inc. sees lower net income for 2016 full-year, Q4 over prior-year periods

February 17, 2017 by Canadian Underwriter

It was a mixed bag for Echelon Financial Holdings Inc. (EFH) in the fourth quarter of 2016, with strong commercial lines results and lower personal lines results combining to contribute to a 70% drop in net income to about $2.6

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Wawanesa subsidiary Trimont Financial to acquire Western Financial Group and Western Life Assurance from Desjardins Group

February 16, 2017 by Canadian Underwriter

Trimont Financial Ltd., a subsidiary of The Wawanesa Mutual Insurance Company, announced on Thursday that it will acquire Western Financial Group and Western Life Assurance (together as Western) from Desjardins Financial Corporation, a Desjardins Group subsidiary, for a total transaction

News Earnings / RatingsInsurancePersonal Lines

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

News InsuranceLegalLegislation / Regulation

Supreme Court of Canada will not hear appeal from municipality ruled negligent after cyclist breaks neck

February 16, 2017 by Canadian Underwriter

Canada’s highest court announced Thursday it will not hear an appeal from a municipality that was sued, under Ontario’s Occupiers Liability Act, by a cyclist who broke his neck after attempting to ride over an obstacle at an adventure park.

News Commercial LinesInsurancePersonal LinesTechnology

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