Topic
Legislation / Regulation
‘No active deals on the table’ to sell minority interest in SGI Canada
May 7, 2017 by Canadian UnderwriterSaskatchewan has a new law allowing for the sale of up to 49% of crown corporations, but the provincial government will continue to have a monopoly on compulsory auto insurance, a spokesperson for Saskatchewan Government Insurance told Canadian Underwriter Friday.…
Global demand for new vehicles to increase 1% to 2% in 2017: Fitch
May 4, 2017 by Canadian UnderwriterGlobal demand for new vehicles will increase 1% to 2% in 2017, according to Fitch Ratings’ latest U.S. Automotive Handbook, published on Wednesday. The handbook noted that growth in China, Europe and Brazil will more than offset demand declines in…
Recommended Fixes
May 3, 2017 Greg Meckbach, Associate EditorThe Ontario government released April 11 an advisory report with 35 recommendations on how to reform auto insurance. It was well-received by Insurance Bureau of Canada and the province’s brokers association.
Liberty Mutual Insurance completes acquisition of Ironshore from Fosun International for US$2.94 billion
May 3, 2017 by Canadian UnderwriterLiberty Mutual Insurance has announced that it has completed its acquisition of 100% ownership in Ironshore Inc. from Fosun International Limited. Global insurer Liberty Mutual made the announcement earlier this week that it had acquired Ironshore Inc., a global specialty…
Diminishing Diesel
May 1, 2017 Peter Hatges, Managing Director, KPMG Corporate Finance Inc. and National Sector Leader, KPMG in CanadaThe future of the diesel engine is up in the air due to concerns over nitrogen oxide emissions, the touting of fuel cells and the availability of liquefied natural gas.
Intrusive Testing
May 1, 2017 Greg Meckbach, Associate EditorNow that Canada’s highest court has established a major legal barrier for employers wanting to test workers in safety sensitive positions for drug and alcohol impairment, lawyers suggest that fleet managers would need significant evidence of a workplace problem before bringing in random testing
Fintech sector in Canada not reaching full potential: Competition Bureau of Canada
May 1, 2017 by Canadian UnderwriterThe fintech sector in Canada is not reaching its full potential, in part because of consumer complacency and a lack of trust in new alternatives to the big banks, according to a new summary from the Competition Bureau of Canada.…
A.M. Best requests comments on draft ratings criteria for Canadian P&C insurers
April 27, 2017 by Canadian UnderwriterOldwick, N.J.-based ratings firm A.M. Best Company is requesting comments from market participants in the insurance industry and other interested parties on the draft criteria reporting Understanding BCAR for Canadian Property/Casualty Insurers. BCAR, or Best’s Capital Adequacy Ratio, is calculated…
‘Fresh approach’ needed for Ontario auto insurance: IBC CEO
April 25, 2017 Greg Meckbach, Associate EditorA report released two weeks ago is “probably the best description we have to date of what is wrong” with Ontario’s auto insurance system, the chief executive officer of Insurance Bureau of Canada said Tuesday. In opening remarks at IBC’s…
72% of employees willing to share sensitive, confidential or regulated company info: survey
April 25, 2017 by Canadian UnderwriterNearly three in four (72% of) employees across eight countries, including Canada, are willing to share sensitive, confidential or regulated company information, according to a recent survey from computer technology company Dell. Late last week, Dell released the results of…
Legislation allowing alcohol testing of drivers without prior suspicion tabled on Parliament Hill
April 21, 2017 by Canadian UnderwriterIf legislation tabled last week is passed into law, Canadian police officers would be able to test any legally-stopped driver for alcohol impairment and the Criminal Code of Canada would be amended to clarify that police drug recognition experts could…
One in 10 polled Canadians admit to driving under the influence of marijuana, State Farm Canada survey finds
April 18, 2017 by Canadian UnderwriterOne in 10 respondents to a recent State Farm Canada survey admit that they have driven under the influence of marijuana (45% within the past 12 months), but nearly half this group said they don’t believe marijuana impacts their ability…