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Rebuilding after disasters should stress safer, better, Goodale says

May 11, 2017 by Jordan Press - THE CANADIAN PRESS

OTTAWA – As the devastating floodwaters recede in Ontario and Quebec, the key to preventing a similar disaster in future is to avoid making the mistakes that led to problems in the first place, says Public Safety Minister Ralph Goodale.

News InsuranceLegalMarkets / CoveragesReinsuranceTechnology

Cyber security a ‘key aspect’ of risk management for medical professional liability insurers: A.M. Best

May 11, 2017 by Canadian Underwriter

Medical professional liability insurers who retain cyber risk need to limit their exposure “through strong policy language,” A.M. Best Company Inc. warned in a report released Wednesday. The ability to “identify emerging risks in areas such as cyber security,” is,

News CatastrophesInsuranceMarkets / CoveragesPersonal Lines

Too early to confirm costs from flooding in B.C., Ontario, Quebec and Maritimes: Aon

May 11, 2017 by Canadian Underwriter

Persistent recent heavy rainfall falling across several Canadian provinces has led to increasingly rising rivers, streams and lakes this week, as communities “raced to protect from water inundation,” Impact Forecasting said on Thursday in an Aon cat alert. Financial losses

News Commercial LinesInsuranceMarkets / CoveragesTechnology

Simultaneous cyberattacks on multiple companies likely in 2017, financial services industry key concern: AIG study

May 11, 2017 by Canadian Underwriter

Nine in 10 global cybersecurity and risk experts believe that cyber risk is systemic and that simultaneous attacks on multiple companies are likely in 2017, according to a study issued on Wednesday by global insurer American International Group, Inc (AIG).

News CatastrophesCommercial LinesInsuranceTechnology

Threats of cyberattacks, natural disasters and supply chain failure most pressing global business performance risks: FM Global

May 11, 2017 by Canadian Underwriter

Cyberattacks, natural disasters and supply chain failure are three of the most pressing risks to global business performance in the 21st century, according to the 2017 FM Global Resilience Index. The online, interactive annual index ranks 130 countries and territories

News InsuranceLegalMarkets / CoveragesPersonal Lines

Non-approved Ontario auto forms do not always render insurance contracts void: Court of Appeal

May 10, 2017 by Canadian Underwriter

If an Ontario auto insurer uses a form that is not approved by the province’s Superintendent of Financial Services, this does not necessarily render the contract of insurance void, the province’s appeal court suggested in a ruling released Wednesday. On

News CatastrophesInsuranceMarkets / Coverages

ICLR holding 2017 hurricane season forecast webinar on May 30

May 10, 2017 by Canadian Underwriter

The Institute for Catastrophic Loss Reduction (ICLR) is holding a webinar on May 30 that will discuss a forecast of the 2017 hurricane season. Bob Robichaud, warning preparedness meteorologist for the Canadian Hurricane Centre, will be part of the interactive

News Commercial LinesInsuranceMergers and AcquisitionsPersonal LinesProfessional Development

McFarlan Rowlands Insurance Brokers announces acquisition of Callister Musico Insurance Group

May 10, 2017 by Canadian Underwriter

London, Ont.-based McFarlan Rowlands Insurance Brokers announced on Wednesday that it will acquire Callister Musico Insurance Group of Sarnia, Ont. Located at 1315 Michigan Ave. in Sarnia, the Callister Musico office will become McFarlan Rowlands’ 15th branch in Ontario, allowing

News InsuranceMarkets / CoveragesPersonal Lines

Q1 claims and claims expense ratio improved 5.6 points for Allstate

May 10, 2017 by Canadian Underwriter

For the second year in a row, hail in Texas in March has cost The Allstate Corp. millions of dollars in claims and claims expenses. Northbrook, Ill.-based Allstate released May 2 its financial results for the first three months of

News Commercial LinesInsuranceMarkets / CoveragesMergers and AcquisitionsProducts

Northbridge Financial Corporation purchases surety underwriting business of Fenchurch General Insurance Company

May 10, 2017 by Canadian Underwriter

Toronto-based commercial P&C insurer Northbridge Financial Corporation announced on Tuesday that it will enter the surety market in Canada by purchasing the surety underwriting business of Fenchurch General Insurance Company. Starting June 1, businesses across Canada will have access to

News CatastrophesCommercial LinesInsuranceMarkets / Coverages

Husky resumes cleanup after major oil spill in Saskatchewan last summer

May 10, 2017 by Jennifer Graham - THE CANADIAN PRESS

REGINA – Husky Energy is going to see how much more oil – if any – can be cleaned up from a major spill last July along the North Saskatchewan River. The company has started more shoreline cleanup and assessment

News CatastrophesClimate ChangeCommercial LinesEarnings / RatingsPersonal LinesReinsurance

Hannover Re Group net income down 2.4% to 264.8 million euros in 2017 Q1 compared to 2016 Q1

May 10, 2017 by Canadian Underwriter

Group net income for Hannover Re contracted to 264.8 million euros in the first quarter of 2017, but was in line with the prior-year quarter’s exceptionally good results, positioning the reinsurer well for achieving its financial targets this year. Group