Too early to confirm costs from flooding in B.C., Ontario, Quebec and Maritimes: Aon
May 11, 2017 by Canadian UnderwriterPersistent recent heavy rainfall falling across several Canadian provinces has led to increasingly rising rivers, streams and lakes this week, as communities “raced to protect from water inundation,” Impact Forecasting said on Thursday in an Aon cat alert. Financial losses…
Global demand for new vehicles to increase 1% to 2% in 2017: Fitch
May 4, 2017 by Canadian UnderwriterGlobal demand for new vehicles will increase 1% to 2% in 2017, according to Fitch Ratings’ latest U.S. Automotive Handbook, published on Wednesday. The handbook noted that growth in China, Europe and Brazil will more than offset demand declines in…
Insurtech funding in Q1 2017 sees 64% drop from Q1 2016 to US$283 million: Willis Towers Watson Securities
May 2, 2017 by Canadian UnderwriterInsurtech funding in the first quarter of this year saw funding volume of US$283 million, a 64% drop from the first quarter of 2016’s total of US$783 million, likely the result of “start-ups moving from fundraising to product launch stage,”…
Federal government invests $2.5 million to examine Canadian start-ups
April 28, 2017 by Canadian UnderwriterThe Federal Economic Development Agency for Southern Ontario (FedDev Ontario) has announced a “non-repayable contribution” of up to $2.5 million to Wilfrid Laurier University in Waterloo, Ont. to support a national “scale-up data platform.” The platform will “capture and track…
Judge orders Volkswagen to pay $2.1B in Canadian class action suit over emissions scandal
April 27, 2017 Aleksandra Sagan - THE CANADIAN PRESSTORONTO – Members of a Canadian class-action lawsuit against Volkswagen can submit claims for reimbursement starting on Friday after an Ontario court approved a $2.1-billion settlement plan. The 105,000 people who purchased or leased certain Volkswagen or Audi vehicles with…
Volkswagen to pay US$2.8 billion in U.S. diesel emission scandal
April 21, 2017 by Canadian UnderwriterDETROIT – Volkswagen has been ordered to pay a $2.8 billion criminal penalty in the United States for cheating on diesel emissions tests. Federal Judge Sean Cox in Detroit followed the deal negotiated by VW and the U.S. Justice Department.…
Autonomous vehicles coming, but auto books will not disappear any time soon: CIAA event speaker
April 17, 2017 by Angela StelmakowichAutonomous vehicles are coming, but there is no need for property and casualty insurers to panic that their auto books are going to quickly disappear, Andrew Lo, president and chief operating officer of Kanetix Ltd., said Thursday at the Canadian…
Insurance-related M&A activity explodes, insurance company moves in Canada high: OPTIS Partners
April 13, 2017 by Canadian UnderwriterOPTIS Partners has likened recent mergers and acquisitions (M&A) activity among U.S. and Canadian agencies selling p&c insurance and employee benefits to an explosion, with the 178 reported transactions in 2017 Q1 dwarfing the 115 deals in the prior-year quarter.…
RMS releases new class of cyber-physical risk modelling for property insurers
April 6, 2017 by Canadian UnderwriterRMS has expanded its range of cyber models to include a new class of so-called cyber-physical models in a bid to answer the increasing related risk of insurance losses from hackers targeting control systems linked to the Internet. These cyber-physical…
Aviva Canada invests $2.5 million in Canadian real estate marketplace & brokerage Casalova
April 5, 2017 by Canadian UnderwriterAviva Canada has announced an equity partnership with real estate marketplace and brokerage Casalova. Aviva Canada announced the partnership in a press release on Wednesday, noting that the $2.5 million investment is being made by Aviva Ventures, Aviva plc’s venture…
Artificial intelligence and Internet of Things accounted for nearly half of insurtech funding globally in 2016: Accenture
March 31, 2017 by Canadian UnderwriterArtificial intelligence (AI) and the Internet of Things (IoT) now account for almost half of total investment in insurance technology (insurtech) startups globally, according to new research from global professional services company Accenture. The research, which includes new analysis of…
Economy making progress, but risks remain, BoC deputy governor says
March 21, 2017 The Canadian PressVANCOUVER – The Canadian economy has made good progress since the plunge in oil prices in 2014, but slack and risks remain, a deputy governor of the Bank of Canada said Tuesday. Lawrence Schembri said recent economic data has been…