Canadian Underwriter

Keyword
marine

News Insurance

How COVID-19 is changing marine cargo insurance

July 23, 2020 by Greg Meckbach

Marine cargo policies that were drafted before the COVID-19 pandemic may need a second look because of the way business disruptions and lockdowns are affecting the global supply chain. “We are starting to see insurers already change or apply endorsements

News Insurance

How pandemic is making a common marine risk problem worse

July 16, 2020 by Greg Meckbach

The pandemic is making it difficult for shipping companies to get spare parts and technical professionals aboard to perform essential maintenance and repair, a new report from Allianz Global Corporate & Specialty suggests. For the insurance industry, the most common

News Insurance

The impact of surreptitious dangerous goods shipments on marine insurance

July 15, 2020 by Greg Meckbach

The marine insurance sector saw a huge drop last year in the number of total shipping losses but the industry continues to have a problem with shippers trying to sneak hazardous and flammable cargo on board without declaring it. “Dangerous

News Insurance

Court sides with insurer in disputed marine cargo claim

September 4, 2019 by Greg Meckbach

A large Canadian manufacturing multinational has lost a legal battle, although not necessarily the war, with Chubb Insurance Company of Canada over a marine coverage dispute. It started in 2013 when Cambridge, Ont.-based ATS Automation Tooling Systems Inc. sold machinery

News Risk

Collision damages ships in Vancouver Harbour

March 20, 2019 by Greg Meckbach

RICHMOND, B.C. – Transport Canada says two ships collided in Vancouver Harbour Sunday after one lost power, but no one was injured and no pollutants were released. The federal department says in a statement that the bulk carrier MV Caravos

News Legislation / RegulationRisk

This commercial line could see $24 million revenue increase

December 12, 2018 by Greg Meckbach

Federal regulations requiring liability insurance for boats that carry passengers take effect Jan. 11, Transport Minister Marc Garneau announced Wednesday. It is estimated the industry will make $24.8 million more, over 10 years, than it otherwise would have, the federal

News InsuranceTechnology

Artificial intelligence a ‘work in progress’ in marine insurance

August 27, 2018 by Greg Meckbach

Some insurers are considering how artificial intelligence could help underwrite marine risks. Although big data has been around for years, “what has changed with AI is just using bigger more disparate data sets which go across different domains – for

News Earnings / RatingsInsurance

Intact’s combined ratio improves 5.2 points but personal auto has $31M in unfavourable prior-year development

November 8, 2017 by Canadian Underwriter

Intact Financial Corp.’s personal auto results were “disappointing” during the three months ending Sept. 30, chief executive officer Charles Brindamour said Tuesday in press release, but the Toronto-based insurer reported that across all lines, underwriting income more than doubled from

News ClaimsConstructionInsuranceMarkets / CoveragesProducts

BHSI unveils new offering, follow form for U.S. and Canadian contractors

November 1, 2017 by Canadian Underwriter

Boston-based Berkshire Hathaway Specialty Insurance (BHSI) has announced the availability of a single excess policy that sits atop multiple first- and third-party insurance policies for contractors in the United States and Canada. The new policy provides excess follow form protection

News Insurance

Global marine underwriting premiums continue to fall: International Union of Marine Insurance

September 18, 2017 by Canadian Underwriter

Global marine underwriting premiums for 2016 fell to US$27.5, a 9% reduction from 2015, the International Union of Marine Insurance (IUMI) reported on Monday. The association presented its annual statistical report on the marine insurance market at the IUMI 2017

News InsuranceMergers and AqcuisitionsProfessional Development

Hub International purchases “certain assets” of Quebec surety broker

August 8, 2017 by Canadian Underwriter

Chicago, Ill.-based Hub International Limited announced on Monday that Hub Quebec has purchased “certain assets” from Patrice Varin, through a corporation held by him. Terms of the acquisition were not disclosed. Varin will join Hub Quebec, bringing with him a

News Earnings / RatingsInsuranceMergers and AqcuisitionsReinsurance

Combined ratio down 4.6 points at Axis Capital

July 28, 2017 by Canadian Underwriter

Axis Capital Holdings Ltd. reported Wednesday a 4.6-point improvement in its Q2 combined ratio, from 102.2% in the second quarter of 2016 to 97.6% in the latest quarter. Pembroke, Bermuda-based Axis Capital writes both reinsurance and commercial primary insurance worldwide