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$1.185B flood protection project to lead to Toronto waterfront makeover

June 28, 2017 THE CANADIAN PRESS

TORONTO – A portion of Toronto’s waterfront is set to undergo a nearly $1.2 billion flood protection project that will lead to a makeover of the area. Prime Minister Justin Trudeau, Ontario Premier Kathleen Wynne and Mayor John Tory announced

News CatastrophesInsurancePersonal LinesProductsReinsurance

MSA calls for ‘sustainable solution for underinsurance’ in overland flood

June 27, 2017 by Canadian Underwriter

A potential solution to overland flood risk in Canada “could follow” the model of Britain’s Flood Re, MSA Research Inc. suggested in a report released Monday to Canadian Underwriter. Toronto-based MSA released its Quarterly Outlook Report for Q1 2017. In

News Commercial LinesEarnings / RatingsInsuranceMarkets / CoveragesPersonal LinesReinsurance

Investment income doubles for Canadian P&C industry: MSA

June 27, 2017 by Canadian Underwriter

The Canadian property and casualty insurance industry had essentially no underwriting income during the first three months of the year but Q1 net investment income more than doubled year over year, figures from a report from MSA Research Inc. suggest.

News CatastrophesClimate ChangeInsuranceMarkets / CoveragesReinsuranceTechnology

New Zealand proposes shaking up earthquake commission scheme to smooth claims resolution

June 27, 2017 by Canadian Underwriter

New Zealand will continue to flesh out the details of proposed changes aimed at simplifying and improving the Earthquake Commission (EQC) scheme to help support more timely response to affected policyholders. Reforms to the Earthquake Commission Act seek to “simplify

News CatastrophesClimate ChangeCommercial LinesInsurancePersonal LinesProductsReinsuranceTechnology

AIR Worldwide releases probabilistic crop hail model for Canada

June 26, 2017 by Canadian Underwriter

AIR Worldwide has released what the catastrophe risk modelling firm calls the industry’s first crop hail model to provide stakeholders across the crop insurance value chain with a probabilistic view of the effects of hail on Canadian crops. Currently available

News AppointmentsInsuranceProfessional DevelopmentReinsurance

François Dagneau appointed CEO of Canadian branch of Arch Reinsurance Company

June 16, 2017 by Canadian Underwriter

Arch Reinsurance Company announced on Friday that François Dagneau will be appointed to the position of chief executive officer of its Canadian branch this month. Dagneau will replace Patrick McGuiness, who is retiring from Arch, the company said in a

News InsuranceMarkets / CoveragesProfessional DevelopmentReinsuranceTechnology

43% of companies achieving positive outcomes from digital transformation investments: XL Catlin-sponsored survey

June 14, 2017 by Canadian Underwriter

More than four in 10 companies surveyed for an XL Catlin-sponsored study have reported achieving positive outcomes from digital transformation investments, especially those using digital technology at all levels of operations, from supply chains and distribution networks to compliance activities

News CatastrophesCommercial LinesInsurancePersonal LinesReinsuranceTechnology

Allianz Risk Transfer, Nephila Capital successfully pilot blockchain for Cat swap

June 14, 2017 by Canadian Underwriter

Allianz Risk Transfer AG (ART) and Nephila Capital Limited report successfully piloting the use of blockchain smart contract technology for transacting a natural catastrophe swap, an approach they suggest offers benefits for this and other types of insurance transactions. The

News InsuranceLegislation / RegulationMarkets / CoveragesReinsuranceTechnology

Reduced market access, regulatory fragmentation and cloud risk accumulation among key industry risks: Swiss Re

June 13, 2017 by Canadian Underwriter

Reduced market access, regulatory fragmentation, the return of inflation, cloud risk accumulation and emerging liability legislation for artificial intelligence are just some of the key risks for the re/insurance industry, according to Swiss Re’s 2017 SONAR report. The report, released

News Commercial LinesInsuranceMarkets / CoveragesPersonal LinesProductsTechnology

Gore Mutual launches cyber and data breach product for Canadian small businesses

June 9, 2017 by Canadian Underwriter

Gore Mutual Insurance Company has announced a cyber and data response product for Canadian small businesses as well as a partnership with a global home automation company to provide flood sensors to select commercial and personal customers. Gore Mutual announced

News Commercial LinesInsurancePersonal LinesTechnology

More drone activity anticipated, safety-first approach essential: SCOR newsletter

June 9, 2017 by Canadian Underwriter

An agile and flexible response by all parties is needed in light of the new and little-understood risks expected to emerge with the anticipated increase in drone activity over the next few years, SCOR experts write in a recent technical

News CatastrophesClimate ChangeCommercial LinesInsurance

XL Catlin extends global property insurance capacity

June 8, 2017 by Canadian Underwriter

Increasing property values and concern over natural catastrophe exposures in the United States and Canada were among the factors mentioned in XL Catlin’s announcement Wednesday it had extended global property insurance capacity by 25% to US$500 million. XL Catlin reports