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Markets / Coverages
Sea kidnappings rise in 2016 despite plummeting global piracy, report says
January 10, 2017 by Canadian UnderwriterMore crew members were kidnapped at sea in 2016 than in any of the previous 10 years, despite global piracy reaching its lowest levels since 1998, the International Chamber of Commerce’s International Maritime Bureau (IMB) reported on Tuesday. In its…
Berkshire Hathaway Specialty Insurance enters marine insurance market in Canada
January 10, 2017 by Canadian UnderwriterBerkshire Hathaway Specialty Insurance (BHSI) announced on Tuesday that it is introducing inland and ocean marine insurance in Canada. John Evans, vice president of marine with BHSI, said in a press release that with Gord Rider, who was named senior…
Ontario brokerage Smith & Associates Insurance consolidates with The Standard Insurance Brokers
January 10, 2017 by Canadian UnderwriterThunder Bay, Ont.-based brokerage Smith & Associates Insurance has announced its consolidation with The Standard Insurance Brokers, effective Tuesday. This consolidation will allow both organizations to offer a broader scope of products to clients, enhance their long established relationships with…
CMW Insurance Services, Capri Insurance Services merger positions new company for growth
January 10, 2017 by Canadian UnderwriterThe merger of CMW Insurance Services Ltd. and Capri Insurance Services Ltd. creates one of the largest independent, employee-owned insurance brokerages and risk management firms in Western Canada, the companies reported Monday. Effective Jan. 1, 2017, “the merger leverages the…
Lawsuit against employers by federal worker, arising from head injury, may reach Supreme Court of Canada
January 9, 2017 by Canadian UnderwriterThe Supreme Court of Canada is scheduled to announce Thursday whether it will hear an appeal over the question of whether the restriction, in a provincial workers’ compensation plan against suing employers, also applies to federal workers subject to the…
New transaction laundering detection service released by Trustwave
January 9, 2017 by Canadian UnderwriterTrustwave has expanded its suite of merchant risk management services with the release of a transaction laundering detection (TLD) service designed to helping with monitoring and managing associated risk. The product is designed for acquiring banks, payment processors, payment gateways…
X by 2 enters Canadian market with formal subsidiary, office
January 9, 2017 by Canadian UnderwriterTechnology consultancy X by 2 has expanded its footprint by taking its first-ever step into Canada, a move meant to beef up service to its growing client base in the Canadian insurance market. Focused on the practice of architecture for…
Canadian Coast Guard safely rescues crew members from grounded tanker
January 9, 2017 by Canadian UnderwriterThe Canadian Coast Guard (CCG) has reported that six crew members have been safety rescued after a tanker ran aground off Nova Scotia on Sunday. In a series of tweets, CCG reported that the vessel Arca 1 ran aground off…
Catastrophe bond issuance has ‘gradually tapered off:’ A.M. Best
January 7, 2017 by Canadian UnderwriterThe entry of third-party capital into the reinsurance market appears to be slowing down, while demands from reinsurers “for further concessions in terms” appear to be diminishing, A.M. Best Company Inc. suggested in a report released Friday. Oldwick, N.J.-based A.M.…
States of emergency declared in Alabama, Georgia and the Carolinas ahead of winter storm
January 6, 2017 Jeff Martin and Tom Foreman Jr. - THE ASSOCIATED PRESSATLANTA – Shoppers emptied shelves of bread and milk, road workers began working 12-hour shifts, and states of emergency were declared in Alabama, Georgia and the Carolinas ahead of a winter storm stalking the South. Winter storm warnings were issued…
Carpooling apps could reduce traffic 75% in New York City and help with pollution, energy usage: MIT study
January 6, 2017 by Canadian UnderwriterUsing carpooling options from companies like Uber and Lyft could reduce the number of vehicles on the road in the New York City by a factor of three without significantly impacting travel time, according to a new study from the…
Internet of Things spending to reach US$1.29 trillion by 2020, insurance industry to see fast spending growth: report
January 5, 2017 by Canadian UnderwriterWorldwide spending on the Internet of Things (IoT) was forecast to reach US$737 billion in 2016 and grow at a compound annual growth rate (CAGR) of 15.6% from 2015-2020 to US$1.29 trillion, according to the International Data Corporation (IDC). The…