Topic
Markets / Coverages
Eagle Underwriting and RaetsMarine partner to provide marine offerings to Canadian market
March 17, 2017 by Canadian UnderwriterCanadian-based Eagle Underwriting Group Inc. and MS Amlin Marine NV, trading as RaetsMarine, are teaming up to offer protection and indemnity (P&I) and charterers’ liability insurance to the Canadian marine market. Managing general agent Eagle Underwriting will be offering P&I…
Insurance providers ‘need to go further’ to understand needs of high net worth individuals: Chubb
March 14, 2017 by Canadian UnderwriterMore than 50% of high net worth individual responding to a recent survey said they were worried about being underinsured, but fewer than one in five look for insurance providers that are experts in the field, Chubb Ltd. suggested in…
Uber self-driving cars are coming back to California roads
March 10, 2017 The Associated PressSACRAMENTO, Calif. – Uber’s self-driving cars will return to California’s streets, though the ride-hailing company doesn’t immediately plan to pick up passengers. Uber received a permit Wednesday to test two Volvo SUVs on public roads, the California Department of Motor…
Southeastern Saskatchewan should expect above normal spring runoff flows: Water Security Agency
March 10, 2017 by Canadian UnderwriterThe Saskatchewan Water Security Agency (WSA) has released its March 2017 Spring Runoff Forecast, saying that the majority of the province is looking at a near normal spring runoff, “with the exception of southeastern Saskatchewan and areas west of Hudson…
Largest single loss for Hannover Re in 2016 was the Fort McMurray wildfire, with net cost of 127.9 million euros
March 10, 2017 by Canadian UnderwriterThe largest single loss for Hannover Re last year was the Fort McMurray wildfire, with a “net strain” of 127.9 million euros, the reinsurer reported on Thursday. Hannover Re released its financial results on Thursday, reporting a Group net income…
Supreme Court of Canada to hear appeal from subcontractor arguing trustee must notify potential claimants of existence of surety bond
March 9, 2017 by Canadian UnderwriterThe Supreme Court of Canada announced Thursday it will hear an appeal from a subcontractor on an oilsands project who is trying to sue a general contractor for failing to inform it of the existence of a surety bond. Court…
Peter Hancock to resign as president and CEO of AIG, lack of shareholder support cited
March 9, 2017 by Canadian UnderwriterAmerican International Group (AIG) announced on Thursday that its president and CEO, Peter D. Hancock, has informed the board of directors of his intention to resign, citing lack of shareholder support. As part of the transition plan, Hancock will remain…
Study: California fault could cause magnitude 7.4 quake
March 8, 2017 The Associated PressSAN DIEGO – An earthquake fault running from San Diego Bay to Los Angeles is capable of producing a magnitude-7.4 earthquake that could affect some of the region’s most densely populated areas, according to a study released Tuesday. The study…
Flood insurance reform bill re-tabled in U.S. congress
March 8, 2017 by Canadian UnderwriterA bill aimed at increasing participation by the private sector in the flood insurance market in the United States was tabled Wednesday in the House of Representatives, a U.S. congressman from Florida announced. The Flood Insurance Market Parity and Modernization…
Driverless cars to “revolutionize” motor insurance as liability shifts towards manufacturers: Fitch
March 8, 2017 by Canadian UnderwriterWidespread adoption of autonomous vehicles will completely transform the motor insurance sector in the long-term as liability shifts towards manufacturers and the traditional risk pool shrinks, Fitch Ratings said in a new report on Wednesday. Simply put, insurers will be…
Panelists warn of risks from room rentals through sharing economy
March 7, 2017 Greg Meckbach, Associate EditorProperty owners who want to rent their places to travellers using the “sharing economy” need special insurance coverage and one large risk is when they prepare food for customers, speakers suggested Tuesday at an event hosted by Allianz Global Assistance.…
Most recent Canadian, U.S. actuarial index values reflect continued high frequencies of extreme weather events
March 7, 2017 by Canadian UnderwriterOrganizations representing the actuarial profession in Canada and the United States have reported an Actuaries Climate Index (ACI) value for the summer of 2016 of 1.72, the third-highest seasonal level recorded. On Tuesday, the four organizations representing actuaries in the…