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Markets / Coverages
Proposal to eliminate farm insurers’ tax exemption before Senate
June 21, 2017 by Canadian UnderwriterAn omnibus bill that proposes to eliminate the tax exemption for insurers covering farming and fishing properties has been referred to a Senate committee. Currently, Section 149 of the federal Income Tax Act stipulates that an insurer is exempt from…
Federal rail safety bill would set ‘strict criteria’ on how locomotive voice and video recorder data could be used: Garneau
June 21, 2017 by Canadian UnderwriterCanada’s transport minister says federal legislation mandating locomotive voice and video recorders would, if passed into law, give the rail industry “opportunities to mitigate risks” but an opposition MP recently warned such a law could violate employees right to privacy.…
Worldwide 3D printer revenue up by more than 18% year-over-year in 2016, report says
June 21, 2017 by Canadian Underwriter3D printer shipments increased 29%, while revenue grew by more than 18% year-over-year in 2016, according to a new report from Framingham, Mass.-based International Data Corporation (IDC), a global provider of market intelligence, advisory services and events for the information…
Experts: Takata bankruptcy means air bag victims get less
June 20, 2017 Tom Krisher - THE ASSOCIATED PRESSDETROIT – A bankruptcy filing by Japanese air bag maker Takata will leave little money for dozens of people who sued the company over deaths and injuries caused by its exploding air bag inflators, according to outside legal experts and…
N.B. Auditor General finds climate change action items lack implementation plans and timelines
June 20, 2017 by Canadian UnderwriterGreenhouse gas (GHG) emissions in New Brunswick are not projected to decline much further under the status quo, and meeting 2030 and 2050 targets will require “significant action” from provincial and federal initiatives, the Auditor General of New Brunswick said…
Canada second most expensive country for data breaches: IBM and Ponemon Institute study
June 20, 2017 by Canadian UnderwriterCanada was the second most expensive country for data breaches, costing an average of $255 per lost or stolen record in 2017, according to a new report sponsored by IBM Security and conducted by the Ponemon Institute. Released on Tuesday,…
Alberta advisory group recommends penalties for heavy oilsands emitters if cap hit
June 19, 2017 Ian Bickis - THE CANADIAN PRESSCALGARY – Oilsands producers could face steep fines and suspended projects if industry comes close to hitting a mandated 100-megatonne limit under recommendations proposed by Alberta’s Oil Sands Advisory Group. But the non-binding report sets out a series of policies…
Strongest world economic growth expected since 2010: Fitch
June 19, 2017 by Canadian UnderwriterThe recovery in global economic growth is strengthening and is expected to pick up to 2.9% this year and peak at 3.1% in 2018, the highest rate since 2010, Fitch Ratings said on Monday in its latest Global Economic Outlook…
Manitoba Public Insurance requests 2.7% overall rate increase for 2018/19 insurance year
June 19, 2017 by Canadian UnderwriterManitoba Public Insurance (MPI) has announced that it has requested a 2.7% overall rate increase for the 2018/19 insurance year. MPI requested the rate increase for the 2018/19 insurance year in its general rate application filed with the Public Utilities…
The Bitfury Group and Risk Cooperative partner to pioneer blockchain applications in insurance intermediation market
June 19, 2017 by Canadian UnderwriterBlockchain technology company The Bitfury Group and risk and insurance advisory firm Risk Cooperative have announced a strategic partnership to pioneer blockchain applications in the US$60 billion insurance intermediation market. Announced on Friday, the partnership will leverage Bitfury’s expertise in…
Canadian building standards meant to guard against fires like London blaze
June 16, 2017 Michelle McQuigge - THE CANADIAN PRESSTORONTO – Canadian building standards should theoretically prevent the sort of blaze that engulfed a London apartment tower earlier this week, but at least one expert says flouting those regulations can put people in serious danger. Exterior panelling known as…
IBAO & Intact partner to deliver information to customers electronically
June 16, 2017 by Canadian UnderwriterThe Insurance Brokers Association of Ontario (IBAO) and Intact Insurance Company announced on Friday that they have created a working group to explore ways for brokers to integrate Intact’s new online Client Centre with their existing systems. This newly-formed group…