Transportation Safety Board calls on aviation firms to have “clearly defined” go-around policies
April 20, 2017 by Canadian UnderwriterCommercial aviation firms are at increased risk if they do not have a “clearly defined go-around policy” during approach and landing, the Transportation Safety Board of Canada suggested in a report released Thursday, the same day the agency announced a…
New Ontario financial authority should monitor auto insurers with ‘unusual number’ of LAT appeals: Marshall
April 12, 2017 by Canadian UnderwriterNeither the behaviour of personal injury lawyers nor “excess profits” of insurers are to blame for high auto premiums in Ontario, but the government should consider restricting lawyers’ contingency fees, a special advisor to the provincial government suggested in a…
Saskatchewan Mutual Insurance Company goes live with eDocs, obtaining CSIO certification for personal and commercial lines
April 10, 2017 by Canadian UnderwriterHubio, a provider of technology solutions for P&C insurers, announced on Monday that Saskatchewan Mutual Insurance Company (SMI) has obtained certification from the Centre for Study of Insurance Operations (CSIO) for both personal and commercial lines eDocs. SMI is now…
April 1 renewals largely following direction set at January 1 renewals: Willis Re
April 3, 2017 by Canadian UnderwriterThe April 1 2017 renewal season “has largely followed” the direction set at January 1, the latest 1st View renewals report from Willis Re said. 2016 generated an “acceptable, though reduced” return for the global reinsurance industry, Willis Re, the…
Lloyd’s reports $2.1 billion pound profit for 2016, major claims from Fort McMurray
March 30, 2017 by Canadian UnderwriterLloyd’s, the world’s specialist market for insurance and reinsurance, has reported a pre-tax profit of 2.1 billion pounds for 2016, the same as in 2015. The level of Lloyd’s major claims last year (2.1 billion pounds compared to 0.7 billion…
Larger liability claims expected to become more expensive, complex: AGCS
March 30, 2017 by Canadian UnderwriterThere is increasing potential for “larger liability claims to become more expensive, complex and international, demonstrating the pervasive and long-term nature of liability losses,” suggests a new global claims review released Thursday by Allianz Global Corporate & Specialty (AGCS). Industrial,…
Caisse de dépôt et placement du Québec to buy stake in commercial brokerage USI from Onex
March 17, 2017 by Canadian UnderwriterToronto-based Onex Corp. is selling its stake in one of the world’s largest commercial brokerages, USI Insurance Services LLC, to Caisse de dépôt et placement du Québec and other buyers. Valhalla, N.Y.-based USI placed 11th worldwide in an earlier ranking…
Supply line leak led to fire at Alberta oilsands facility, Syncrude says
March 16, 2017 Dan Healing - THE CANADIAN PRESSFORT MCMURRAY, Alta. – A fire that broke out at a Syncrude oilsands site in northern Alberta was the result of a supply line that broke and leaked light oil, a company spokesman said Wednesday. Crews were allowing the blaze…
Ironshore Specialty Casualty construction cover now addresses M&A transition exposures
March 10, 2017 by Canadian UnderwriterBermuda-based Ironshore Specialty Casualty has enhanced its Transition Protection policy form to address contractual exposures associated with an organizational merger or acquisition (M&A) specific to the construction industry. Construction companies typically have contractual requirements to obtain insurance coverage for work…
XL Catlin quadruples North American builder’s risk capacity to US$1 billion
March 9, 2017 by Canadian UnderwriterXL Catlin announced on Wednesday that it has quadrupled its builder’s risk insurance capacity to US$1 billion from US$250 million for construction firms in North America. The increased coverage for high-value commercial real estate projects is the result of a…
Flood insurance reform bill re-tabled in U.S. congress
March 8, 2017 by Canadian UnderwriterA bill aimed at increasing participation by the private sector in the flood insurance market in the United States was tabled Wednesday in the House of Representatives, a U.S. congressman from Florida announced. The Flood Insurance Market Parity and Modernization…
Crop insurance coverage levels in Saskatchewan increasing to a record $217 per acre this year
February 23, 2017 by Canadian UnderwriterCrop insurance coverage levels in Saskatchewan are increasing to a record $217 per acre in 2017, up from $216 per acre in 2016. A joint press release from Saskatchewan Crop Insurance Corporation (SCIC) and Agriculture and Agri-Food Canada on Thursday…