Topic
Markets / Coverages
Economic losses top US$300 billion in 2017
December 20, 2017 by Canadian UnderwriterInsured losses from natural catastrophes in 2017, at more than US$130 billion, were more than double the average of the previous 10 years, and more than US$90 billion in losses is probably from three hurricanes alone, Swiss Re said Wednesday.…
Tougher laws a mere distraction for cell-using drivers
December 19, 2017 by Canadian UnderwriterDistracted driving offences in Saskatchewan were at an all-time high in November 2017, despite the government’s attempts to toughen the laws around driving with a cellphone. “Police reported a whopping 636 distracted driving offences during the November [Traffic Safety Spotlight],…
MGAs launch their own made-in-Canada trade forum
December 19, 2017 Jason Contant, Online EditorA new trade forum for managing general agents (MGAs) has been launched in Canada to help address changes in the market. The Canadian Managing General Agents forum (CAMGA) is an attempt to draw MGAs together and will provide an opportunity…
Cruise ship owner learns importance of paying attention to government notices
December 19, 2017 Jason Contant, Online EditorThe sole cause of a cruise ship accident off the coast of northern Canada was the failure of its owners to keep a hydrographic chart up-to-date, the Federal Court of Canada has found. The court decision makes it clear the…
Driver convicted of failing to yield awarded $151,000 in legal costs
December 19, 2017 by Canadian UnderwriterA driver convicted of failing to yield the right of way after turning into the path of a different vehicle has nonetheless collected $30,000 from the other motorist and was awarded an additional $151,000 in legal costs. In Duncan v.…
Insurers, society face irreversible climate change: reinsurance board exec
December 19, 2017 Greg Meckbach, Associate EditorWildfires that hit British Columbia earlier this year and that continue to affect California are among the effects of climate change, says Karen Gavan, former CEO of Waterloo, Ont.-based Economical Insurance. “Literally California has been burning all fall,” said Gavan,…
Securities regulators issue warning on risks with cryptocurrency products
December 19, 2017 The Canadian Press (CPSTF)MONTREAL – The Canadian Securities Administrators has issued a warning about risks associated with products linked to cryptocurrencies as interest in the space continues to rise. The umbrella organization for Canada’s provincial and territorial securities regulators singled out futures contracts…
Who in Canada is least prepared for winter emergencies?
December 18, 2017 by Canadian UnderwriterWith winter weather already upon us, RSA Canada surveyed Canadians to check their state of readiness, asking who is prepared for winter emergencies such as major blizzards or extreme cold. Most aren’t, the survey found. Fifty-seven per cent of Canadians…
‘Resilient, but tired:’ Mental effects of wildfire lingering in Fort McMurray
December 18, 2017 The Canadian PressFORT MCMURRAY, Alta. – Firefighter Mark Stephenson says he can’t drive through Fort McMurray without being brought back to May 2016. That’s when, in the thick of battling a ferocious wildfire that destroyed 10 per cent of the northern Alberta…
Province looks for ways to keep track of uninsured drivers
December 18, 2017 by Canadian UnderwriterNewfoundland is looking for a way to keep better track of uninsured drivers, including an option that would see licence plates following owners. “The government is evaluating the feasibility of reconfiguring the Motor Registration Division’s computer system for this purpose,”…
Unidentified car claim: Court seeks ‘science’ in expert report
December 18, 2017 by Canadian UnderwriterThe Supreme Court of British Columbia has tossed out the report of a forensic engineer, which supported the public insurer’s position in an unidentified car case, saying the report relied too heavily on expert opinion and not enough on “science.”…
Court upholds fake gun exclusion, but not because they are illegal
December 18, 2017 Greg Meckbach, Associate EditorAn Alberta judge has taken a dim view of a mutual insurer’s argument that fake guns made of plastic with bright plugs in the barrels are actually replicas prohibited by federal law and therefore excluded from contents coverage under a…