Segment
Consumers
ICBC reports 124 claims and $500,000 in costs from wildfires to date
August 23, 2017 by Canadian UnderwriterThe Insurance Corporation of British Columbia (ICBC) reported on Wednesday that it has received 124 claims to date, at a cost of $500,000, from the wildfires burning in the province. Most vehicle damage claims were related to extreme heat and smoke damage, with some vehicles even rendered as total losses, ICBC reported in a press release.
Recognizing that it is experiencing the “worst wildfire season in the province’s history,” ICBC added that it has made formal changes to its policies to reflect “these special circumstances for customers on evacuation…
Home telematics startup Roost closes second round of funding with investments from Desjardins Insurance and Aviva Ventures
August 23, 2017 by Canadian UnderwriterRoost, a U.S.-based innovator in smart home telematics for the insurance industry, announced on Wednesday it has closed its second round of funding with US$10.4 million in investments from three companies, including Desjardins Insurance. The US$10.4 million Series B funding includes strategic investments from three companies, led by Aviva Ventures, with participation from Desjardins Insurance and Fosun RZ Capital in China, noted information from Sunnyvale, Calif.-headquartered Roost. Existing investors also participated in the round, bringing total funding to date to US$17 million.…
Collaboration leads to milestone achievement to define data exchange standards between companies, brokers
August 23, 2017 by Canadian UnderwriterThe long-standing objective of standardized real-time data exchange between insurance brokers and companies has taken a big step forward with Tuesday’s announcement that initial testing of the process has been successfully completed. A team of players in Canada’s p&c insurance…
York University launches new online Certificate in Risk Management course
August 23, 2017 by Canadian UnderwriterYork University’s School of Continuing Studies said on Tuesday that it is responding to the “demand for comprehensive risk management training” by launching a new online Certificate in Risk Management course. The three-course online program (Risk Management Principles and Practices;…
Ironshore establishes computer emergency response team to help policyholders with cyber response
August 22, 2017 by Canadian UnderwriterNew York-based Ironshore Inc. is taking steps to help manage cyber claims for all in-force policies, regardless of line, with the launch of a dedicated computer response team. Comprised of cyber claims co-ordinators representing each of the insurer’s specialty lines…
Emergency broadcast station being considered in New Brunswick following January ice storm
August 21, 2017 by Canadian UnderwriterNew Brunswick’s primary electrical utility in the province, NB Power, and the province’s Emergency Measures Organization (EMO) said on Friday that they considering creating a dedicated emergency broadcast station to provide essential information to people in the province in times of crisis. The consideration is one of 51 recommendations contained in a provincial review of the Atlantic Canada storm in the winter of 2017, released on Friday. From Jan. 24-26, an ice storm hit central and eastern New Brunswick, from Miscou Island to Sackville. The intense low-pressure system resulted in…
Loblaw to keep operating PC Financial home & auto brokerage after ending banking relationship with CIBC
August 17, 2017 by Canadian UnderwriterPC Financial Insurance Broker Inc. – which places home and auto insurance in Ontario, Alberta and Atlantic Canada – will continue to be owned and operated by grocery and drug retailer Loblaw Companies Ltd., a PC Financial spokesperson told Canadian Underwriter Wednesday.
President’s Choice Bank, a Loblaw unit, announced Wednesday it has ended its 20-year relationship with the Canadian Imperial Bank of Commerce.
“Everyday banking products, including savings, chequing and mortgage accounts, previously offered under the President’s Choice Financial brand will continue to be provided by CIBC, under new branding…
Proposed model law could beef up U.S. insurers’ cyber risk management
August 17, 2017 by Canadian UnderwriterNew cyber-related obligations being proposed south of the border, if approved, could promote more rigorous cyber risk management practices in the U.S. insurance market, Fitch Ratings suggests. The CyberSecurity Working Group of the National Association of Insurance Commissioners (NAIC) has…
RIMS calls for reauthorization of National Flood Insurance Program, warns of consequences of expiration
August 16, 2017 by Canadian UnderwriterRIMS, the risk management society, is calling on its U.S. membership of risk management and insurance professionals to support its push for the reauthorization of the National Flood Insurance Program (NFIP). “The program’s expiration on September 30, 2017 would leave…
Many polled Canadians aren’t researching options before buying financial products: LowestRates.ca survey
August 16, 2017 by Canadian UnderwriterWhile Canadians may head online to compare prices on flights or when booking a hotel, most aren’t researching their options before buying financial products, according to a new survey from comparison site LowestRates.ca. The online survey, conducted last month by…
80% of polled Canadians not properly insuring belongings when moving to new homes
August 16, 2017 by Canadian UnderwriterEight of 10 Canadians taking part in a survey from Square One Insurance Services Inc. report not properly insuring their belongings while moving to their new homes. With more than 300,000 Canadians moving to new homes in different provinces each…
Government of Newfoundland and Labrador finalizes terms of reference for auto insurance review
August 16, 2017 by Canadian UnderwriterThe provincial government announced on Tuesday that it has finalized the terms of reference for the automobile insurance review for Service NL and the provincial Board of Commissioners of Public Utilities (PUB). Government has directed PUB to begin its review…