Canadian Underwriter

News


News CatastrophesInsurancePersonal Lines

Residents airlifted out as rising Churchill River threatens Labrador town

May 17, 2017 by The Canadian Press

HAPPY VALLEY-GOOSE BAY, N.L. – Police in Labrador say residents of a small community surrounded by water are being evacuated as an ice jam causes a river to swell and flood the area. RCMP Cpl. Rick Mills says the air

News Commercial LinesInsuranceMarkets / CoveragesTechnology

Many global Internet users unprepared for dealing with ransomware attack, study finds

May 17, 2017 by Canadian Underwriter

As institutions around the world continue to assess the full impact of the recent Wannacry ransomware attack, recent research from Ipsos and the Centre for International Governance Innovation (CIGI) suggests that many global Internet users are “distinctly unprepared” for how

News Commercial LinesInsuranceMarkets / CoveragesProductsProfessional DevelopmentTechnology

About half of Canadian small business owners and C-suite execs not confident in secure destruction systems for paper or electronic media: survey

May 17, 2017 by Canadian Underwriter

Just over half (53%) of Canadian small business owners (SBOs) and just under half (48%) of C-suite executives don’t feel confident about their current secure destruction systems for paper or electronic media, according to the seventh annual Shred-it Information Security

News Commercial LinesInsuranceMarkets / CoveragesMergers and AcquisitionsProfessional Development

Global uptick in CEOs forced out of office for ethical lapses, Canada among lowest incidence of dismissals: Strategy&

May 17, 2017 by Canadian Underwriter

An analysis of CEO successions at the world’s largest 2,500 public companies over the past 10 years shows a marked increase in forced turnovers for ethical lapses, although Canada is among the countries with the lowest incidence of such dismissals.

News Commercial LinesInsuranceLegislation / RegulationMarkets / Coverages

Mandatory locomotive recorder bill ‘addresses a key safety issue,’ says Transportation Safety Board

May 16, 2017 by Canadian Underwriter

Amendments to the federal Railway Safety Act mandating recording devices, if passed into law, could provide “essential information” to Transportation Safety Board of Canada staff investigating rail accidents and could help prevent such accidents in the future, TSB suggested Tuesday.

News Commercial LinesInsuranceLegislation / RegulationMarkets / CoveragesTechnology

WannaCry ransomware attack “arguably the first ever cyber-catastrophe”: RMS cyber expert

May 16, 2017 by Canadian Underwriter

The global WannaCry ransomware attack is “arguably the first ever cyber-catastrophe,” an expert in cyber risk management from RMS said on Tuesday. Tom Harvey said in a statement that the cyberattack “clearly demonstrates the systemic nature of the risk, with

News CatastrophesInsurancePersonal Lines

Q1 combined ratio ex-MYA 101.6% for Desjardins General Insurance

May 16, 2017 by Canadian Underwriter

Desjardins General Insurance Group reported Thursday an underwriting loss, excluding market yield adjustment, of $17.2 million during the three months ending March 31, while premiums dropped 11% from the same period of last year. Direct premiums written dropped from $1.04

News Commercial LinesInsuranceMarkets / CoveragesMergers and AcquisitionsPersonal LinesProfessional Development

Rogers Insurance Ltd. obtains minority shares purchase of Megson FitzPatrick Inc.

May 16, 2017 by Canadian Underwriter

Rogers Insurance Ltd. announced on Tuesday that it will obtain a minority shares purchase of Megson FitzPatrick Inc. The partnership between Calgary-based Rogers Insurance and Victoria, B.C.-based Megson FitzPatrick became effective May 5, Rogers Insurance said in a press release

News InsuranceLegislation / RegulationPersonal Lines

IBC board recommends Ontario, Atlantic Canada members voluntarily align home policies to protect innocent co-insureds

May 16, 2017 by Canadian Underwriter

The Insurance Bureau of Canada’s (IBC) board of directors is recommending that IBC’s members operating in Ontario and the Atlantic provinces voluntarily align their home insurance policies with other jurisdictions when it comes to protecting “innocent co-insureds.” Current legislation in

News Earnings / RatingsInsurancePersonal LinesProductsTechnology

U.S. personal lines carriers investing in insurtech for early information on new ideas, competitive advantage: Novarica

May 16, 2017 by Canadian Underwriter

Personal lines carriers in the United States are using insurtech to focus on diverse research and development efforts, analytics, improved self-service capabilities (including mobile platforms) and core systems upgrades with an eye to the future, suggests a new report from

News Earnings / RatingsInsuranceMarkets / CoveragesMergers and AcquisitionsReinsurance

Soft pricing in global reinsurance market to continue for at least the rest of 2017: Fitch

May 16, 2017 by Canadian Underwriter

The soft pricing in the global reinsurance market will continue for at least the rest of 2017, ratings firm Fitch Ratings said in a report released Monday. “We expect premium rates to continue declining, due to large volumes of under-deployed

News CatastrophesInsurancePersonal Lines

Quebec premier wants to announce flood compensation changes before end of week

May 16, 2017 by The Canadian Press

MONTREAL – New rules governing compensation for flood victims could come by the end of the week, Quebec Premier Philippe Couillard said Monday. The government’s current financial aid program isn’t inadequate, but could be improved, the premier told reporters in