Which insurers were hit hardest by the third-quarter hurricanes?
January 15, 2018 by David GambrillWhich (re)insurers absorbed the bulk of the insured damages when Hurricanes Harvey, Irma and Maria ripped through the Caribbean and continental United States in 2017 Q3? A.M. Best compiled a list of 41 insurers and reinsurers who paid out more…
Why a home insurer is paying for a workplace injury
January 12, 2018 by Greg MeckbachIntact is on the hook for legal costs to settle a personal injury lawsuit against a business executive whose friend was injured at a workplace after hours. Intact provided liability coverage under a homeowner policy. The company unsuccessfully argued before…
2017 cat bond issuance reaches record levels
January 5, 2018 by Jason ContantCatastrophe bond issuance in 2017 reached record levels, including in Canada, as insurers and reinsurers sponsored approximately US$10.5 billion in cat bonds. According to data from the Artemis.bm Deal Directory, there was more than US$10.5 billion in issuance last year,…
Broker predicts banks will soon renew call to sell insurance in branches
December 21, 2017 Greg Meckbach, Associate EditorWith the federal Bank Act up for review in 2019, a Montreal-based broker is warning that some banks will try to have the government change a law restricting the way banks can sell property and casualty insurance. “I am sure…
Buying Bitcoin ‘means buying risk,’ says Bank of Canada governor
December 15, 2017 Armina Ligaya and Andy Blatchford - THE CANADIAN PRESSTORONTO – Bank of Canada governor Stephen Poloz is sounding the alarm on Bitcoin, calling the purchase of the cryptocurrency “closer to gambling than investing.” In a speech at the Canadian Club Toronto on Thursday, the governor said Bitcoin is…
Climate change and its effect on insurance claims
December 15, 2017 Neville BussellThe wildfire insurance losses incurred in Fort McMurray, Alberta in 2016 are the costliest in Canadian history. The fire involved residential property, businesses, municipal property and landscape over an area of 590,000 hectares. The Insurance Bureau of Canada Costs estimated…
Bank of Canada head explains why Canada’s interest rates are so low
December 14, 2017 THE CANADIAN PRESSTORONTO – Bank of Canada governor Stephen Poloz says with the economy running at close to full tilt, a mechanical approach to setting interest rates would suggest higher borrowing rates should already be in place. But in a speech Thursday,…
Are timid underwriters blowing a business opportunity with blockchain?
December 11, 2017 David Gambrill, Editor-in-ChiefThere is a substantial business opportunity for insurers willing to learn about and underwrite nascent blockchain technology, says an account executive at The Axis Insurance Group in B.C. “There is a business coming along, it’s going to get bigger, and…
Catastrophes likely to have “muted” effect on Canadian reinsurance pricing
December 4, 2017 Jason Contant, Online EditorReinsurance rates in Canada will likely not decrease and there may be some “upward movement in certain regions” following the historically massive catastrophes in the third quarter, MSA Research president and CEO Joel Baker suggested Monday. The catastrophes – including…
The curious case of who pays for a building flood claim
November 28, 2017 Greg Meckbach, Associate EditorA negligence lawsuit after a flood—against a company in charge of watching building automation systems—was recently tossed out of court because of the terms of the lease agreement. A plumbing firm paid settlements to tenants after a building flood, and…
Deductibility of CPP disability benefits in personal injury claims
November 17, 2017 Cheryl A. CanningIn personal injury claims involving lost income, it is very common for plaintiffs to have received income from various sources while unable to work, including Canada Pension Plan Disability Benefits (“CPP”). The question of whether the tortfeasor or insurer may…
Linux botnets, number of countries facing DDoS attacks up in Q3: Kaspersky
November 13, 2017 by Canadian UnderwriterThe share of Linux botnets is continuing to grow, accounting for 70% of attacks in the third quarter of the year from 51% in Q2, according to cybersecurity company Kaspersky’s Q3 2017 DDoS Intelligence Report. Experts also continue to see…