Manitoba to streamline farm building code requirements
January 25, 2017 by Canadian UnderwriterThe government of Manitoba announced on Wednesday that it is removing “unnecessary regulatory requirements” on the construction of farm buildings. Manitoba Agriculture Minister Ralph Eichler suggested in a statement that the removal of the regulations will support the long-term, sustainable…
Gasoline, alcohol sales, food preparation among special risks for supermarkets: Chubb
January 24, 2017 by Canadian UnderwriterChubb Ltd. is advising supermarket operators in the United States who sell alcohol to consider limiting the amount of alcohol a customer can buy and to watch parking lots to ensure customers are not drinking. In a report released Monday,…
Aon announces alternative cyber risk transfer approach
January 24, 2017 by Canadian UnderwriterAon Global Risk Consulting announced on Tuesday its Cyber Captive Program, which guides companies through a series of steps to help identify, assess and quantify their cyber exposures – “ultimately making more informed decisions around risk retention in a captive…
IoT botnets present unmanageable cyber security risk: Juniper Research
January 23, 2017 by Canadian UnderwriterThe scale of embedded connectivity could lead to an unmanageable cyber security risk created by botnets, Juniper Research Limited cautioned Monday in releasing data indicating the consumer Internet of Things (IoT) installed base will reach 15 billion-plus units by 2021.…
AIG, National Indemnity ink reinsurance agreement covering long-tail prior-year commercial casualty
January 20, 2017 by Canadian UnderwriterAmerican International Group Inc. said Friday it “expects a material prior year adverse development charge” during the three months ending Dec. 31, 2016 and that National Indemnity Company (NICO) has agreed to reinsure 80% of losses on certain reserves for…
Canadian pipeline applications to require more emergency response information
January 12, 2017 by Canadian UnderwriterThe National Energy Board (NEB), an independent federal regulator of several parts of Canada’s energy industry, announced on Wednesday that it will require companies to provide additional emergency response detail during the pipeline application phase of a project. NEB said…
Fairfax-Allied World deal among the ‘most noteworthy’ of recent insurance M&A announcements: Willis Re
January 3, 2017 by Canadian UnderwriterThe merger agreement between Fairfax Financial Holdings Ltd. and Allied World Assurance Company Holdings AG – announced Dec. 18 – reflects “the view that the new U.S. government may provide a more favorable corporate tax environment” and demonstrates “that scale…
Ottawa city bus driver had ‘elevated standard of care’ in fatal collision: Court
December 22, 2016 by Jason ContantThe City of Ottawa and an OC Transpo bus driver have lost their appeal of a ruling that the bus driver was 20% liable, for a fatal collision, with a vehicle driven by an alcohol-impaired driver who ran a red…
Court denies replacement value coverage on fire claim after owners plan to build larger structure on same Ottawa site
December 20, 2016 by Canadian UnderwriterIn a fire insurance claim, the courts recognize that “the need to rebuild premises which more closely resembled the original” is critical in triggering coverage for replacement value rather than actual cash value, Dutton Brock LLP suggested in a bulletin…
Total economic losses from nat, man-made disasters in 2016 at least US$158 billion: Swiss Re sigma estimate
December 15, 2016 by Canadian UnderwriterTotal economic losses from natural and man-made disasters in 2016 were at least US$158 billion, 68% higher than the US$94 billion losses in 2015, according to preliminary Swiss Re sigma estimates released on Thursday. The US$158 billion estimate in total…
Toronto city council to consider accelerating basement flooding protection spending
December 12, 2016 by Canadian UnderwriterA proposal to advance the 2018 cashflow for Toronto’s basement flooding protection program into 2017 will be considered by City Council Tuesday. Toronto’s Basement Flooding Protection Program – which includes construction of surface storage ponds, an underground storm storage tank…
Insurance undergoing “a fundamental structural change”: KPMG speaker
December 8, 2016 by Angela StelmakowichThe insurance industry is undergoing structural change with the emergence of platform-based business models and insurers need to ready themselves to be able to take part, Matthew Smith, insurance co-lead for the Global Strategy Group at KPMG, suggested during the…