Ten London, Ont. properties have “substantial” damage as a result of last week’s gas explosion, though it does not appear to be a major loss for Canada’s property and casualty industry as a whole. About twelve minutes after a vehicle…
Munich Re reported Wednesday a combined ratio of 93.9% in reinsurance in the three months ending June 30, down 5.9 points from 99.8% in the same period in 2016, when the German reinsurer had natural catastrophe claims costs of €335…
Beazley has launched its local environmental coverage in Canada with a product suite tailored to the specific market. The suite includes the ECLIPSE (fixed site) form, the ENVIRO (contractors’ pollution legal liability) form and the BeazleyOne (combined) form. Limits are…
Servca, the independent international specialist Lloyd’s broker, announced on Thursday that is has expanded its global footprint into Canada. Servca now provides regional Canadian brokers with direct access to Lloyd’s of London specialist products, schemes and carriers, “catering for non-standard…
Blockchain technology company The Bitfury Group and risk and insurance advisory firm Risk Cooperative have announced a strategic partnership to pioneer blockchain applications in the US$60 billion insurance intermediation market. Announced on Friday, the partnership will leverage Bitfury’s expertise in…
TORONTO – Canadian building standards should theoretically prevent the sort of blaze that engulfed a London apartment tower earlier this week, but at least one expert says flouting those regulations can put people in serious danger. Exterior panelling known as…
LONDON – The official cause may not be known for months. The death toll is unclear – and rising. No one has said exactly where the fire started. But experts suspect recent renovations at the Grenfell Tower, including newly installed…
The insurance industry will be profoundly disrupted by technological change, Vincent J. Dowling, Jr., managing partner of Dowling & Partners Securities LLC, told attendees at Marsh & McLennan Companies, Inc. (MMC)’s Young Professionals’ Global Forum 2017 in London, U.K. on…
American International Group Inc. (AIG), IBM and Standard Chartered Bank plc announced on Thursday that they have successfully piloted what they are calling the “first multinational ‘smart contract’ based insurance policy using blockchain.” Working together, AIG, IBM and international banking…
LONDON – A deadly overnight fire raced through a 24-story apartment tower in London on Wednesday, killing at least six people and injuring 74 others. One desperate woman threw a baby out of a high window and a man on…
Chubb Limited announced Monday it will offer “new increased capacity,” up to US$150 million or 150 million euros, covering terrorism political risk and war risks. “Chubb has increased its terrorism and political violence capacity per account by 300% in the…
The Institute for Catastrophic Loss Reduction (ICLR) will host a webinar next month on the effects of hail on vehicles. The Hail Impacts on Automobiles: A state-of-the-art-review webinar will be held on June 16 from 10 a.m. to 11:30 a.m.…