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Global banking, financial services and insurance security market to grow to US$48.95 billion by 2021: report

September 9, 2016 by Canadian Underwriter

The global banking, financial services and insurance (BFSI) security market is estimated to grow to nearly US$50 billion by 2021, driven by regulatory, security and cyber factors. Market research firm MarketsandMarkets said in a report released Thursday that the BFSI

Significant historic earthquakes in Canada (Insurance Bureau of Canada)
News AssociationsCatastrophesConstructionInsuranceLegislation / Regulation

PACICC warns of ‘risk of financial contagion’ if earthquake losses exceed $30 billion

September 6, 2016 by Canadian Underwriter

Property and Casualty Insurance Compensation Corp. is urging federal finance minister Bill Morneau to “carefully look” at recommendations made last month in a C.D. Howe Institute report, including a suggestion that Ottawa make arrangements to provide financial assistance to PACICC

Feature InsuranceLegalLegislation / RegulationMarkets / Coverages

Fleet’s In

September 3, 2016 Daniel Strigberger, Lawyer, Samis + Company

Ontario’s new standard fleet auto policy gives the green light to ridesharing activities with a transportation network company and licensed insurers looking to cover these operations. Entry into the new space has not yet reached top speed, with only one insurer policy approved to date, but even early on, it appears as though there may be some potential risks for underlying vehicle insurers.

Blair Feltmate, PhD, Associate Professor, Faculty of Environment and Chair, Climate  Change Adaptation Project (Canada), University of Waterloo
Feature CatastrophesClimate ChangeInsuranceLegislation / RegulationMergers and Aqcuisitions

Testing the Waters

September 3, 2016 Blair Feltmate, Head, Intact Centre on Climate Adaptation, University of Waterloo

The average cost of a basement flood claim in Canada in 2014 was a hefty $20,537. With severe weather continuing, related flooding and the associated costs are sure to continue absent preventive measures being taken. Those measures will be put to the test as part of the first pilot project of the Home Adaptation Assessment Program.

Feature InsuranceLegislation / RegulationMergers and Aqcuisitions

No Vacancy

September 2, 2016 Glenn Minnis, Manager, Property, Markel

When it comes to “vacant” properties, a number of potential risks and liabilities may come into play. It is critically important to take a wide view when assessing how best to manage and mitigate associated risks. It is also advisable to remember that the longer a property sits idle, the more difficult obtaining coverage may become.

Feature LegalLegislation / RegulationMergers and Aqcuisitions

Fuelling Improved Reporting

September 2, 2016 Alan Harvie, Senior Partner, Norton Rose Fulbright Canada LLP

New federal obligations associated with transportation of dangerous goods seek to provide Transport Canada with better information about related releases. As of December 1, carriers who have charge, management or control of dangerous goods that are released or are anticipated to be released must adhere to the new rules.

News InsuranceLegalLegislation / RegulationMarkets / Coverages

ICBC must cover claimant injured while riding ATV down ramp of pickup truck: Court

September 1, 2016 by Canadian Underwriter

A British Columbia court recently ruled against the province’s government-run auto insurer when it found that a man who suffered a spinal injury while moving his all-terrain vehicle from his pickup truck is entitled to accident benefits. Section 96(b)(i) of

News InsuranceLegalLegislation / RegulationMergers and AqcuisitionsTechnology

38 road deaths from distracted driving investigated year to date: OPP

August 31, 2016 by Canadian Underwriter

The Ontario Provincial Police recently suggested that so far this year, it has investigated 38 road deaths in which a distracted driver was involved. “As of mid-August, the OPP has investigated 38 road deaths in which an inattentive driver was

News InsuranceLegislation / RegulationMergers and AqcuisitionsTechnology

FAA forecast: 600,000 commercial drones within the year

August 29, 2016 Joan Lowy - THE ASSOCIATED PRESS

WASHINGTON – There will be 600,000 commercial drone aircraft operating in the U.S. within the year as the result of new safety rules that opened the skies to them on Monday, according to a Federal Aviation Administration estimate. The rules

News CatastrophesInsuranceLegislation / RegulationMarkets / Coverages

Drillers, regulators can lessen earthquakes likely caused by wastewater injection, new research reveals

August 29, 2016 by Canadian Underwriter

Actions taken by drillers and regulators can lessen risk in the case of earthquakes likely caused by the injection of industrial wastewater deep underground, according to new research from the U.S. Geological Survey (USGS) and the University of Colorado. While

Angela Stelmakowich, Editor
Feature InsuranceLegislation / RegulationMergers and AqcuisitionsReinsurance

Over There, Over Here

August 26, 2016 Angela Stelmakowich, Editor

It would be folly to think that political risk is something that only happens “over there.” The effects over here can be just as damaging. That the number of such incidents may not be as high as has traditionally been

News CatastrophesClimate ChangeConstructionInsuranceLegislation / RegulationMergers and AqcuisitionsReinsurance

Homes more resistant to ignition by embers had improved survival in Fort Mac wildfire, “luck” not a factor: ICLR report

August 22, 2016 by Canadian Underwriter

Surviving homes in otherwise decimated neighbourhoods of Fort McMurray hit by this spring’s massive wildfire were more resistant to ignition by embers, notes a preliminary report issued by the Institute for Catastrophic Loss Reduction (ICLR). Home survival is not random