Corporate investigations are on the rise, with over a quarter (27%) of businesses saying they have experienced a claim or investigation involving a director of their company in the past year, up from one in five in 2014. That was…
An Ontario municipality is liable, under the province’s Occupiers’ Liability Act, for injuries that rendered a cyclist a quadriplegic after he fell while riding over a teeter-totter-type obstacle at a mountain bike park, the provincial appeal court has ruled. In…
Driverless cars could have significant credit implications across a wide range of sectors and companies as the technology becomes more advanced and widespread in the coming years, Moody’s Investors Service said in a report released on Tuesday. Although the extensive…
First-quarter underwriting income dropped about 73% year-over-year for The Allstate Corp. in the wake of two large hailstorms in late March in the southern United States. The Northbrook, Ill.-based insurer reported May 4 that catastrophe losses were $827 million during…
TORONTO – Uber is voicing its thanks after Toronto city council gave the ride-hailing service the green light to operate legally in the city. In a message to those who use its app, Uber said Toronto Mayor John Tory and…
Autonomous vehicles will “shrink” the auto insurance industry but could also increase liability risk for municipalities, speakers suggested at a recent conference in Toronto. “Over time, this is going to transform mobility and what cities look like,” said Stephen Buckley,…
OTTAWA – The federal government quietly spent $75 million to settle with victims and creditors affected by the Lac-Megantic rail disaster – a contribution that also shielded it from lawsuits related to the deadly crash. Former transport minister Lisa Raitt…
Modifications to commercial vehicles, especially involving the transportation of hazardous substances, can affect both safety and insurance coverage. When vehicles are carrying cargo such as fuel, fleet managers need to consider the risk of long-tail liability in the event of…
Allied World Assurance Company Holdings AG reported Tuesday its combined ratio deteriorated 7.9 points, from 88.1% during the first quarter of 2015 to 96% in the three months ending March 31, while net premiums written dropped 8.9%. Zug, Switzerland-based Allied…
For the second time in 18 months, the Supreme Court of Canada has declined to hear an appeal of a verdict of an Ontario lawsuit arising from a disputed US$15-million directors’ and officers’ liability claim arising from an unjust enrichment…
Market conditions are evolving in the directors’ and officers’ (D&O) liability insurance market in the United States, with merger and acquisition activity in 2015 facilitating greater market concentration, according to a new report from Fitch Ratings. The report, titled U.S.…
ISO, a Verisk Analytics business, announced on Wednesday that it will collect, aggregate and analyze cyber insurance data to help address a major issue facing today’s cyber insurance market: the need for more detailed underwriting and rating information. ISO said…