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California governor seeks flood control funds

February 24, 2017 The Associated Press

California Gov. Jerry Brown wants to spend $437 million on immediate flood control and emergency response actions in the storm-drenched state. Brown said Friday he would do that by redirecting $50 million from the state general fund and requesting a

News CatastrophesCommercial LinesInsurance

Cleanup of oil spill in Saskatchewan cost $107 million, Husky Energy says

February 24, 2017 Dan Healing - THE CANADIAN PRESS

CALGARY – A major oil pipeline spill last year in Saskatchewan cost $107 million to clean up, a $17-million increase from a September estimate of $90 million, according to pipeline operator Husky Energy (TSX:HSE) of Calgary. The pipeline rupture last

News CatastrophesCommercial LinesInsurancePersonal Lines

Federal government to conduct field exercise on response to incidents involving flammable liquids transported by rail

February 24, 2017 by Canadian Underwriter

Transport Canada (TC) and Defence Research and Development Canada (DRDC) announced on Friday that they will conduct a field exercise this weekend designed to improve Canada’s response capabilities in the event of an incident involving a train carrying flammable liquids,

News InsuranceMarkets / CoveragesTechnology

Global organizations will spend US$1.2 trillion on “digital transformation technologies” in 2017: International Data Corporation

February 24, 2017 by Canadian Underwriter

Global organizations will spend US$1.2 trillion on digital transformation this year, with the fastest growth coming from insurance, banking, retail and healthcare providers, International Data Corporation (IDC) said on Thursday. A new update to IDC’s Worldwide Digital Transformation Spending Guide

News CatastrophesClimate ChangeEarnings / RatingsInsuranceMarkets / CoveragesTechnology

RSA Canada posts solid underwriting profit despite nat-Cat events in 2016

February 24, 2017 by Angela Stelmakowich

RSA Canada witnessed increased underwriting profit and a solid combined ratio for 2016 despite what can only be described as a challenging year that featured Canada’s most costly insurable nat-Cat ever and a host of other adverse weather events. “We’re

News CatastrophesCommercial LinesInsurance

Crop insurance coverage levels in Saskatchewan increasing to a record $217 per acre this year

February 23, 2017 by Canadian Underwriter

Crop insurance coverage levels in Saskatchewan are increasing to a record $217 per acre in 2017, up from $216 per acre in 2016. A joint press release from Saskatchewan Crop Insurance Corporation (SCIC) and Agriculture and Agri-Food Canada on Thursday

News InsuranceLegislation / RegulationMarkets / CoveragesTechnology

Ontario Securities Commission, U.K. regulator sign co-operation agreement on fintech businesses

February 23, 2017 by Canadian Underwriter

The Ontario Securities Commission (OSC) and the United Kingdom’s Financial Conduct Authority (FCA) have signed a new agreement under which fintech businesses in both jurisdictions will be able to seek support from their financial regulators as they look to operate

News InsuranceLegal

Supreme Court rules on admissibility of police drug recognition experts in criminal impaired driving trials

February 23, 2017 by Canadian Underwriter

An Ontario motorist charged with impaired driving is facing a third trial now that the Supreme Court of Canada has ruled that a judge did not have to hold a voir dire before admitting opinion evidence from a police drug

News CatastrophesInsurancePersonal Lines

PERILS puts initial loss estimate for extra-tropical cyclone Egon at 212 million euros

February 23, 2017 by Canadian Underwriter

PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data, has put the initial loss estimate for extra-tropical cyclone Egon at 212 million euros. The low pressure system associated with Egon developed as a secondary low from a large

News CatastrophesClimate ChangeConstructionInsuranceMarkets / Coverages

Two U.S. dams illustrate challenge of maintaining older designs

February 22, 2017 Michael R. Blood - THE ASSOCIATED PRESS

LOS ANGELES – Twelve years ago, widespread destruction from Hurricane Katrina on the Gulf Coast helped compel federal engineers 2,000 miles away in California to remake a 1950s-era dam by constructing a massive steel-and-concrete gutter that would manage surging waters

News InsuranceMarkets / CoveragesProfessional DevelopmentTechnology

Global insurance CEOs concerned about skills shortages and related pace of technological change: PwC survey

February 22, 2017 by Canadian Underwriter

Insurance CEOs have the biggest concerns in the financial services industry over skills shortages and the related pace of technological change, according to a new survey from PwC. The survey, titled Ahead of the curve: Confronting the big talent challenges

News InsuranceTechnology

Half of all phishing attacks in 2016 aimed at stealing money: Kaspersky analysis

February 22, 2017 by Canadian Underwriter

Almost half of all phishing attacks registered in 2016 by Kaspersky Lab were aimed at stealing victims’ money, the cybersecurity company reported on Wednesday. According to the Financial Cyberthreats in 2016 report, 47.48% of all phishing attacks – fraudulent email