Topic
Markets / Coverages
Hannover Re, Guy Carpenter place $960 million worth of ILS transactions in three U.S. states
July 12, 2017 by Canadian UnderwriterHannover Re announced Wednesday it has completed three insurance-linked securities transactions, through Marsh and McLennan Companies Inc.’s GC Securities unit, with a total value of $960 million. All figures are in United States dollars. Hannover Re said it transferred $750…
Proposed new pilot rest regulations published for public comment until Sept. 29
July 12, 2017 by Canadian UnderwriterCanada’s aviation regulator is proposing new regulations that would reduce the maximum number of hours that pilots would be allowed to be on flight duty and mandate a “holistic risk management approach” in some cases, to addressing the problem of…
TSB reiterates call for federal regulator to audit safety management systems of Canada’s railways ‘in sufficient depth and frequency’
July 11, 2017 by Canadian UnderwriterDespite efforts by Transport Canada to audit safety management systems of federally-regulated railways, the risk associated with weak railway safety management systems is sufficient to warrant continued involvement from the Transportation Safety Board of Canada, the board suggested Tuesday. In…
Half of surveyed CEOs plan to adopt cognitive computing by 2019: IBM study
July 11, 2017 by Canadian UnderwriterHalf of surveyed chief executive officers across the globe plan to adopt cognitive computing by 2019, according to a recent study conducted by the IBM Institute for Business Value (IBM IBV). The study, titled Accelerating enterprise reinvention: how to build…
Stilling quake risk in eastern Canada demands greater focus, awareness and effort: Swiss Re
July 11, 2017 by Angela StelmakowichRisk awareness is severely lacking and not enough attention is being paid to quake risk in eastern Canada, a region with “huge” loss-inflicting potential that a Swiss Re model projects could produce the country’s largest nat-Cat loss ever if the…
Bank of Canada expected to raise its key rate for first time in nearly seven years
July 11, 2017 Craig Wong - THE CANADIAN PRESSOTTAWA – The Bank of Canada is expected to raise its key interest rate target for the first time in nearly seven years on Wednesday following signs the economy is well on the road to recovery after the crash in…
Homeowners could see cheaper premiums with private insurance than with NFIP: report
July 11, 2017 by Canadian UnderwriterA majority of single-family homes in Florida, Texas and Louisiana could see cheaper premiums with private insurance than with the National Flood Insurance Program (NFIP), according to a briefing paper from Milliman, a provider of actuarial and related products and…
Severe thunderstorm in Saskatoon causes power outages, street flooding
July 11, 2017 by Canadian UnderwriterCrews from the City of Saskatoon are responding to “power outages, lifted manhole covers and flooded streets” following a severe thunderstorm Monday evening. According to a press release on Monday from the city, Environment Canada issued a thunderstorm warning and…
Ontario government increases maximum fines for individuals, corporations that start forest fires
July 11, 2017 by Canadian UnderwriterThe government of Ontario has announced increased maximum fines for individuals and corporations for starting forest fires. If found responsible, individuals can now be fined up to $25,000 for starting a forest fire, Ontario’s Ministry of Natural Resources and Forestry…
One in four hide cybersecurity incidents from employers, global Kaspersky survey finds
July 10, 2017 by Canadian UnderwriterForty per cent of employees around the globe hide IT security incidents to avoid punishment, according to a new report from cybersecurity company Kaspersky Lab and market research company B2B International. The report, titled Human Factor in IT Security: How…
TSB recommendation stemming from 1998 airplane crash ‘still active’
July 10, 2017 by Canadian UnderwriterA 17-year-old years recommendation to improve the quality of decision-making on the part of Canadian pilots has not been advanced far enough to reduce aviation risk, the Transportation Safety Board of Canada recently suggested. On May 18, 1998, a single-engine…
IBC encouraging policyholders to discuss policy limits with insurers as B.C. wildfires continue
July 10, 2017 by Canadian UnderwriterAs British Columbia has declared a state of emergency due to wildfires burning out of control throughout much of the Interior, the Insurance Bureau of Canada (IBC) is encouraging policyholders to discuss policy limits with their insurer. Most home and…