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Home Fire Sprinkler Coalition launches Canadian website

March 14, 2017 by Canadian Underwriter

A new website from the non-profit Home Fire Sprinkler Coalition (HFSC) – HomeFireSprinklerCanada.ca – seeks to help increase interest in the life-saving benefits of installed home fire sprinklers in new construction homes. In partnership with and funding from the Co-operators

News CatastrophesClimate ChangeInsurancePersonal Lines

Desjardins Insurance offers new flood coverage for low-, medium-risk areas

March 14, 2017 by Canadian Underwriter

Customers of Desjardins Insurance, The Personal and State Farm Canada who live in low-risk flood areas will now automatically be covered by a new flood endorsement while those in medium-risk areas can choose to purchase an additional premium. Endorsement 16d

News InsuranceTechnology

Intel to acquire driver assistance systems manufacturer Mobileye

March 13, 2017 by Canadian Underwriter

Mobileye N.V., whose vehicle-mounted technology is designed to anticipate collisions, has agreed to be acquired by microprocessor manufacturer Intel Corp. Intel said Monday that one of its subsidiaries “will commence a tender offer” to acquire Mobileye shares for US$63.54 in

News Commercial LinesInsurance

TSB reiterates warning about risk of unstable runway approaches

March 13, 2017 by Canadian Underwriter

The Transportation Safety Board of Canada has reiterated its call for commercial aviation operators to have a flight data monitoring program in order to assess the risk posed by unstable approaches. TSB released March 9 an investigation report into an

News Legal

Volkswagen agrees to US$4.3 billion in penalties in U.S. plea deal

March 13, 2017 by THE ASSOCIATED PRESS

Volkswagen pleaded guilty Friday to three criminal counts for a scheme to get around U.S. pollution rules. If a federal judge agrees to the Justice Department’s sentencing recommendation, the scandal will end up costing the company more than $20 billion

News Earnings / RatingsInsurance

Aviva reports combined ratio of 94.6% in Canada in 2016

March 13, 2017 by Canadian Underwriter

Aviva plc announced a 0.8-point increase in its combined ratio in Canada while operating profit was up 16%. London-based Aviva released March 9 its preliminary results for 2016. General insurance net premiums written, worldwide, increased 15%, from £7.177 billion in

News InsuranceTechnology

Scotiabank announces it will provide $2 million for cyber security and financial data initiative at UBC

March 13, 2017 by Canadian Underwriter

Scotiabank’s $2 million funding injection seeks to support the ability of the Scotiabank Cybersecurity and Risk Analytics Initiative at the University of British Columbia (UBC) to accelerate cyber security and financial risk research in Canada. “Data theft costs organizations billions

News CatastrophesInsurance

Newfoundland Power crews describe weekend storm as ‘worse than hurricane Igor’

March 13, 2017 by THE CANADIAN PRESS

JOHN’S, N.L. – Newfoundland Power is continuing work to restore electricity to areas of the province ravaged by a massive weekend windstorm. Utility spokeswoman Michele Coughlan said 5,000 customers were still without power early Monday – a figure down from

News Commercial LinesInsurance

Commercial insurance prices in U.S. remain flat during 2016 Q4

March 13, 2017 by Canadian Underwriter

Commercial insurance prices in the United States were almost flat during 2016 Q4, with price increases of less than 1% for the fifth straight quarter, Willis Towers Watson (WTW) reports in its latest Commercial Lines Insurance Pricing Survey (CLIPS). CLIPS

News Commercial LinesInsurancePersonal LinesReinsurance

Fairfax Financial to increase cash consideration component in proposed acquisition of Allied World

March 13, 2017 by Canadian Underwriter

Fairfax Financial Holdings Limited and Allied World Assurance Company Holdings jointly announced Friday that the former has exercised its option to increase the cash consideration component of its US$4.9 billion cash and stock offer to Allied World shareholders. In exercising

News InsuranceLegislation / RegulationMarkets / CoveragesTechnology

Uber self-driving cars are coming back to California roads

March 10, 2017 by The Associated Press

SACRAMENTO, Calif. – Uber’s self-driving cars will return to California’s streets, though the ride-hailing company doesn’t immediately plan to pick up passengers. Uber received a permit Wednesday to test two Volvo SUVs on public roads, the California Department of Motor

News CatastrophesInsuranceMarkets / Coverages

Southeastern Saskatchewan should expect above normal spring runoff flows: Water Security Agency

March 10, 2017 by Canadian Underwriter

The Saskatchewan Water Security Agency (WSA) has released its March 2017 Spring Runoff Forecast, saying that the majority of the province is looking at a near normal spring runoff, “with the exception of southeastern Saskatchewan and areas west of Hudson