Property Loss Update: A review of recent cases, Part 2
November 17, 2017 Glenn GibsonThis is Part 2 of the property loss review that began in the Feb-Mar issue of Claims Canada. Carter et al V. Intact Insurance Company, Ontario Court of Appeal, December 6, 2016 On March 16, 2011 a fire caused…
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…
Allianz trials blockchain prototype for the captive insurance market
November 7, 2017 by Canadian UnderwriterInternational insurance transactions can be significantly accelerated and simplified, suggests a trial by Allianz Global Corporate & Specialty (AGCS) involving the successful implementation of a blockchain prototype for the captive insurance market. “We are currently seeing many blockchain applications in…
Commercial premiums down 13% for AIG
November 3, 2017 by Canadian UnderwriterAmerican International Group Inc. announced Thursday its combined ratio in commercial insurance was 195.4% in the three months ending Sept. 30, up 89.6 points from 105.8% in Q3 2016. New York City-based AIG confirmed Thursday an earlier-released estimate, of $3…
Q3 reinsurance loss ratio up 56.5 points for Arch Capital
November 2, 2017 by Canadian UnderwriterAfter estimating it could lose nearly $320 million due to natural catastrophes including major North Atlantic hurricanes in the three months ending September 30, Arch Capital Group Ltd. has reported its combined ratio in reinsurance deteriorated 51.5 points, from 75.9%…
ILS market ready to deal with “wake-up call” of Q3 nat cats: Willis Towers Watson Securities
October 20, 2017 by Canadian UnderwriterInsurance-linked securities (ILS) investors are responding to the recent uptick in natural disasters by making payments to ceding companies, while at the same time continuing to raise more money and preparing to make new investments, Willis Towers Watson (WTW) Securities…
BHSI introduces motor truck cargo legal liability insurance in Canada
October 18, 2017 by Canadian UnderwriterBerkshire Hathaway Specialty Insurance (BHSI) said on Wednesday that it has expanded into inland marine product line in Canada with the launch of its motor truck cargo legal liability policy. The product protects against the legal liability exposure commercial truckers…
Cat bonds including Canadian coverage totalled $2.8 billion in first nine months of 2017: PCS
October 12, 2017 by Canadian UnderwriterSponsors raised $2.8 billion through catastrophe bond transactions that included Canada, “the most robust year in catastrophe bond market history,” Property Claims Services (PCS) said in a new report. Bigger and More Mature: PCS Q3 2017 Catastrophe Bond Report was…
Product innovation extending the reach of commercial insurance: Swiss Re sigma study
October 11, 2017 by Canadian UnderwriterProduct development and innovation around data and data analytics has expanded the scope of insurance solutions to a wider range of threats and perils, and made risk transfer more efficient, Swiss Re said in its latest sigma study. Released on…
Endeavour launches cyber facility, cyber protection becoming key to risk management
October 10, 2017 by Canadian UnderwriterEndeavour Insurance Services is looking to facilitate easier management of risks in the small-medium enterprise (SME) cyber space – while also supporting MGAs, brokers and clients in the U.S. and Canada – with the launch of a new technology and…
M&A insurance buoyant as premiums and retentions fall, JLT Specialty survey finds
September 19, 2017 by Canadian UnderwriterThe mergers and acquisitions (M&A) insurance market is facing “significant growth” linked to falling rates and lower retention levels as a result of increasing competition, a new report from specialist insurance broker and risk consultant JLT Specialty Limited has found.…
Ceiling on damages payable by U.S. state makes it an ‘inadequately insured motorist’ under Ontario family protection endorsement: Court
September 18, 2017 by Canadian UnderwriterA U.S. state, with a cap on compensatory damages payable to accident victims suing the state, can be considered an “inadequately insured motorist” for the purpose of an Ontario auto family protection endorsement, the Court of Appeal for Ontario recently…