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Documents show many cities are wary of mapping flood risks, making data public

May 9, 2017 by Jordan Press - THE CANADIAN PRESS

OTTAWA – When municipal officials were told last year about new tools to help them map the risk of flooding in their communities, they immediately raised red flags, suggesting they wanted no part of it over concerns about legal liability

News InsuranceLegislation / RegulationPersonal Lines

Ontario Chamber of Commerce endorses major changes to auto insurance rate regulation

May 9, 2017 by Canadian Underwriter

The Ontario Chamber of Commerce (OCC) is calling on the provincial government to put an end to its existing auto rate filing system, a system the chamber describes as “one of the most costly, onerous, and restrictive in North America.”

News CatastrophesCommercial LinesEarnings / RatingsInsuranceReinsurance

Q1 revenues up 5% at Aon

May 9, 2017 by Canadian Underwriter

Aon plc reported Tuesday its commercial risk solutions revenue of $984 million in the three months ending March 31, up 2% from $961 million during the same period in 2016, while net income, company wide, dropped 9% due in part

News CatastrophesInsuranceMarkets / CoveragesPersonal Lines

Flooding in Ontario and Quebec in April and May estimated to cost “well into the millions” in U.S. dollars: Aon Benfield

May 9, 2017 by Canadian Underwriter

Flooding in multiple communities in southern Ontario and Quebec in April and into May is estimated to cost “well into the millions of dollars (USD)” in economic losses, Impact Forecasting said on Tuesday in its Global Catastrophe Recap report for

News Earnings / RatingsInsuranceMarkets / CoveragesReinsurance

Munich Re’s operating result up to 952 million euros in Q1 2017 from 726 million euros in Q1 2016

May 9, 2017 by Canadian Underwriter

Munich Re has reported an increased operating result for the first quarter of 2017, from 726 million euros in Q1 2016 to 952 million euros in the most recent quarter. The reinsurance field of business contributed 466 million euros to

News InsuranceLegalLegislation / RegulationMarkets / Coverages

City loses argument that nine-year-old contributorily negligent after being hit by car

May 9, 2017 by Canadian Underwriter

The Supreme Court of Canada has dismissed an application from the City of Hamilton for leave to appeal a finding that a nine-year-old boy was not contributorily negligent after he was hit by a car at a location where a

News CatastrophesClimate ChangeCommercial LinesEarnings / RatingsInsurancePersonal LinesReinsurance

PERILS estimates property market loss for Cyclone Debbie at AU$1,116 million

May 9, 2017 by Canadian Underwriter

Tropical Cyclone Debbie – the initial loss estimate for which PERILS AG puts at AU$1,116 million – “underpins the need for reliable natural catastrophe insurance data for Australia,” suggests Darryl Pidcock, head of PERILS Asia-Pacific. Debbie affected the Australian states

News InsurancePersonal LinesTechnology

Drivers slower to respond to safety critical events in semi-automated cars, new study finds

May 8, 2017 by Canadian Underwriter

Drivers using automated driver support systems responded worse than those manually driving in terms of reaction time, lane departure duration and “maximum steering wheel angle to an induced lane departure event,” a new study has found. Published in the June

News CatastrophesCommercial LinesEarnings / RatingsInsurancePersonal Lines

U.S. P&C insurers report US$4.7 billion net underwriting loss in 2016: Verisk Analytics

May 8, 2017 by Canadian Underwriter

Private property and casualty insurers in the United States suffered a US$4.7 billion net underwriting loss in 2016 following a US$8.9 billion net underwriting gain in 2015, according to ISO, a Verisk Analytics business, and the Property Casualty Insurers Association

News CatastrophesCommercial LinesEarnings / RatingsInsuranceReinsurance

Q1 insurance premiums up 95% at Berkshire Hathaway after adverse development reinsurance agreement with AIG

May 8, 2017 by Canadian Underwriter

Berkshire Hathaway Inc. announced Friday it recorded insurance premiums earned of $21.7 billion during the three months ending March 31 – up 95% from $11.1 billion in Q1 2016 -while Cyclone Debbie affected the Omaha, Neb.-based firm’s underwriting result by

News AppointmentsCommercial LinesInsurancePersonal LinesTechnology

Uber announces Toronto research hub for self-driving technology

May 8, 2017 by Canadian Underwriter

Uber has announced that Toronto will be the first international research hub of its Advanced Technologies Group. The technology company also welcomed Raquel Urtasun, an associate professor at the University of Toronto “and one of the world’s leading researchers in

News CatastrophesInsurancePersonal Lines

Portions of south, central interior B.C. remain under evacuation alert or order after recent flooding

May 8, 2017 by Canadian Underwriter

Areas in the south and central interior of British Columbia remain under evacuation alert or evacuation order after recent flooding events and there is potential for increased snowmelt and further precipitation and flooding next week, the provincial Ministry of Transportation