Topic
Markets / Coverages
Soft market conditions remain largest concern for global reinsurers: survey
June 13, 2016 by Canadian UnderwriterSoft market conditions continue to be the biggest concern for the global reinsurance industry, according to Xuber’s Global Reinsurance Survey 2016, released on Friday. The second annual survey from Xuber, the commercial insurance software business of Xchanging, a CSC Company,…
U.S. commercial insurance prices rose less than 1% in first quarter: Willis Towers Watson
June 13, 2016 by Canadian UnderwriterCommercial insurance prices in the United States increased modestly in aggregate – less than 1% – during the first quarter of 2016, continuing a three-year trend of smaller increases, according to the latest Commercial Lines Insurance Pricing Survey (CLIPS) by…
$508 million in pollution liability for B.C. government: Report
June 10, 2016 by Canadian UnderwriterThe British Columbia government said Friday that as of March 31, the province’s forests, lands and natural resource operations department recognized $508 million in pollution-related liabilities related to property managed by the Crown Contaminated Sites Program. The ministry on Friday…
Ontario’s Region of Waterloo gives green light to non-traditional taxis
June 10, 2016 by Canadian UnderwriterThe Region of Waterloo in Ontario announced earlier this week that a new taxi bylaw, set to be implemented in October, will include “consistent insurance requirements for traditional and non-traditional taxis.” The bylaw will also include new licensing ratios and…
MGB Claims Consultants announces acquisition of ProFormance Group Insurance Solutions
June 8, 2016 by Canadian UnderwriterMGB Claims Consultants Inc. announced on Wednesday that it has acquired ProFormance Group Insurance Solutions Inc. “as part of an overall strategy for expansion to better service our clients and strengthen our presence in both the Lloyds of London and…
Some rogue fishing vessels able to get insurance, research from University of British Columbia finds
June 7, 2016 by Canadian UnderwriterRogue fishing vessels, including those flagged by international watchdogs for unlawful activity, have been able to secure insurance, according to new research from the University of British Columbia (UBC). The study, titled Cutting a lifeline to maritime crime: marine insurance…
Timing of economic rebound from Alberta wildfire hard to forecast: Poloz
June 6, 2016 Andy Blatchford - THE CANADIAN PRESSOTTAWA – Bank of Canada governor Stephen Poloz says it’s hard to predict when the Canadian economy will rebound from the huge Alberta wildfire that destroyed communities and forced the shut down of crucial oil operations. For Poloz, part of…
Insurance industry needs to catch up, huge advantage for first-movers in sharing economy: Nelis
June 6, 2016 by Angela StelmakowichThe sharing economy is not a new concept, but because it moves so quickly today, the insurance industry must innovate to catch up and reap the benefits, David Nelis, national CoE leader – casualty for Aon Risk Services, suggested last…
Optimum General offers overland water damage coverage for residences in Ontario and B.C.
June 3, 2016 by Canadian UnderwriterMontreal-based Optimum General Inc. announced on Friday that is has launched a residential policy endorsement in Ontario and British Columbia which now covers overland water damages. Optimum General said in a press release that the endorsement, which was launched on…
Chubb adds cyberbullying coverage for Canadian homeowners customers
June 2, 2016 by Canadian UnderwriterChubb announced on Thursday that it has added cyberbullying coverage to its Canadian Masterpiece Family Protection policy to help cover clients and their families from the expenses associated with such an incident. Paul Johnstone, senior vice president of Chubb Personal…
Switching Gears
June 1, 2016 Valerie Monet, Director, Insurance Practice, J.D. PowerCustomer satisfaction with auto insurance in Canada is improving, representing a complete turnaround from several years of declining satisfaction. Customer experience, rather than rates or rate reductions, is the driver of this newfound improvement, but is the momentum sustainable?
Sedgwick and subsidiary Vericlaim expand operations in Canadian market
June 1, 2016 by Canadian UnderwriterSedgwick Claims Management Services, Inc. and its subsidiary Vericlaim announced on Wednesday that they will expand their services available in the Canadian market. In addition to Sedgwick’s existing third-party administration (TPA) operations, the companies will offer high-quality claims administration and…