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News InsuranceLegislation / RegulationPersonal Lines

Ontario should create ‘list of documents that must be produced’ in personal injury auto lawsuits: Marshall

April 13, 2017 by Canadian Underwriter

The Ontario government should consider allowing auto insurers to offer consumers more choices and come up with new rules for the tort system bearing in mind that personal injury auto lawsuits “seldom involve complex issues of law,” a special adviser

News CatastrophesCommercial LinesInsuranceMarkets / CoveragesReinsurance

Swiss Re losses from Cyclone Debbie currently estimated at US$350 million

April 13, 2017 by Canadian Underwriter

Swiss Re currently estimates its claims burden from tropical cyclone Debbie in Australia at about US$350 million, net of retrocession and before tax, while the total insured market losses associated with the event is estimated at around US$1.3 billion. The

News Earnings / RatingsInsurance

Central bank says no rate cut considered amid stronger growth, but notes risks

April 13, 2017 by Andy Blatchford - THE CANADIAN PRESS

OTTAWA – The head of the Bank of Canada said an interest rate cut was not on the table during the central bank’s latest policy decision, but also warned of persistent risks that suggest it will not hike any time

News InsuranceMergers and Acquisitions

Insurance-related M&A activity explodes, insurance company moves in Canada high: OPTIS Partners

April 13, 2017 by Canadian Underwriter

OPTIS Partners has likened recent mergers and acquisitions (M&A) activity among U.S. and Canadian agencies selling p&c insurance and employee benefits to an explosion, with the 178 reported transactions in 2017 Q1 dwarfing the 115 deals in the prior-year quarter.

News CatastrophesClimate ChangeCommercial LinesConstructionInsuranceMarkets / CoveragesPersonal Lines

Government of Alberta boosts Calgary’s flood resilience with $13.4 million investment

April 12, 2017 by Canadian Underwriter

The Government of Alberta announced on Wednesday that it is investing about $13.4 million to help the City of Calgary boost its flood readiness. Six provincial grants are part of $63 million earmarked in Budget 2017 to help Alberta communities

News InsuranceLegislation / RegulationPersonal Lines

New Ontario financial authority should monitor auto insurers with ‘unusual number’ of LAT appeals: Marshall

April 12, 2017 by Canadian Underwriter

Neither the behaviour of personal injury lawyers nor “excess profits” of insurers are to blame for high auto premiums in Ontario, but the government should consider restricting lawyers’ contingency fees, a special advisor to the provincial government suggested in a

News InsuranceLegislation / RegulationMarkets / CoveragesReinsurance

“New normal” may be emerging in global energy insurance markets: Willis Towers Watson

April 12, 2017 by Canadian Underwriter

The energy sector is still beset by some significant challenges, including low oil prices, but there may also be a “new normal” emerging in the global energy insurance market, according to global advisory, broking and solutions company Willis Towers Watson

News CatastrophesInsuranceMarkets / Coverages

Sponsors completed one cat bond of about $600 million with coverage for Canada in Q1: PCS

April 12, 2017 by Canadian Underwriter

Sponsors completed one catastrophe bond with coverage for Canada in the first quarter of 2017 (Galilei Re), according to Property Claim Services’ (PCS) first-quarter cat bond report released on Wednesday. As it was a large transaction, capital raised by cat

News InsuranceLegislation / RegulationMarkets / CoveragesPersonal Lines

Hospital-based examination centres should provide Ontario auto accident treatment plans: Marshall

April 12, 2017 by Canadian Underwriter

Ontario should not move to a government-run auto insurance system but the province should establish hospital-based examination centres with authority to establish treatment plans that would have to be provided by the insurers, without dispute, a special advisor to the

News AssociationsCatastrophesClimate ChangeCommercial LinesConstructionInsurancePersonal LinesReinsurance

Construction of mitigation infrastructure to protect against flood should be seen as nation-building projects: Australian insurers

April 12, 2017 by Canadian Underwriter

The Insurance Council of Australia (ICA) cited the Canadian government’s budget commitment to create a Disaster Mitigation and Adaptation Fund in a recommendation to its own federal government to treat the construction of mitigation infrastructure to protect flood-prone towns as

News CatastrophesInsurancePersonal Lines

PERILS discloses second property loss estimate of 234 million euros for extratropical cyclone Egon

April 12, 2017 by Canadian Underwriter

PERILS AG has disclosed its second loss estimate of 234 million euros for extratropical cyclone Egon, which affected France and Germany on Jan. 12 and 13 of this year. The cold front associated with Egon resulted in heavy rain and

News CatastrophesInsuranceMarkets / CoveragesPersonal Lines

Officials track slow Washington landslide near 2014 disaster

April 11, 2017 by The Associated Press

OSO, Wash. – A slow-moving landslide near the site of a Washington state mudslide that wiped out a neighbourhood and killed 43 people in 2014 has prompted officials to close a state highway as a precaution and recommend evacuations for