Topic
Markets / Coverages
Allied World acquisition would allow ‘further diversification’ of Fairfax’s insurance business: A.M. Best
December 21, 2016 by Canadian UnderwriterThe corporate parent of Toronto-based Northbridge Insurance “should benefit from further diversification of its business” if it acquires commercial insurer and reinsurer Allied World Assurance Company Holdings AG, A.M. Best Company Inc. has suggested. Fairfax Financial Holdings Ltd. – which…
Telematics subscribers using embedded systems to reach 170 million worldwide by 2021, from 26.5 million at the end of 2015: report
December 21, 2016 by Canadian UnderwriterThe number of telematics service subscribers using embedded systems will grow at a compound annual growth rate (CAGR) of 36.4% from 26.5 million subscribers at the end of 2015 to 170.2 million subscribers at the end of 2021, according to…
Terrorists following ‘path of least resistance’ as security increased: RMS
December 20, 2016 by Canadian UnderwriterMore attacks from drivers ramming trucks into crowds can be expected, Risk Management Solutions (RMS) Inc. warned Tuesday, a day after 12 people were killed in Berlin. “As security is increased to meet one threat, terrorists follow the path of…
Europe’s insurers paid out 2.7 billion euros a day in 2015: Insurance Europe
December 20, 2016 by Canadian UnderwriterEurope’s insurers paid out a total of 975 billion euros in claims and benefits over the course of 2015, the equivalent of about 2.7 billion euros per day, according to figures released on Tuesday by Insurance Europe, the European insurance…
Volkswagen Canada and Audi Canada to pay up to $2.1 billion to consumers and $15 million penalty for false environmental marketing claims
December 19, 2016 by Canadian UnderwriterCanada’s Competition Bureau said on Monday that a settlement agreement, if approved, would provide buyback and restitution payments to consumers in relation to Volkswagen and Audi’s “emissions scandal.” If approved by the courts, the settlement would be one of the…
Massive 2013 oil spill in North Dakota still not cleaned up
December 18, 2016 James MacPherson - THE ASSOCIATED PRESSBISMARCK, N.D. – Three years and three months later, a massive oil spill in North Dakota still isn’t fully cleaned up. The company responsible hasn’t even set a date for completion. Though crews have been working around the clock to…
U.S. private cyber insurance market capable of managing most risks: study
December 17, 2016 by Canadian UnderwriterThe private cyber insurance market in the United States is capable of managing most risks, according to a new policy study from Washington, D.C.-based think tank R Street Institute. Released on Thursday, the study from R Street senior fellow Ian…
Global warming’s fingerprints seen in 24 weird weather cases
December 16, 2016 Seth Borenstein - THE ASSOCIATED PRESSWASHINGTON – A new scientific report finds man-made climate change played some role in two dozen extreme weather events last year but not in a few other weird weather instances around the world. An annual report released Thursday by the…
50% of citizens in large cities will share personal data with smart city programs by 2019: Gartner
December 16, 2016 by Canadian UnderwriterHalf of citizens in million-people cities will benefit from smart city programs by voluntarily sharing their personal data by 2019, according to new research from Gartner Inc., an information technology research and advisory company based in Stamford, Conn. Gartner noted…
Government of Canada announces plan to ban asbestos by 2018
December 15, 2016 by Canadian UnderwriterThe Government of Canada announced on Thursday that it will ban asbestos and asbestos-containing products by 2018. According to a statement from the federal government, the comprehensive ban on asbestos will include: Creating new regulations that ban the manufacture, use,…
Total economic losses from nat, man-made disasters in 2016 at least US$158 billion: Swiss Re sigma estimate
December 15, 2016 by Canadian UnderwriterTotal economic losses from natural and man-made disasters in 2016 were at least US$158 billion, 68% higher than the US$94 billion losses in 2015, according to preliminary Swiss Re sigma estimates released on Thursday. The US$158 billion estimate in total…
Fairfax’s Newline insurer to open German office
December 14, 2016 by Canadian UnderwriterNewline Insurance Company Ltd., which is ultimately owned by Toronto-based Fairfax Financial Holdings Ltd., announced Tuesday it has received regulatory approval to open a new branch office in Cologne. Newline, which writes international casualty and cargo coverage, is part of…