B.C. invests in earthquake early warning systems
March 1, 2016 by Canadian UnderwriterThe province of British Columbia has provided a $5 million investment to Ocean Networks Canada to increase the development and use of earthquake early warning systems in the province. The one-time project funding could enhance the safety of British Columbians…
Uber says it will shut down Tuesday unless province agrees to changes
February 29, 2016 The Canadian PressEDMONTON – The manager for Uber in Alberta says the ride-sharing app will cease operating in the province on Tuesday unless the provincial government makes insurance and licensing changes. Ramit Kar told a demonstration of about 150 Uber supporters on…
Cybercrime affecting almost one-third of global organizations: PwC
February 29, 2016 by Canadian UnderwriterMore than one in three global organizations (36%) experienced economic crime in the last two years, with cybercrime affecting almost a third (32%), the highest ever level in PwC’s biennial Global Economic Crime Survey. The PwC Global Economic Crime Survey…
Tech conference speakers raise questions about autonomous vehicle manufacturers’ liability
February 29, 2016 Greg Meckbach, Associate EditorNearly two months after the Ontario government launched its pilot program for testing autonomous vehicles, speakers at the P&C Insurance Technology Conference suggested that driverless cars and other innovations could significantly change the auto insurance model. “Clearly you are seeing…
Vertafore acquires Keal Technology, a provider of broker and commercial management systems in Canada
February 29, 2016 by Canadian UnderwriterInsurance software provider Vertafore, Inc. announced on Monday the acquisition of Keal Technology, a Concord, Ont.-based provider of broker and commercial management systems in Canada. The move extends Vertafore’s customer base into Canada, further creating an “international footprint for the…
Berkshire Hathaway insurance-underwriting earnings up to $306 million in Q4 2015 from $191 million in Q4 2014
February 29, 2016 by Canadian UnderwriterBerkshire Hathaway has reported insurance-underwriting earnings of US$306 million for the fourth quarter of 2015 ending Dec. 31, 2015, up from US$191 million in the same quarter in 2014. However, for the full-year 2015, earnings were US$1.162 billion, down from…
RSA Canada reports underwriting profit of $225 million for 2015, combined operating ratio of 91.7%
February 29, 2016 by Canadian UnderwriterHome, car and business insurer RSA Canada has reported a record underwriting profit of $225 million for 2015 and a combined operating ratio of 91.7%, well below its annual target for 2015. In 2014, the combined operating ratio was 98.6%.…
Highest crop insurance coverage in program history offered to Saskatchewan producers in 2016
February 26, 2016 by Canadian UnderwriterCrop producers in Saskatchewan will have access to the highest coverage in program history, the federal Agriculture and Agri-Food Minister Lawrence MacAulay and Saskatchewan Agriculture Minister Lyle Stewart said on Thursday. The ministers announced the details of the 2016 Crop…
Province of Alberta announces $25 million in grants to local governments for flood mitigation projects
February 26, 2016 by Canadian UnderwriterThe province of Alberta has announced nearly $25 million in grants to local governments for several flood mitigation projects that will “protect families, businesses and Alberta’s economy from the threat of natural disasters.” The grants, announced in Calgary on Friday,…
Ontario Liberals promise cap and trade proceeds will go to greenhouse gas emission reduction
February 26, 2016 Greg Meckbach, Associate EditorInsurance rates have increased due to climate change, and the money the Ontario government will raise from an emissions allowance auction will be spent on efforts to reduce greenhouse gas emission, Finance Minister Charles Sousa suggested Thursday. In its budget…
Report on natural disasters linked to climate change affirmation of research, IBC says
February 26, 2016 by Canadian UnderwriterA recent report on the financial cost to the federal government of natural disasters, linked to climate change, is “an affirmation of our research at Insurance Bureau of Canada,” said the IBC’s vice president of federal affairs, Craig Stewart, on…
Gore Mutual launches combined overland water and sewer backup product in Ontario
February 25, 2016 by Canadian UnderwriterGore Mutual Insurance Company announced on Thursday that it is expanding its water damage coverage with a new combined overland water and sewer backup product called WaterEscape Plus. The coverage is available as an endorsement to all eligible Ontario personal…