Aviva plc’s combined ratio for Canada improves to 93.8% in 2015, from 96.1% in 2014
March 10, 2016 by Canadian UnderwriterAviva plc announced on Thursday that its combined ratio for Canada has improved to 93.8% in 2015, from 96.1% in 2014. Aviva released its preliminary results announcement on Thursday, noting a combined operating ratio in its general insurance business of…
Insurance costs ‘will only increase’ without ‘immediate action’ on greenhouse gas reduction: Ontario Liberals
March 9, 2016 by Canadian UnderwriterOntario’s ruling Liberals suggest that immediate action is needed on greenhouse gas reduction due to extreme weather caused by climate change, but opposition politicians are characterizing the proposed cap-and-trade system as a “slush fund.” Bill 172, Climate Change Mitigation and…
Bank of Canada holds key interest rate as Ottawa preps for fiscal boost
March 9, 2016 Andy Blatchford - THE CANADIAN PRESSOTTAWA – The Bank of Canada is sticking with its key interest rate as it waits to assess economy-boosting measures expected in the upcoming federal budget. The central bank kept its trend-setting interest rate locked at 0.5 per cent in…
U.S. winter storm that affected eastern Canada estimated to cost millions of U.S. dollars in economic losses: Impact Forecasting
March 9, 2016 by Canadian UnderwriterTotal economic losses from the late February winter storm in the United States that was felt in eastern Canada are estimated in the millions of dollars (U.S.), according to Impact Forecasting’s latest Global Catastrophe Recap. The report, released on Tuesday,…
Markel Canada cyber coverage includes network interruption
March 8, 2016 by Canadian UnderwriterMarkel Insurance Company of Canada recently announced a cyber risk product that includes a cyber risk help line provided by NetDiligence and access to the response team at law firm Fasken Martineau. Markel stated March 2 that its new cyber…
Insurance Corporation of B.C. wants Supreme Court of Canada to hear appeal arising from intoxicated passenger grabbing steering wheel
March 8, 2016 by Canadian UnderwriterA dispute between the Insurance Corporation of British Columbia and a woman seriously injured in a vehicle crash, arising from an intoxicated passenger grabbing the steering wheel, may reach the Supreme Court of Canada. In September, 2015, the B.C. Court…
Distress, divestments to dominate mining deals in 2016 after Canadian transactions hit 10-year low
March 8, 2016 by Canadian UnderwriterFinancial stress among Canadian mining and metals companies drove transactions to a decade-long low in 2015 and that environment is expected to shape the sector’s merger and acquisition (M&A) activity in 2016, Ernst & Young suggests in a recent report.…
Increased risks of ransomware, rise of IoT challenging Canadian organizations: KPMG
March 7, 2016 by Canadian UnderwriterIncreased risks of ransomware and extortion-driven attacks as well as the rise of the Internet of Things (IoT) are challenging Canadian organizations in new ways, according to a recent report from audit, tax and advisory services firm KPMG LLP. KPMG…
FSCO issues warning about mail scam conducted by Onward Assurance Financial Services
March 7, 2016 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) is warning consumers about a mail scam conducted by an unlicensed company, Onward Assurance Financial Services. This company has issued notices advising recipients that they are among the winners of a U.S. Telecommunication…
Premiers agree carbon pricing to be part of overall climate plan
March 4, 2016 Bruce Cheadle - THE CANADIAN PRESSVANCOUVER – Prime Minister Justin Trudeau and the provincial premiers managed to bridge deep divides over carbon pricing Thursday en route to Canada’s first national consensus on pursuing climate policy. But the deal hammered out in Vancouver by Trudeau and…
Ridesharing companies in Mississauga, Ont. directed to suspend operations as review continues
March 4, 2016 by Canadian UnderwriterThe city of Mississauga, Ont. has passed a motion directing transportation network companies (TNCs) to suspend operations in the city as a review continues of companies operating illegally. At this week’s general committee meeting, city council passed a motion directing…
Insly Ltd. obtains CSIO certification for personal lines eDocs
March 4, 2016 by Canadian UnderwriterThe Centre for Study of Insurance Operations (CSIO) announced on Friday that United Kingdom-based insurance software provider Insly Ltd. has achieved CSIO certification for its personal lines eDocs solution. Insly was introduced to the Canadian P&C insurance market through the…