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Insurance industry moving too slowly, must keep pace: Forgeron

October 25, 2016 Angela Stelmakowich, Editor

Canada’s property and casualty industry – in need of a regulatory environment that fosters the innovation and responsiveness consumers are demanding – is at risk of losing pace to new competitors, Don Forgeron, president and CEO of Insurance Bureau of

News InsuranceLegislation / RegulationMarkets / CoveragesProfessional DevelopmentTechnology

Cyber and data privacy breaches top risk for global transportation industry executives: Willis Towers Watson study

October 3, 2016 by Canadian Underwriter

The increased security threat from cyber and data privacy breaches is the number one risk on the minds of executives in the global transportation industry, according to a new report released on Monday by Willis Towers Watson (WTW). Willis Towers

News InsuranceLegalLegislation / RegulationMergers and AqcuisitionsProfessional DevelopmentTechnology

XL Catlin enhances professional liability insurance policy form for design professionals

September 16, 2016 by Canadian Underwriter

Addressing the changing professional liability insurance needs of architects, engineers and other design professionals is at the heart of XL Catlin’s enhancements to its Design Professional insurance policy form. One rapid change in the design professional industry reflected in the

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Growth in commercial unmanned aircraft systems, UAS, to bring both benefits, new risks: Allianz

September 13, 2016 by Angela Stelmakowich

The use of unmanned aircraft systems (UAS) is set to soar south of the border — expected to triple the number of manned aircraft by year’s end — producing new risks that will require insurers to adopt a new view,

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Intact’s commercial ridesharing insurance policy gets green light in Ontario

July 8, 2016 by Canadian Underwriter

The Financial Services Commission of Ontario has approved a commercial ridesharing insurance policy offered by Intact Financial Corporation (IFC) in partnership with Uber Canada. Effective July 7, 2016, IFC reports in a statement that the product will provide protection to

News InsuranceLegalMergers and AqcuisitionsTechnology

Aon supports Alberta’s move to give the green light to ridesharing insurance

July 6, 2016 by Canadian Underwriter

Aon Risk Solutions is offering tailor-made personal line insurance policies that recognize ridesharing to the hundreds of Uber drivers who require coverage in Alberta. There are no restrictions related to driver age, years licensed or the amount of weekly ridesharing

News InsuranceLegislation / RegulationMarkets / CoveragesMergers and Aqcuisitions

Alberta’s new insurance policy for TNCs a first for a Canadian province, policy available July 1

June 30, 2016 by Canadian Underwriter

A new insurance policy for transportation network companies (TNCs) is available to insurance firms licensed in Alberta as of July 1, in line with the provincial government’s recently announced TNC framework geared at promoting fairness and road safety. The insurance

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Panama Papers creating more scrutiny around offshore structures

June 24, 2016 by Angela Stelmakowich

The Panama Papers situation seems to be creating more scrutiny and less sympathy to offshore structures for tax purposes among regulators in Canada and this could spur greater disclosure demands, suggested Shea Small, a partner and international and business strategy

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Cyber security enters U.S. manufacturers’ Top 10 risks: BDO

June 22, 2016 by Canadian Underwriter

Cyber security now ranks among the Top 10 risk factors of manufacturers south of the border, notes a report issued Tuesday by accounting and consulting organization BDO USA, LLP. The lion’s share of manufacturers in the United States analyzed in

News CatastrophesInsuranceLegislation / RegulationMergers and Aqcuisitions

‘Fair amount of uncertainty’ of financial impact of Canadian earthquakes: OSFI deputy superintendent

April 14, 2016 Greg Meckbach, Associate Editor

The financial risk  from an earthquake in Quebec is “a lot bigger than maybe people think,” a Munich Re Canada executive suggested Wednesday, while the head of Aon Benfield Canada suggested Canadians on the west coast “may be” underinsured for

News AssociationsInsuranceMarkets / CoveragesMergers and AqcuisitionsTechnology

Sharing economy an opportunity for insurers, government should focus on objectives: OMIA speaker

April 1, 2016 by Angela Stelmakowich

Regulators would do well to resist taking a “whack-a-mole” approach to the sharing economy – something that could result in a $20 billion market in Canada within the next decade – and, instead, consider their ultimate objectives, Sunil Johal, policy

Patrick Déry, Chair, Canadian Council of Insurance Regulators, and Superintendent, Solvency, Autorité des marchés financiers
Feature

Conduct Becoming

March 11, 2016 Patrick Déry, Chair, Canadian Council of Insurance Regulators, and Superintendent, Solvency, Autorité des marchés financiers

Insurance regulators in Canada have taken an important step forward with the recent adoption of a new, co-operative supervision framework for market conduct. The framework provides the foundation required to continue the central mandate to serve consumers at a time when the insurance marketplace is evolving and experiencing rapid change.