Industry
VANCOUVER – A proposed class-action lawsuit alleges Canadian Pacific and Canadian National railways caused or contributed to the wildfire that destroyed the Village of Lytton, B.C. The B.C. Supreme Court statement of claim filed Wednesday alleges the fire was set off by heat or sparks emanating from a CP freight train operated by CN employees […]
By Greg Meckbach | August 19, 2021
3 min read
Aggregation and systemic risk in cyber insurance means commercial carriers need to build up more capital for large widespread losses, suggests the CEO of a Bermuda insurer. Within cyber lines, Axis Capital Holdings Limited reduced its limits and increased deductibles, CEO Albert Benchimol said during an earnings call. “We set much more stringent underwriting criteria, […]
By Greg Meckbach | August 18, 2021
Barbara Bellissimo, former chief agent for State Farm Canada, is now on the board of Ontario’s insurance regulator. The Ontario Financial Services Regulatory Authority announced Monday that Bellissimo is a member of its board of directors effective Aug. 12. Bellissimo joined State Farm Canada as an underwriter in the 1980s, and was chief agent from […]
By Greg Meckbach | August 17, 2021
1 min read
If your client thinks they are more at risk of a cyberattack in the future, they may not be imagining things. According to a recent survey from global cybersecurity company Trend Micro, 80% of global organizations report they are more likely to experience a data breach that impacts customer in the next 12 months. And […]
By Jason Contant | August 16, 2021
2 min read
The blocking of the Suez Canal by the Ever Given container ship in March shows that ever-increasing vessel sizes continue to pose a disproportionately large risk, said marine insurer Allianz Global Corporate & Specialty SE (AGCS). On Mar. 23, 2021, the massive container ship Ever Given ran aground, crashing into a bank of a single-lane […]
Improving employees’ experience is a top priority for almost all Canadian employers’ post-pandemic success, Willis Towers Watson (WTW) said in a study released Aug. 11. However, while employers recognize adapting to the new reality will take time and require a hybrid work model, many are not ready to meet the challenges, WTW noted in its […]
By Jason Contant | August 13, 2021
What would happen if a property and casualty insurer were to go bust? Last week, thousands of Florida home owners were left scrambling for coverage when — during peak hurricane season — Sarasota-based Gulfstream Property & Casualty announced its liquidation to customers. In 2018, California’s Camp Fire left Merced Property & Casualty in ruins, unable […]
DRYDEN, Ont. – Most residents of First Nations in northwestern Ontario who were evacuated due to the threat of nearby wildfires are heading home. The province says hundreds of members of three communities — Pikangikum First Nation, Deer Lake First Nation, Poplar Hill First Nation — are in the process of being repatriated. Those who […]
Editor’s Note: In honour and celebration of Women and Insurance Cancer Crusade (WICC)’s 25th anniversary, Canadian Underwriter will be publishing each Friday a personal story of someone who has been touched by WICC’s fundraising activities in support of cancer care and research. There are four stories in all. Canada’s property and casualty insurance industry has […]
Personal lines clients who own Recreational Vehicles (RVs) need specialized insurance, and the coverage they need depends exactly on how the clients plan to use the units. Specialized RV coverage includes guaranteed replacement cost for newer trailers, emergency roadside assistance, Canadian snowbirds travelling south for the winter, and for those who are temporarily living in […]
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