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Health Canada reviewing safety of BBQ brushes, says nine injured since 2011

July 18, 2017 by Brennan Doherty - THE CANADIAN PRESS

TORONTO – Health Canada is conducting an investigation into the safety of wire-bristle brushes used to clean barbecues, with plans to conclude the probe by the end of the summer. The agency said the risk assessment on the brushes comes

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Directors can be sued under oppression remedy even when they did not personally benefit from conduct: Supreme Court

July 18, 2017 by Canadian Underwriter

A recent Supreme Court of Canada ruling, upholding an oppression remedy award of more than $600,000 against corporate directors, provides “better-defined boundaries for personal liability of directors,” a litigation lawyer wrote Monday. In a ruling released July 13, Canada’s highest

News CatastrophesInsuranceReinsurance

Nat cat insured losses total US$19.5 billion for first six months of 2017: Munich Re

July 18, 2017 by Canadian Underwriter

Four of the five costliest natural catastrophes, measured by insured losses, during the first half of this year, occurred in the United States, while four of the five deadliest events occurred in Asia, Munich Re announced. Munich Re released Tuesday

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B.C. officials face challenges in bringing people home after fire evacuations

July 18, 2017 by THE CANADIAN PRESS

KAMLOOPS, B.C. – A British Columbia official says getting people to safety as fast-Moving wildfires approached was only half the battle _ the other half will be returning them home. Al Richmond, chairman of the Cariboo Regional District in B.C.’s

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Extreme cloud attack could pack as much of a cost wallop as Hurricane Sandy

July 18, 2017 by Canadian Underwriter

A malicious hack that fells a cloud service provider for a time has the potential to produce estimated economic losses of as much as US$53 billion, in line with the hit delivered by Superstorm Sandy, suggests a new research scenario

News AssociationsCatastrophesClimate ChangeInsuranceLegalReinsurance

Judicial determination on interpretation of property Cat XOL with reinsurers sought

July 18, 2017 by Angela Stelmakowich

Alberta Motor Association Insurance Company is looking to divide the loss arising out of the Fort McMurray wildfire, which exceeded a duration of 168 hours, into six multiple loss occurrences in line with its reading of its property catastrophe excess

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$11.2-million settlement proposed in Ashley Madison data security breach

July 17, 2017 by Paola Loriggio - THE CANADIAN PRESS

The Toronto-based parent company of the infidelity dating site Ashley Madison says it has reached a US$11.2-million settlement an American class-action lawsuits stemming from a massive security breach two years ago. Ruby Corp., which was previously known as Avid Life

News InsuranceLegislation / RegulationPersonal Lines

Revenues up $17 million for Manitoba Public Insurance

July 17, 2017 by Canadian Underwriter

Manitoba Public Insurance Corporation reported Friday its total earned revenues for the three months ending May 31 increased 3.7% year over year, while bodily injury claims were up $34.5 million year over year. MPI, a crown corporation with a monopoly

News Catastrophes

Extent of damage remains unclear as winds fan B.C. wildfires

July 17, 2017 by THE CANADIAN PRESS

KAMLOOPS, B.C. – Wildfires across British Columbia have torn through several communities, but officials say the number of homes, businesses and other structures lost remains unclear. Hot, windy weather has fanned flames across the province, including near Ashcroft, where a

News Insurance

Fatal plane crash report highlights concern about night visual flight rules: TSB

July 17, 2017 by Canadian Underwriter

There is an increased risk of aviation accidents if pilots flying at night are not required “to maintain instrument flying proficiency,” the Transportation Safety Board of Canada suggested in a recently-released report. On Nov. 9, 2015, a Cessna 182 crashed

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Applying blockchain technology could slash US$40 billion in costs for financial services: BIS Research

July 17, 2017 by Canadian Underwriter

Implementing blockchain technology could produce hefty cost savings in the billions of dollars annually for the financial services market, suggests a new report released Friday by Minnesota-based BIS Research. Characterizing blockchain as a revolutionary development, its application “could lead to

News AssociationsCatastrophesClimate ChangeCommercial LinesInsurancePersonal Lines

Estimated insured damage for June storm in central Alberta upwards of $30 million

July 17, 2017 by Canadian Underwriter

A severe storm that swept through central Alberta in the third week of June is estimated to have caused more than $30 million in insured damage, reports Insurance Bureau of Canada (IBC), citing figures from Catastrophe Indices and Quantification Inc.