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Sharing economy not fully served by insurance industry, but opportunity is there: Kovacs

April 9, 2017 by Jason Contant, Online Editor

The sharing economy is not fully served by the insurance industry right now, but the opportunity is there, Paul Kovacs, founder and executive director of the Institute for Catastrophic Loss Reduction, said on Thursday at the CIP Society Symposium 2017.

News InsuranceLegalPersonal LinesTechnology

Hyundai, Kia recall 1.4M vehicles; engines can fail

April 7, 2017 by Tom Krisher - THE ASSOCIATED PRESS

DETROIT – Hyundai and Kia are recalling 1.4 million cars and SUVs in the U.S., Canada and South Korea because the engines can fail and stall, increasing the risk of a crash. The recall covers some of the Korean automakers’

News CatastrophesInsurancePersonal LinesTechnology

ICLR to host webinar on lot-level approaches to control urban flood risk and mitigate basement flooding

April 7, 2017 by Canadian Underwriter

The Institute for Catastrophic Loss Reduction (ICLR) will be hosting a webinar in two weeks on lot-level approaches to control urban flood risk and mitigate basement flooding. The webinar on April 21 at 10 a.m. Eastern time is part of

News CatastrophesCommercial LinesInsurancePersonal LinesProfessional DevelopmentReinsurance

Intact reports Q1 cat losses of $88 million, aims to double direct-to-consumer business in ‘near term’

April 7, 2017 by Canadian Underwriter

Intact Financial Corp. recently reported its catastrophe losses, net of reinsurance, were $88 million for the first three months of 2017. Toronto-based Intact also says it wants to “double” its direct-to-consumer business in the “mid-term” and is nominating Sylvie Paquette,

News AssociationsCatastrophesClimate ChangeCommercial LinesEarnings / RatingsInsurancePersonal LinesReinsurance

Preparation, not panic, is the way to address earthquake risk: IBC’s Don Forgeron

April 7, 2017 by Angela Stelmakowich

When talk turns to the possibility of a major earthquake in Canada, Don Forgeron, president and CEO of Insurance Bureau of Canada (IBC), advises that the response should be to prepare, not to panic. “No one should spend their day

News CatastrophesCommercial LinesInsurancePersonal Lines

Southern U.S. crop losses from March storm could exceed $1 billion: Aon

April 7, 2017 by Canadian Underwriter

A weather system that brought sub-freezing temperatures to South Carolina and Georgia, as well as heavy rains in Peru were among the catastrophes with economic losses exceeding $1 billion in March, Aon plc’s Impact Forecasting unit reported Friday in its

News Commercial LinesInsuranceMarkets / CoveragesPersonal LinesTechnology

Satisfying unmet customer needs key to helping prevent disruption: CIP Symposium speaker

April 7, 2017 by Jason Contant, Online Editor

If the insurance industry doesn’t start meeting unmet customer needs and responding to trends like the sharing economy, new entrants will likely continue to disrupt the industry, attendees to the CIP Society Symposium 2017 heard on Thursday. “The big risk

News LegalPersonal Lines

MPs continue debate on opposition bill proposing five-year minimum sentence for impaired driving causing death

April 6, 2017 by Canadian Underwriter

Federal politicians debated Wednesday a bill proposing to change the Criminal Code of Canada to allow random alcohol screening of drivers and for consecutive five-year sentences for drivers convicted of impaired driving causing death. Bill C-226, the Impaired Driving Act,

News Legal

Saskatchewan law allows tow trucks to use blue lights

April 6, 2017 by THE CANADIAN PRESS

REGINA – Tow truck drivers in Saskatchewan say using blue lights along with amber lights on their trucks will improve safety. With the unanimous support of the legislature, the Saskatchewan government introduced and passed legislation allowing tow truck operators add

News Commercial Lines

Business losses from terrorism shifting away from property damage: Aon

April 6, 2017 by Canadian Underwriter

Terrorism “linked to” Al Qaeda and the Islamic State of Iraq and the Levant “remains a critical threat” worldwide, especially in the oil and gas sector, but with a recent trend towards terrorists using vehicles as weapons, the loss to

News Climate Change

Government infrastructure, climate change programs ‘have to merge:’ Chiarelli

April 6, 2017 by Greg Meckbach, Associate Editor

Municipalities looking for infrastructure funding from upper levels of government should make sure they have 10-year “asset management” plans, while upper levels of government need to keep in mind greenhouse gas emissions when drawing up their infrastructure plans, Ontario’s infrastructure

News CatastrophesCommercial LinesInsuranceProductsReinsuranceTechnology

RMS releases new class of cyber-physical risk modelling for property insurers

April 6, 2017 by Canadian Underwriter

RMS has expanded its range of cyber models to include a new class of so-called cyber-physical models in a bid to answer the increasing related risk of insurance losses from hackers targeting control systems linked to the Internet. These cyber-physical