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Markets / Coverages
Volunteers in Manitoba town scramble to halt flooding from nearby river
April 3, 2017 The Canadian PressCARMAN, Man. – The threat of flooding from an ice-choked river has prompted a big southern Manitoba town to declare a state of emergency. Officials in Carman say rising water on the Boyne River is causing flooding and sewer backups…
April 1 renewals largely following direction set at January 1 renewals: Willis Re
April 3, 2017 by Canadian UnderwriterThe April 1 2017 renewal season “has largely followed” the direction set at January 1, the latest 1st View renewals report from Willis Re said. 2016 generated an “acceptable, though reduced” return for the global reinsurance industry, Willis Re, the…
Winnipeg scaling back flood preparations as floodway operations begin
March 31, 2017 The Canadian PressWinnipeg scaled back flood preparations on Friday after Manitoba officials moved to divert water around the city. The gates of the Red River floodway were lifted in anticipation of the river cresting in the city sometime on the weekend. City…
Worldwide spending on security technology expected to reach US$81.7 billion in 2017: International Data Corporation
March 31, 2017 by Canadian UnderwriterWorldwide spending on security technology is forecast to reach US$81.7 billion this year, according to a recently released guide from International Data Corporation (IDC), a global provider of market intelligence, advisory services and events for the information technology, telecommunications and…
Artificial intelligence and Internet of Things accounted for nearly half of insurtech funding globally in 2016: Accenture
March 31, 2017 by Canadian UnderwriterArtificial intelligence (AI) and the Internet of Things (IoT) now account for almost half of total investment in insurance technology (insurtech) startups globally, according to new research from global professional services company Accenture. The research, which includes new analysis of…
Office of the Privacy Commissioner of Canada to fund project on connected cars code of practice
March 30, 2017 by Canadian UnderwriterThe Office of the Privacy Commissioner of Canada will soon be funding an arms-length project to develop a code of practice for connected cars, weighing a balance between information flow and privacy protection. “The benefits available to Canadians through the…
Silicon Valley Insurance Accelerator launches insurtech innovation lab
March 30, 2017 by Canadian UnderwriterSilicon Valley Insurance Accelerator (SVIA) announced on Thursday the launch of its InsurTech Innovation Lab, which can “fast track projects from simple proof of concepts to standing up complete solutions, products and even companies.” The research, design and development centre…
Lloyd’s reports $2.1 billion pound profit for 2016, major claims from Fort McMurray
March 30, 2017 by Canadian UnderwriterLloyd’s, the world’s specialist market for insurance and reinsurance, has reported a pre-tax profit of 2.1 billion pounds for 2016, the same as in 2015. The level of Lloyd’s major claims last year (2.1 billion pounds compared to 0.7 billion…
Larger liability claims expected to become more expensive, complex: AGCS
March 30, 2017 by Canadian UnderwriterThere is increasing potential for “larger liability claims to become more expensive, complex and international, demonstrating the pervasive and long-term nature of liability losses,” suggests a new global claims review released Thursday by Allianz Global Corporate & Specialty (AGCS). Industrial,…
Ford recalls 570K vehicles in North America and Europe for fire risk, door latch trouble
March 29, 2017 Tom Krisher - THE ASSOCIATED PRESSDETROIT – Ford is recalling more than 570,000 vehicles in North America and Europe to fix separate problems that can cause engine fires and doors to fly open unexpectedly. The recalls will hit the company’s bottom line in the first…
Manitoba government launches review of two pieces of privacy legislation
March 29, 2017 by Canadian UnderwriterThe Government of Manitoba announced on Wednesday that it is reviewing two pieces of privacy legislation: the Personal Health Information Act (PHIA) and the Freedom of Information and Protection of Privacy Act (FIPPA). The government is inviting residents to provide…
Markel looking to develop trade credit and political risk business in Canada
March 29, 2017 by Canadian UnderwriterSpecialist insurer Markel International announced on Wednesday that it is seeking to develop its trade credit and political risk business in Canada. Business will be underwritten by Markel Canada on Lloyd’s syndicate 3000 paper, Markel International said in a statement.…