Canadian Underwriter

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News CatastrophesInsurancePersonal Lines

Aon unit pegs economic loss from Matthew at US$15 billion

April 24, 2017 by Canadian Underwriter

Hurricane Matthew, which is estimated to have caused $150 million in economic losses in Canada alone and killed more than 600 in the Western hemisphere, set several records, Impact Forecasting LLC said in a report released Monday. Hurricane Matthew officially

News InsuranceTechnology

Damage to reputation/brand gets social, cyber jumps higher on risk list: Aon survey

April 24, 2017 by Angela Stelmakowich

PHILADELPHIA – Social media is amplifying the impact of the top-ranked risk for businesses – damage to reputation and brand – while cyber risk has fully entrenched itself in the Top 10, becoming the number one risk for respondents in

News InsuranceMarkets / CoveragesPersonal LinesProfessional DevelopmentTechnology

Allianz makes strategic investment in Lemonade Insurance Company

April 22, 2017 by Canadian Underwriter

Allianz SE announced on Friday that it has recently made a “strategic investment” in Lemonade Insurance Company, a New York-licensed renters and homeowners insurer powered by artificial intelligence and behavioural economics. “The partnership ties in neatly with our digitization focus,”

News Commercial LinesInsurancePersonal LinesProductsTechnology

BlackBerry expanding channels of distribution via cyber security initiative with Allied World

April 21, 2017 by Canadian Underwriter

Ontario-based BlackBerry Limited is growing its footprint in the insurance industry through a new initiative with Allied World Assurance Company Holdings in which the latter’s U.S. cyber policyholders will gain direct access to the former’s cyber security expertise through an

News InsuranceMergers and Acquisitions

M&A insurance claims rising, 23% of deals over US$1 billion end in a claim: AIG study

April 20, 2017 by Canadian Underwriter

The frequency of insurance claims related to mergers and acquisitions (M&A) is rising as large deals prove risky and the average payout on the most severe category of claims tops US$20 million, according to a new global study from American

News Climate ChangeCommercial LinesInsurancePersonal LinesProductsTechnology

Intact Ventures becomes strategic investor in Canadian IoT technology company Alert Labs

April 20, 2017 by Canadian Underwriter

Intact Ventures has made its first investment in Canada Alert Labs Inc., an Ontario provider of easy-to-install technology that offers residential and commercial property owners real-time water use, flood, leak, temperature and power alerts. Not only do the alerts generated

News AssociationsInsuranceTechnology

Innovative technologies clustered on expectations side, most types of technology two to 10 years away: CIAA event speaker

April 19, 2017 by Angela Stelmakowich

The influence of technology will be more clearly felt in the next 10 or 15 years as opposed to the next few years, Duncan Stewart, director of technology, media and telecommunications research for Deloitte Canada, suggested during a Canadian Insurance

News CatastrophesInsuranceMarkets / CoveragesPersonal Lines

Quebec authorities watch for flooding after heavy weekend rainfall

April 18, 2017 The Canadian Press

MONTREAL – Recent heavy rainfall had civil security authorities keeping close tabs on Quebec rivers Monday as minor flooding was reported in various parts of the province. Heavy rain on Sunday raised the water levels of streams and rivers over

News AssociationsCommercial LinesInsurancePersonal LinesTechnology

Carriers should more fully explore potential in episodic insurance, CIAA event hears

April 17, 2017 by Angela Stelmakowich

Insurance carriers need to more seriously consider the potential that exists in episodic insurance and how such an approach could alter offerings, Mukul Ahuja, leader of insurance strategy and innovation at Deloitte Canada, suggested Thursday. “Not nearly enough carriers are

News AssociationsCommercial LinesInsurancePersonal LinesTechnology

Autonomous vehicles coming, but auto books will not disappear any time soon: CIAA event speaker

April 17, 2017 by Angela Stelmakowich

Autonomous vehicles are coming, but there is no need for property and casualty insurers to panic that their auto books are going to quickly disappear, Andrew Lo, president and chief operating officer of Kanetix Ltd., said Thursday at the Canadian

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 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.