Risk
Less than two years after Canada Pension Plan Investment Board bought Lloyd’s underwriter Ascot Underwriting from American International Group Inc. (AIG), AIG plans to get back into the Lloyd’s business again. AIG announced Monday a US$5.56-billion agreement to acquire Validus Holdings Ltd., a Hamilton, Bermuda-based firm which is in the reinsurance, commercial primary and crop […]
By Greg Meckbach | January 23, 2018
2 min read
VANCOUVER – A tsunami warning issued for coastal British Columbia was cancelled Tuesday morning after people living along parts of the province’s coast evacuated to higher ground when a powerful earthquake struck off Alaska. Residents in some coastal communities were woken by warning sirens shortly after the quake with a magnitude of 7.9 struck at […]
By Jason Contant | January 23, 2018
3 min read
Risk management continues to be an issue for major Canadian railways, the Transportation Safety Board of Canada (TSB) said Wednesday in an investigation report into a freight train collision in Alberta. The report came just days before a jury acquitted three former Montreal, Maine and Atlantic (MMA) railway employees charged with criminal negligence causing death […]
By Greg Meckbach | January 22, 2018
EDMONTON – Scientists have figured out how hydraulic fracking causes earthquakes in northern Alberta, but they have a way to go before they can use that knowledge to predict if it will cause temblors in other areas. “Right now, there isn’t a good solution for how to do that with induced earthquakes,” said Ryan Schultz […]
By Jason Contant | January 18, 2018
As climate experts forecast more frequent extreme rain events, Toronto is working towards protecting properties by modernizing its storm drainage system. With its Basement Flooding Protection Program, Toronto’s city government brought in a new standard of accommodating a one-in-100-year storm instead of a one-in-five-year storm. Initially the program consisted of engineering studies in 31 areas […]
By Greg Meckbach | January 10, 2018
Insurers might be happy if lending rates rise by a few percentage points, but a financial executive with one mutual warns a sudden rise in interest rates carries a noticeable risk. The Bank of Canada announced in December it is keeping the overnight rate at 1%. That’s a quarter of a point higher than this […]
By Greg Meckbach | January 8, 2018
Using postal codes to determine auto insurance rates could come to an end if the Progressive Conservatives win the next Ontario election. “Geographic discrimination should be eliminated while not raising rates on other parts of the province,” a spokesperson for PC finance critic Vic Fedeli wrote Friday in an email to Canadian Underwriter. “Drivers living […]
By Canadian Underwriter | December 18, 2017
TORONTO – Bank of Canada governor Stephen Poloz is sounding the alarm on Bitcoin, calling the purchase of the cryptocurrency “closer to gambling than investing.” In a speech at the Canadian Club Toronto on Thursday, the governor said Bitcoin is not a reliable store of value and does not constitute “money.” He added that buying […]
By Canadian Underwriter | December 15, 2017
A “weak safety culture” was partly to blame for the fatal sinking of the 790-foot cargo vessel El Faro, the United States National Transportation Safety Board announced Tuesday. Safety management systems are also a major issue in Canada’s maritime sector, the Transportation Safety Board of Canada said July 20 in its annual report to Parliament. […]
By Canadian Underwriter | December 13, 2017
5 min read
Auto prices can vary based on the customer’s home address; while this has been a sore point for some consumers, the Insurance Brokers Association of Ontario is urging the regulator to think carefully before changing the use postal code rating factors. Ontario Finance Minister Charles Sousa announced Dec. 5 the government plans to tell the […]
By Canadian Underwriter | December 12, 2017
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