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News AnnouncementsCatastrophesClaimsEarnings / RatingsInsurance

Echelon Insurance reports near halving of net income in 2017 Q3 compared to 2016 Q3

November 3, 2017 by Canadian Underwriter

The B.C. wildfires and losses related to commercial auto and motorcycle contributed to Echelon Insurance witnessing a 42% decrease in net income and an increase in combined operating ratio for 2017 Q3 compared to 2016 Q3. Net income amounted to

News ClaimsInsuranceMarkets / Coverages

Claims costs in oil and gas industry increasing despite downturn: forum speaker

November 2, 2017 Jason Contant, Online Editor

Despite the downturn in the oil and gas industry, claims costs are increasing, a speaker said on Thursday at the Canadian Risk and Insurance Education Forum. “I would suggest that in the upstream oil and gas industry – where most

News ClaimsInsuranceLegislation / Regulation

MPs debate proposed rail safety laws

November 2, 2017 by Canadian Underwriter

Legislation mandating voice and video recorders in locomotives “needs to be better thought out” and it is not reasonable to deny shippers of toxic inhalation hazards access to a proposed long-haul rail interswitching mechanism, opposition members of parliament suggested this

News CatastrophesClaimsInsuranceMarkets / Coverages

Insured losses from October wildfires top $3 billion, California insurance department reports

November 2, 2017 by Canadian Underwriter

Insured losses from California’s October wildfires now top US$3 billion – a three-fold increase in just two weeks – according to updated claims loss data from the California Department of Insurance. Fifteen major insurers reported the updated $3.32 billion estimate

News CatastrophesClaimsInsuranceMarkets / Coverages

Texas says it needs $61 billion from federal government for Harvey recovery

November 1, 2017 The Associated Press (APR)

AUSTIN, Texas – Texas needs $61-plus billion in federal funding just to rebuild public infrastructure damaged by Hurricane Harvey, as well as to cover projects to prevent future flooding. John Sharp, Texas’ Harvey recovery “czar,” announced Tuesday that the figure

insPRESS AnnouncementsClaims

MGB Claims Consultants Inc. Celebrates Oktoberfest with Their Clients

November 1, 2017 Malik, Giffen & Burnett Claims Consultants Inc.

TORONTO, Nov. 1, 2017 /insPRESS/ – Once again, the lederhosen were on full display at a packed Montecito Restaurant, which played host to MGB’s annual Oktoberfest client celebration on Oct. 19, 2017. MGB would like to thank their clients and

News ClaimsConstructionInsuranceMarkets / CoveragesProducts

BHSI unveils new offering, follow form for U.S. and Canadian contractors

November 1, 2017 by Canadian Underwriter

Boston-based Berkshire Hathaway Specialty Insurance (BHSI) has announced the availability of a single excess policy that sits atop multiple first- and third-party insurance policies for contractors in the United States and Canada. The new policy provides excess follow form protection

News AnnouncementsCatastrophesClaimsEarnings / RatingsInsuranceReinsurance

Cats a significant driver in Everest Re Group’s posting US$639.4 million net loss in 2017 Q3

October 31, 2017 by Canadian Underwriter

Losses from hurricanes Harvey, Irma, Maria (HIM) and the Mexico City earthquake contributed to Everest Re Group, Ltd. posting a US$639.4 million net loss for 2017 Q3 compared to net income of US$295.4 million for the prior-year quarter. For the

News ClaimsInsuranceMarkets / Coverages

Marshall gives his take on the ‘real problem’ with auto catastrophic impairment coverage

October 30, 2017 Greg Meckbach

The Ontario auto insurance system needs to do more for claimants who are catastrophically injured and not rely so much on “competing opinions” among medical practitioners, a former chief executive officer of the workers compensation system suggested to brokers recently.

News CatastrophesClaimsClimate ChangeInsurance

Hurricanes look to be increasing, drivers of higher related losses less prominent in Canada than in U.S.: AGCS

October 30, 2017 by Angela Stelmakowich

Lower population increase and development in coastal areas of Canada compared to the United States will likely help ensure losses are less likely to increase, suggests Andrew Higgins, technical manager – Americas for Allianz Risk Consulting, LLC. “Certainly, sea level

News CatastrophesClaimsInsuranceMarkets / Coverages

AIR Worldwide estimates insured losses of US$2-3 billion for California wildfires

October 28, 2017 by Canadian Underwriter

AIR Worldwide is estimating the industry insured losses from the California wildfires will be between US$2 billion and US$3 billion. The Boston-based catastrophe modelling firm, a Verisk business, released an estimate of the losses from the Tubbs, Pocket, Nuns, Atlas,

News CatastrophesClaimsConstructionInsuranceMarkets / Coverages

Quality of construction workmanship a major factor in water losses: RSA Canada CEO

October 27, 2017 Greg Meckbach, Associate Editor

Aging infrastructure and deteriorating construction standards are among the “major factors” leading to the challenges Canadian property insurers face when dealing with water losses, brokers heard Thursday during the CEO Panel at the Insurance Brokers Association of Ontario convention. “The