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Markets / Coverages
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…
Global P&C insurance market forecast to grow at a compound annual growth rate of 5.77% from 2016 to 2020
May 31, 2016 by Canadian UnderwriterThe global property and casualty insurance market is forecast to grow at a compound annual growth rate (CAGR) of 5.77% during the period of 2016 to 2020, according to a new report from Research and Markets. The report from the…
Intact Insurance creates national team to grow commercial specialty solutions
May 30, 2016 by Canadian UnderwriterIntact Insurance announced on Monday that it has created a new national team dedicated to growing its commercial lines specialty solutions business, which will “accelerate its plans to become the Canadian leader in specialty lines and surety.” To support this…
Transition away from industry-funded studies prompts Hamilton Health Sciences to set up captive insurer
May 29, 2016 Greg Meckbach, Associate EditorA trend away from medical trials initiated by drug manufacturers towards investigator-initiated trials is one reason officials with Hamilton Health Sciences Corporation decided create a captive insurance company, a speaker told attendees at last week’s Captives and Corporate Insurance Strategies…
Passage of U.S. flood insurance bill would boost development of private market: A.M. Best
May 27, 2016 by Canadian UnderwriterInsurance rating firm A.M. Best Company said on Thursday that it believes that pending legislation that would encourage more private insurers to write flood insurance in the United States would be a positive development for the current flood insurance marketplace…
World Bank announces “first-ever insurance market for pandemic risk”
May 25, 2016 by Canadian UnderwriterThe World Bank Group has announced that it is creating the Pandemic Emergency Financing Facility (PEF), “an innovative, fast-disbursing global financing mechanism designed to protect the world against deadly pandemics, which will create the first-ever insurance market for pandemic risk.”…