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The Co-operators General Insurance Company reports net income of $16.3 million in 2016 Q3 compared to loss in 2015 Q3

October 28, 2016 by Canadian Underwriter

The Co-operators General Insurance Company posted $16.3 million in consolidated net income for 2016 Q3 compared to a net loss of $21.4 million in the prior-year quarter. “During the quarter, there were no material changes to the company’s estimated net

News CatastrophesClimate ChangeConstructionEarnings / RatingsInsuranceMergers and AqcuisitionsReinsurance

Estimated insured losses for U.S., Caribbean from Hurricane Matthew US$2.5 billion to US$8 billion: RMS

October 21, 2016 by Canadian Underwriter

RMS has estimated Hurricane Matthew will produce insured losses of US$1.5 billion to US$5 billion for the United States and US$1 billion to US$3 billion in the Caribbean, making it the reinsurance industry’s costliest Atlantic hurricane since Sandy four years

News CatastrophesInsuranceMergers and Aqcuisitions

Hurricane Matthew damage significant, but manageable, for U.S. insurers: A.M. Best

October 18, 2016 by Canadian Underwriter

Most insurance carriers rated by A.M. Best have sufficient capital and appropriate reinsurance programs to effectively absorb Hurricane Matthew losses, notes a new briefing from the rating agency. That being the case, A.M. Best reports it does not anticipate a

News AssociationsInsuranceMarkets / CoveragesMergers and Aqcuisitions

OSBIE announces refund of more than $12 million to members

September 23, 2016 by Canadian Underwriter

Members of the Ontario School Boards’ Insurance Exchange (OSBIE) will receive a record-breaking premium refund of more than $12 million thanks to a concerted focus on risk management and loss control, OSBIE announced Friday. Representing 30% of OSBIE’s annual written

Feature InsuranceLegalLegislation / RegulationMarkets / Coverages

Fleet’s In

September 3, 2016 Daniel Strigberger, Lawyer, Samis + Company

Ontario’s new standard fleet auto policy gives the green light to ridesharing activities with a transportation network company and licensed insurers looking to cover these operations. Entry into the new space has not yet reached top speed, with only one insurer policy approved to date, but even early on, it appears as though there may be some potential risks for underlying vehicle insurers.

News InsuranceMarkets / CoveragesMergers and AqcuisitionsTechnology

Gap exists between opportunity, willingness to take part in usage-based insurance programs in U.S.: LexisNexis

August 25, 2016 by Canadian Underwriter

There is an apparent gap between polled U.S. drivers who are open to taking part in usage-based insurance (UBI) and those who are provided the opportunity to do so, suggest survey results released today by LexisNexis Risk Solutions. That disconnect

News CatastrophesClimate ChangeInsuranceMergers and Aqcuisitions

Almost $65 million in insured damage from severe summer storm in Alberta, Saskatchewan

August 24, 2016 by Canadian Underwriter

A severe storm that swept through southern Alberta and Saskatchewan in the third week of July has prompted an insured damage estimate of almost $65 million, reports Insurance Bureau of Canada (IBC), based on figures provided by Catastrophe Indices and

News InsuranceLegalMergers and AqcuisitionsTechnology

Facial recognition set to go live in Saskatchewan in late August

August 18, 2016 by Canadian Underwriter

Saskatchewan Government Insurance (SGI) will have in place facial recognition software when issuing driver licences and photo identification cards come Aug. 24, a move the insurer maintains will help combat fraud and bolster road safety. Customers will not notice anything

News CatastrophesInsuranceMarkets / CoveragesMergers and Aqcuisitions

Echelon Financial Holdings Inc. sees lower net income in 2016 Q2, will focus on Canadian operations

August 5, 2016 by Canadian Underwriter

Echelon Financial Holdings Inc. (EFH) is exiting the European market to focus on growing its Canadian operations, which were negatively affected by the Fort McMurray wildfires that contributed to lower net income for both 2016 H1 and Q2 compared to

News Insurance

Ontario approves commercial fleet coverage for ride sharing

July 7, 2016 by Canadian Underwriter

The Ontario government announced Thursday it has approved a regulatory change allowing “commercial fleet insurance to be offered for vehicles that can be hired through an online application.” Ontario auto insurers “can now develop insurance policies for purchase by ride-share

News CatastrophesInsuranceMergers and Aqcuisitions

Fort McMurray wildfire loss estimate pegged at $4.6 billion: Property Claim Services data

June 2, 2016 by Canadian Underwriter

The massive Fort McMurray wildfire is expected to cost the Canadian insurance industry $4.6 billion, according to data from Property Claim Services (PCS), a Verisk Analytics business. The loss estimate of $4,630,800,000 includes property damage losses under residential, commercial and

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Sedgwick and subsidiary Vericlaim expand operations in Canadian market

June 1, 2016 by Canadian Underwriter

Sedgwick 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