N.B. public safety department issues warning about ice jams, associated flooding
March 28, 2016 by Canadian UnderwriterNew Brunswick’s Department of Public Safety is warning about the potential for ice jams and associated flooding along the St. John River and other river systems in the province. The Department of Public Safety said in a bulletin on Monday…
ISO introduces drone insurance coverage options for commercial inland marine market
March 28, 2016 by Canadian UnderwriterISO announced on Monday that it is preparing for the “potential rise and fall of commercial drones” with new inland marine insurance forms to help protect businesses from the costs of such potential crashes, including damage to the drones, their…
SGI CANADA issues warning over “mystery shopper” scam
March 28, 2016 by Canadian UnderwriterSGI CANADA is warning consumers about a “mystery shopper” scam involving fraudulent cheques that appear to be issued by SGI CANADA. Targeted individuals receive a letter from a third party claiming to be contracted by, and on behalf of SGI…
Ottawa proposes to clarify tax rules on imported reinsurance services
March 28, 2016 by Canadian UnderwriterThe federal government recently announced it intends to “clarify” the rules for calculating sales tax on reinsurance premiums in certain cases. In its 2016-17 budget document, the ruling Liberals propose “to clarify that two specific components of imported reinsurance services,…
Archway Insurance grows New Brunswick footprint with purchase of Solutions Insurance Broker Inc.
March 26, 2016 by Canadian UnderwriterAmherst, N.S.-headquartered Archway Insurance, one of Atlantic Canada’s largest independently-owned insurance brokerages, announced on Thursday the purchase of Solutions Insurance Broker Inc. in Dieppe, N.B. Archway will increase its footprint in New Brunswick through this transaction, along with the ability…
Link between oil price reduction, increase in major incidents: Marsh
March 24, 2016 by Canadian UnderwriterEnergy firms are facing challenges, including falling revenues, but are encouraged to maintain their investment in risk management to reduce the potential for future major incidents and insurance claims, suggests a new research report from global insurance broker and risk…
Insurer launches ransomware solution following hefty increase in criminal-related cyber losses
March 23, 2016 by Canadian UnderwriterChubb’s Global Cyber Risk Practice has launched a service to help policyholders with ransomware attacks in the wake of a 430% hike in the insurer’s criminal-related cyber losses over the past five years. “Chubb’s new cyber extortion solution can immediately…
Feds propose extension of mandatory Bank Act review to 2019
March 23, 2016 by Canadian UnderwriterThe federal government said Tuesday it is proposing to extend by two years the mandatory review of the Bank Act, which prohibits financial institutions from selling home and auto insurance in their branches. Finance Minister Bill Morneau is also proposing…
IBC applauds federal government’s commitment to fighting climate change
March 23, 2016 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) has applauded the federal government’s commitment to addressing climate change in its first federal budget. “The budget shows a clear and strong commitment to fighting climate change,” IBC president and CEO Don Forgeron said…
Autonomous vehicle disruption ‘doesn’t have to matter’ to auto insurance providers: Speaker
March 22, 2016 Greg Meckbach, Associate EditorAuto insurance providers cannot afford to wait 10 years to adjust their business for autonomous vehicles, but driverless cars do not necessarily pose a threat to personal auto insurance providers, the Royal Bank of Canada’s head of home and auto…
2015 quiet in terms of global insured losses at US$30.5 billion, despite exceptionally strong El Nio: Guy Carpenter
March 22, 2016 by Canadian UnderwriterAlthough 2015 marked one of the strongest El Niño periods on record, it was a quiet year in terms of global insured losses, according to Guy Carpenter’s Global Catastrophe Review – 2015. The review, released on Tuesday, noted that there…
Future Thinkers
March 22, 2016 byAdjusters ready to take on new claims environment. Change, it seems, is the only constant.