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Saskatchewan Government Insurance and police focusing on distracted drivers throughout October
October 5, 2015 by Canadian UnderwriterSaskatchewan Government Insurance (SGI) and police around the province will be watching for drivers using cellphones as well as other actions such as taking their attention off the road while eating, grooming, setting a GPS or refereeing children during the…
Reinsurance industry should brace for more challenges: A.M. Best
October 5, 2015 by Canadian UnderwriterContinued benign loss environment and strong performance by select publicly traded reinsurers in the first half of 2015 resulted in a healthy increase in average share price, but those positives seem to be giving way to challenges afoot in the…
‘No single correct answer’ on how to provide overland flood coverage but government must be involved: IBC
October 4, 2015 Greg Meckbach, Associate EditorNICC MONTREAL – In order to make overland flood insurance work in Canada, government must be involved – in some way – in pre-planning, but Canada cannot necessarily copy from any other nation’s flood program, Insurance Bureau of Canada’s chief…
Insurers, other professionals need to work together to tackle climate change, says Environment Canada’s senior climatologist
October 4, 2015 Jason Contant, Online EditorRefusing to insure substandard properties and advising clients on climate change are just two of the things insurers can do to help the industry better understand the issue, Environment Canada’s senior climatologist said on Friday at the National Insurance Conference…
Washouts, damage to homes reported in New Brunswick after major downpour
October 2, 2015 The Canadian PressFREDRICTON, N.B. – Heavy rainfall that dumped more than 160 millimetres on parts of New Brunswick is being blamed for widespread property damage and the death of one man. The province’s Emergency Measures Organization says the downpour Wednesday and early…
Hurricane Joaquin intensifies as it tracks through Bahamas, insured losses could be limited: AIR Worldwide
October 2, 2015 by Canadian UnderwriterThe transforming Hurricane Joaquin slowly tracking through the Bahamas is reminiscent of Hurricane Irene four years ago, but the latest storm is affecting Bahamian islands where insurance up-take is low, which will help limit insured losses, suggests a statement issued…
Surveyed Canadians not yet sold on UBI’s potential benefits: Allstate Canada
October 1, 2015 by Canadian UnderwriterThe potential benefits of usage-based insurance (UBI) – including safer driving behaviour – have long been touted, but survey results released Wednesday by Allstate Insurance Company of Canada show consumers have not necessarily bought into the value of a UBI…
Demand for cyber insurance on the rise, going through the due diligence process has great value
September 30, 2015 Angela Stelmakowich, EditorCompanies in Canada are warming to cyber insurance – with more and more organizations expected to obtain coverage over the next few years – but they still need to ensure their exposure ducks are all in a row. “You have…
PERILS revises loss estimate for windstorm Mike-Niklas to 826 million euros
September 29, 2015 by Canadian UnderwriterPERILS, the independent Zurich-based organization providing industry-wide catastrophe insurance data, has disclosed its third loss estimate for windstorm Mike-Niklas – a property insurance market loss of 826 million euros. The revised estimate, released on Tuesday, compares to PERILS’ second loss…
Brokers up to managing challenges in coming year: IBAC president-elect
September 26, 2015 Angela Stelmakowich, EditorIt will be a challenging year for the insurance industry, but brokers will be able to manage those challenges with continued focus and hard work, Lorne Perry, president-elect of the Insurance Brokers Association of Canada (IBAC), suggested during IBAC’s annual…
Manitoba Public Insurance offers new options to eliminate deductibles for victims of vehicle vandalism
September 25, 2015 by Canadian UnderwriterManitoba Public Insurance (MPI) announced on Friday that people who insure their vehicles with a $100 or $200 deductible package will qualify to have the deductible reduced to $0 for vandalism claims. Manitobans who insure their vehicles with an Autopac…
Canadian auto personal accident benefits loss ratio highest since 2010: A.M. Best
September 24, 2015 by Canadian UnderwriterThe loss ratio, in personal accident benefits for Canadian private auto insurers, rose sharply in 2014, but changes made in Ontario are starting to work their way through the system, an analyst from A.M. Best Company Inc. told insurance professionals…