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What have we learned from Lac-Megantic train derailment?

July 3, 2018 by Greg Meckbach

Nearly five years after a fatal accident in which a runaway freight train caught fire in Lac-Mégantic Quebec, the frequency of uncontrolled train movements is on the rise, the Transportation Safety Board of Canada warned Wednesday. “In 2017, there were…

News ClaimsInsuranceMergers and AqcuisitionsRestoration

Local M&A activity heats up in the claims industry

July 3, 2018 by Jason Contant

Independent adjusting firm Crawford & Company (Canada), Inc.  has acquired Cherrie Griffith Ltd., a provider of risk and claims services in the Ottawa region for more than 10 years. The acquisition was the second in two months within the claims…

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

Leading Canadian insurers ‘looking at M&A intensely’

July 3, 2018 by Greg Meckbach

Brokers can expect to see a major carrier consolidation deal this year, assuming the prediction of a major mergers and acquisitions (M&A) advisory firm holds true. Of the top 10 Canadian P&C insurers, “it could be expected that a few…

News InsuranceMergers and AqcuisitionsTechnology

Quebec insurance IT provider V-NEO acquired by German-based tech company

July 3, 2018 by David Gambrill

German-based tech provider GFT Technologies SE (GFT) has acquired V-NEO Inc. (V-NEO), a Quebec-based IT provider to the Canadian property and casualty insurance industry. Founded in 2011, V-NEO has acted as a service partner for the P&C insurance Guidewire platform.…

News ClaimsRestoration

Contractors know their role: Restoration contracting firms speak out

July 3, 2018 by Jason Contant

Controversy has swirled around the property and casualty industry’s response to Ontario’s May 4 windstorm, with restoration contracting firms speaking out to Canadian Underwriter recently to confirm the proper role of contractors during the catastrophe event. Restoration contracting firms made…

News ClaimsInsuranceMarkets / Coverages

Violent storms leave thousands without power in Quebec

July 3, 2018 by The Canadian Press

MONTREAL – More than 15,000 homes and businesses in Quebec were still without power and air conditioning this afternoon following violent storms. As of 2 p.m., 15,234 Hydro-Quebec customers were blacked out, mainly due to fallen trees and branches on…

News InsuranceMarkets / Coverages

What Canadians think of their travel medical insurance

June 29, 2018 by Jason Contant

More than eight in 10 polled Canadians who have purchased travel medical insurance are “satisfied with the product and the value it provides” and 98% of those who made claims in the past year were fully or partially paid, a…

News InsuranceMarkets / Coverages

Why homeowners are happy with their insurers despite rate increases

June 29, 2018 by Jason Contant

Despite rising premiums, homeowners’ satisfaction with their insurance providers has increased for the third consecutive year, according to the J.D. Power 2018 Canada Home Insurance Study. The survey, released on Thursday, rated overall satisfaction at 786 on 1,000-point scale. Homeowners…

News Insurance

Building an innovative culture? Here are two pitfalls to avoid…

June 29, 2018 by David Gambrill

Companies often make two common blunders when they seek to disrupt themselves. First, some talk about hiring a bunch of “intrapreneurs” – creative geniuses who break all the rules and swim against the corporate tide – and then silo them…

News ClaimsInsurance

What happens when your mechanic gives you insurance advice

June 29, 2018 by David Gambrill

After following up on their mechanic’s suggestion to file a retroactive insurance claim, a B.C. couple is now on the hook for an $800.75 repair job to their 2010 Toyota Prius. Blenda and Raymond Pilon made an auto insurance claim…

News Markets / Coverages

New Brunswick says delay of legal cannabis sales costly for province

June 29, 2018 by The Canadian Press

FREDERICTON – New Brunswick says it will be ready for cannabis sales when they become legal in October – but the delay from the original July startup will cost the province millions of dollars in revenue. Finance Minister Cathy Rogers…

News AnnouncementsMergers and AqcuisitionsReinsurance

Reinsurer with Toronto office could become publicly traded

June 28, 2018 by Greg Meckbach

Sirius International Insurance Group Ltd., which sells reinsurance in Canada through a Toronto office, will be publicly traded if a tentative merger agreement announced Monday is approved. Bermuda-based Sirius was sold in 2016 by White Mountains Insurance Group Ltd. to…