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Criminal charges related to auto insurance fraud dropped against Toronto man

March 9, 2017 by Canadian Underwriter

Criminal charges against a Toronto man alleging that he sold fake auto insurance have been dropped. As Canadian Underwriter reported on April 9, 2015, Toronto Police Service charged Min-Hoi Yau with “fraud under $5,000, uttering a forged document and possession

News CatastrophesInsuranceMarkets / CoveragesPersonal Lines

Study: California fault could cause magnitude 7.4 quake

March 8, 2017 by The Associated Press

SAN DIEGO – An earthquake fault running from San Diego Bay to Los Angeles is capable of producing a magnitude-7.4 earthquake that could affect some of the region’s most densely populated areas, according to a study released Tuesday. The study

News CatastrophesInsuranceMarkets / CoveragesReinsurance

Flood insurance reform bill re-tabled in U.S. congress

March 8, 2017 by Canadian Underwriter

A bill aimed at increasing participation by the private sector in the flood insurance market in the United States was tabled Wednesday in the House of Representatives, a U.S. congressman from Florida announced. The Flood Insurance Market Parity and Modernization

News CatastrophesCommercial LinesInsurancePersonal Lines

Severe weather outbreaks in U.S. in February lead to billion-dollar payout for insurance industry: Aon Benfield

March 8, 2017 by Canadian Underwriter

Prolific severe weather outbreaks in the United States lead to an expected billion-dollar payout for the insurance industry as no fewer than five outbreaks of severe weather impacted portions of the country during February, according to Impact Forecasting’s latest Global

News Commercial LinesInsurancePersonal Lines

Non-standard auto insurer Echelon completes sale of European operations

March 8, 2017 by Canadian Underwriter

Echelon Financial Holdings Inc. announced Tuesday it has completed the sale of its European operations, which provide non-standard auto through Danish insurer Qudos Insurance A/S. At current exchange rates, Mississauga, Ont.-based Echelon will receive about $5.1 million on closing “and

News Earnings / RatingsInsurance

Kingsway Financial Services Inc. posts net loss for both full-year, fourth quarter 2016

March 8, 2017 by Canadian Underwriter

Several significant events during the fourth quarter of 2016 contributed to Kingsway Financial Services Inc. (KFS) reporting a net loss for both the quarter and the full year. For all of 2016, the company posted a loss of about US$9.4

News Commercial LinesInsuranceMarkets / CoveragesPersonal LinesTechnology

Driverless cars to “revolutionize” motor insurance as liability shifts towards manufacturers: Fitch

March 8, 2017 by Canadian Underwriter

Widespread adoption of autonomous vehicles will completely transform the motor insurance sector in the long-term as liability shifts towards manufacturers and the traditional risk pool shrinks, Fitch Ratings said in a new report on Wednesday. Simply put, insurers will be

News Commercial LinesInsuranceLegislation / RegulationTechnology

Ridesharing anticipated in B.C. by “end of 2017,” province unveils measures to help taxi industry modernize

March 8, 2017 by Canadian Underwriter

The government of British Columbia announced on Tuesday a series of improvements for the taxi industry in anticipation of “ride-sharing services coming to British Columbia by the holiday season at the end of 2017,” including improving certain insurance products, potentially

News CatastrophesCommercial LinesInsurancePersonal Lines

Parts of Manitoba, Saskatchewan hit by blizzard, travel extremely dangerous

March 7, 2017 by The Canadian Press

Snow, high winds and low visibility made travel extremely dangerous in parts of Manitoba and eastern Saskatchewan Tuesday as a blizzard howled through the region for a second day. Manitoba said the Trans-Canada Highway and highways 16, 5 and 45

News Commercial LinesInsuranceMarkets / CoveragesTechnology

Panelists warn of risks from room rentals through sharing economy

March 7, 2017 by Greg Meckbach, Associate Editor

Property owners who want to rent their places to travellers using the “sharing economy” need special insurance coverage and one large risk is when they prepare food for customers, speakers suggested Tuesday at an event hosted by Allianz Global Assistance.

News CatastrophesClimate ChangeInsuranceMarkets / Coverages

Most recent Canadian, U.S. actuarial index values reflect continued high frequencies of extreme weather events

March 7, 2017 by Canadian Underwriter

Organizations representing the actuarial profession in Canada and the United States have reported an Actuaries Climate Index (ACI) value for the summer of 2016 of 1.72, the third-highest seasonal level recorded. On Tuesday, the four organizations representing actuaries in the

News CatastrophesMarkets / Coverages

Tanker truck crash spills fuel northwest of Toronto, crews work to clean up

March 7, 2017 by Liam Casey - THE CANADIAN PRESS

Crews were working to clean up a “significant fuel spill” that was threatening a river and a conservation area northwest of Toronto on Tuesday after a truck hauling gasoline crashed in the region. The fuel truck lost control around 2:30