Aspen reports net loss after tax of US$253.8 million for Q3
October 31, 2017 by Canadian UnderwriterHamilton, Bermuda-based Aspen Insurance Holdings Limited has reported a net loss after tax of US$253.8 million for the third quarter of 2017 compared to net income of US$95.6 million in the same quarter last year. “The third quarter was characterized…
Aviva Canada launches commercial accident product through broker partners
October 26, 2017 by Canadian UnderwriterAviva Canada has announced the launch of Commercial Accident, an expanded insurance offering through its broker partners. With this new product, brokers can now provide member associations, volunteer groups/events, charitable organizations and businesses “expanded insurance coverage and limits without having…
Record number of registrants in 2017 Great British Columbia ShakeOut earthquake drill: IBC
October 20, 2017 by Canadian UnderwriterAwareness of earthquake risk in British Columbia looks to be on the rise if registrants for the 2017 Great British Columbia ShakeOut, which reached record numbers this year, is any indicator. A record 886,000 British Columbians participated Thursday, joining millions…
The Co-operators releases privacy breach product for Canadian businesses
October 18, 2017 by Canadian UnderwriterThe Co-operators General Insurance Company announced on Wednesday a new product that provides insurance coverage and risk management solutions for Canadian businesses to help protect them from the “rapidly growing threat of privacy breach.” The coverage complements commercial insurance policies…
Risk associated with domestic acts of terrorism shifting: RIMS report
October 10, 2017 by Canadian UnderwriterWhile domestic terrorism has historically represented a disproportionate risk to property, relative to bodily harm, spread over numerous smaller incidents, that risk has shifted, according to a new report from RIMS, the risk management society. More recently, risk associated with…
Move critical infrastructure protection burden ‘on to the back’ of reinsurers: engineering conference speaker
October 6, 2017 Greg Meckbach, Associate EditorA lack of insurance coverage for critical infrastructure is one reason for the growing gap between insured and economic losses and 2017 “is going to be the costliest year in world insurance history,” a speaker said Thursday at the 44th…
Cyber attacks among polled U.S. business costing at least US$5,000
October 2, 2017 by Canadian UnderwriterSeven in 10 of the surveyed U.S. businesses that experienced a cyber attack in the last year spent in excess of US$5,000 to investigate each incident, restore or replace software and hardware, and address any other consequences. However, 38% of…
U.S. House passes bill modifying flood insurance requirements
September 29, 2017 by Canadian UnderwriterThe United States House of Representatives has passed a bill that modifies requirements for purchasing flood insurance and provides tax incentives for individuals and businesses affected by recent hurricanes in the country. Introduced in the House on Sept. 25, the…
RMS estimates insured losses from Hurricane Maria at between US$15-30 billion
September 28, 2017 by Canadian UnderwriterGlobal risk modelling and analytics firm RMS is estimating that the insured losses from Hurricane Maria will be between US$15-30 billion. RMS said in a press release on Thursday that the estimate represents the insured losses associated with wind, storm…
Insured damages exceeds $124 million from Windsor August floods: CatIQ, IBC
September 25, 2017 by Canadian UnderwriterFloods in late August in Windsor, Ont. resulted in more than $124 million in losses to the industry, Insurance Bureau of Canada suggested Monday. “From August 28 – 29, a slow-moving area of low pressure produced significant rainfall over areas…
73% of polled Saskatchewan voters “strongly oppose” taxing insurance: poll
September 19, 2017 by Canadian UnderwriterThe majority of Saskatchewan voters oppose the provincial government’s decision to add provincial sales tax (PST) to a range of insurance products, according to a poll conducted by Maple Leaf Strategies. In May, the Government of Saskatchewan announced that PST…
37% of Quebec tenants have no home insurance: IBC survey
September 6, 2017 by Canadian UnderwriterNearly four in 10 tenants in Quebec have no home insurance, “a regrettable situation that clearly puts their financial security at risk,” the Insurance Bureau of Canada (IBC) said in a press release on Wednesday. A survey completed for IBC…