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U.S. earthquakes estimated to cost US$6.1 billion annually in building stock losses

June 26, 2017 by Canadian Underwriter

Earthquakes are estimated to cost the United States US$6.1 billion annually in building stock losses, according to an updated report published last week by the Federal Emergency Management Agency (FEMA). The new loss estimate represents a 10% increase over the

News InsuranceLegislation / RegulationMarkets / CoveragesProfessional DevelopmentTechnology

Majority of global financial institutions to ramp up transformation initiatives over next year, Accenture survey finds

June 26, 2017 by Canadian Underwriter

An Accenture survey of nearly 800 financial services executives across Europe, Asia and North America found that more than half of financial institutions plan to increase their investments in major corporate transformation initiatives, or “change programs,” over the next 12

News InsuranceMarkets / CoveragesProfessional DevelopmentTechnology

35% of top global insurers have appointed a chief digital officer to oversee business transformation: PwC’s Strategy&

June 26, 2017 by Canadian Underwriter

More than one-third of the world’s top insurance companies have appointed an executive – commonly known as a chief digital officer (CDO) – to oversee the digital transformation of their business, according to a new study from Strategy&, PwC’s strategy

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Personal injury lawsuit against bike park operator dismissed due to wording of waiver signed by plaintiff

June 26, 2017 by Canadian Underwriter

Insurers of mountain bicycle riding parks should be able to “breathe a sigh of relief” due to a recent court decision from British Columbia, a blogger with an insurance law firm wrote in a recent post. Dr. Blake Jamieson suffered

News Insurance

U.S. P&C insurance industry’s net income drops 42.2% to US$7.7 billion in Q1 2017

June 26, 2017 by Canadian Underwriter

The private property and casualty insurance industry in the United States saw its net income after taxes drop to US$7.7 billion in the first quarter of 2017 from US$13.4 billion in Q1 2016, a 42.2% decline, according to ISO, a

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Air bag maker Takata bankruptcy expected Monday in Japan, U.S.

June 26, 2017 by Tom Krisher - THE ASSOCIATED PRESS

DETROIT – Drowning in a sea of lawsuits and recall costs, Japanese air bag maker Takata Corp. is expected to seek bankruptcy protection in Tokyo and the United States early Monday. Takata was done in by defective air bag inflators

News CatastrophesClimate ChangeCommercial LinesInsurancePersonal LinesProductsReinsuranceTechnology

AIR Worldwide releases probabilistic crop hail model for Canada

June 26, 2017 by Canadian Underwriter

AIR Worldwide has released what the catastrophe risk modelling firm calls the industry’s first crop hail model to provide stakeholders across the crop insurance value chain with a probabilistic view of the effects of hail on Canadian crops. Currently available

News Earnings / RatingsInsuranceMarkets / Coverages

Weaker inflation slows to 1.3%, could weigh on Bank of Canada’s rate decision

June 23, 2017 by Andy Blatchford - THE CANADIAN PRESS

OTTAWA – Steps by the Bank of Canada to prepare the country for an eventual interest rate hike are bumping up against an inflation rate that has eased up on the accelerator. Weaker year-over-year growth in gasoline prices last month

News InsuranceMarkets / CoveragesMergers and Acquisitions

Global acquirers underperformed in the second quarter: Willis Towers Watson

June 23, 2017 by Canadian Underwriter

The global mergers and acquisitions (M&A) market underperformed in the second quarter of 2017, as Europe M&A bucked the trend and market volatility and economic uncertainty depressed performance in North America and Asia, according to Willis Towers Watson’s (WTW) latest

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Federal bill aiming to ‘promote greater shareholder democracy’ tabled in Senate

June 23, 2017 by Canadian Underwriter

A bill proposing to give shareholders the option, under the Canada Business Corporations Act, to vote against corporate directors rather than merely withholding votes – and to abolish bearer shares – was tabled Wednesday in the Senate. Bill C-25 “makes

News CatastrophesCommercial LinesInsuranceMarkets / Coverages

Officials say damaged rail line to Churchill, Man. could be fixed in two months

June 23, 2017 by The Canadian Press (CPSTF)

WINNIPEG – Indigenous and municipal leaders from northern Manitoba say a broken rail line to Churchill could be fixed in about two months if governments and the railway owner are willing to spend the money. Chief Betsy Kennedy of the

News Commercial LinesInsuranceLegislation / RegulationMarkets / Coverages

Bill eliminating federal tax exemption for farming and fishing insurers passed into law

June 23, 2017 by Canadian Underwriter

The federal government passed Thursday a law eliminating the tax exemption for insurers covering farming and fishing properties. Bill C-44 is omnibus legislation that implements, among other things, some provisions of the federal budget 2017-18, tabled March 22. In addition