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Markets / Coverages
Allianz makes strategic investment in Lemonade Insurance Company
April 22, 2017 by Canadian UnderwriterAllianz SE announced on Friday that it has recently made a “strategic investment” in Lemonade Insurance Company, a New York-licensed renters and homeowners insurer powered by artificial intelligence and behavioural economics. “The partnership ties in neatly with our digitization focus,”…
Water level detectors in all below-waterline compartments should be mandatory for large fishing vessels: TSB
April 21, 2017 by Canadian UnderwriterMore than 26 years after the fatal sinking of a leaking fishing vessel north of Nova Scotia, the federal government has still not mandated water level detectors on all large fishing vessels, the Transportation Safety Board of Canada warned this…
Volkswagen to pay US$2.8 billion in U.S. diesel emission scandal
April 21, 2017 by Canadian UnderwriterDETROIT – Volkswagen has been ordered to pay a $2.8 billion criminal penalty in the United States for cheating on diesel emissions tests. Federal Judge Sean Cox in Detroit followed the deal negotiated by VW and the U.S. Justice Department.…
Transportation Safety Board calls on aviation firms to have “clearly defined” go-around policies
April 20, 2017 by Canadian UnderwriterCommercial aviation firms are at increased risk if they do not have a “clearly defined go-around policy” during approach and landing, the Transportation Safety Board of Canada suggested in a report released Thursday, the same day the agency announced a…
All generations in the United States except Millenials becoming more skeptical of self-driving technology: J.D. Power study
April 19, 2017 by Canadian UnderwriterWith the exception of Millenials, all other generational groups in the United States are becoming more skeptical of self-driving technology, posing a threat to car manufacturers and technology developers, a new study from J.D. Power has found. The J.D. Power…
Opta Information Intelligence launches iClarify Farm Solution for Canadian insurance marketplace
April 19, 2017 by Canadian UnderwriterOpta Information Intelligence has announced the expansion of its suite of services to the Canadian property and casualty (P&C) insurance industry with the launch of iClarify Farm Solution. Markham, Ont.-headquartered Opta, creator of iClarify and Peril Score analytic solutions, announced…
Desjardins’ acquisition of Western Financial caused ‘headaches’ for brokers: Baker
April 19, 2017 by Canadian UnderwriterIf Trimont Financial Ltd. acquires Western Financial Group, Desjardins Group officials will have “more time to focus on further integrating State Farm,” MSA Research Inc. suggested in a recent report released Tuesday. “Slowly but surely, the complexion of the industry…
Artificial Intelligence set to transform insurance industry, but integration challenges remain: Accenture
April 19, 2017 by Canadian UnderwriterArtificial intelligence (AI) will “significantly transform” the insurance industry in the next three years, with insurers investing in AI to empower agents, brokers and employees to enhance the customer experience with automated personalized services, faster claims handling and individual risk-based…
Quebec authorities watch for flooding after heavy weekend rainfall
April 18, 2017 The Canadian PressMONTREAL – Recent heavy rainfall had civil security authorities keeping close tabs on Quebec rivers Monday as minor flooding was reported in various parts of the province. Heavy rain on Sunday raised the water levels of streams and rivers over…
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…
Southern Ontario windstorm in March caused close to $100 million in insured damage: CatIQ
April 18, 2017 by Canadian UnderwriterA windstorm that affected parts of southern Ontario on March 8 has resulted in nearly $100 million in insured damage, Catastrophe Indices and Quantification Inc. (CatIQ) said on Tuesday in a press release from the Insurance Bureau of Canada (IBC).…
Warm summer means increased risk of forest fires, meteorologists say
April 17, 2017 The Canadian PressNearly a year after the massive wildfire that devastated Fort McMurray, Alta., a climate scientist says there may be more forest fires in Canada this summer. “If the forecast’s right that it’s a warmer than normal summer, we’ll probably have…