Risk

How a terror attack could spawn E&O claims against brokers

If a terrorist attack takes place in Canada, brokers could face errors and omissions (E&O) claims from business clients whose property and liability policies do not cover them, the director of a Canadian managing general agent suggested Wednesday. A typical commercial general liability policy does not cover lawsuits arising from acts of terrorism coverage, while […]

By Jason Contant | November 22, 2017

2 min read

Risk

Forgot to renew your license? $26,000 please

Ontario’s Financial Services Tribunal has ordered an insurance company and two insurance agents to pay a combined total of more than $26,000 in administrative monetary penalties, rejecting the agents’ position that forgetting to renew licenses is not “blameworthy” conduct. In a decision released Nov. 15, FST chair Ian McSweeney ordered an administrative monetary penalty (AMP) […]

By Jason Contant | November 21, 2017

3 min read

Risk

Ontario motorcycle crash injuries twice as costly to treat as auto injuries: study

TORONTO – Motorcyclists in Ontario are three times more likely to be injured in a collision than people in automobiles, 10 times more likely to suffer serious injuries and those injuries will cost more to treat, a new study suggests. The study from researchers at the University of Toronto, Sunnybrook Health Sciences Centre and the […]

By Jason Contant | November 20, 2017

2 min read

Risk

Industry urged to marijuana-proof policy wording

An insurance defence lawyer is encouraging the industry in Alberta to check their policy wordings after the province’s proposed new sanctions for cannabis-impaired and cannabis/alcohol-impaired driving offences. “At this stage, the most immediate impact of the new legislation on property and casualty (p&c) insurance professionals will be in the need to conduct an immediate review […]

By Jason Contant | November 18, 2017

2 min read

N.S. at risk of becoming an island if action isn’t taken, municipal leaders warn

AMHERST, N.S. – Nova Scotia is at risk of becoming an island within decades if action is not taken to fix the 275-year-old dikes that prevent flooding of the isthmus connecting the province to the rest of Canada, officials warn. Mayor David Kogon of Amherst, N.S., said sea levels are projected to rise in the […]

By Jason Contant | November 17, 2017

4 min read

Global M&A: How does Canada compare?

Fewer insurance merger and acquisition (M&A) deals are being completed in the global insurance industry, but Canadian M&A does not appear to be following the global decline. Global M&A volume sunk by 12.3% in the first half of 2017, although the value of the deals increased by 8.4%, according to a new survey by Willis […]

2 min read

Vaping ‘less harmful than traditional tobacco,’ Liberal MP says

A federal bill proposing to regulate the manufacture and sale of electronic cigarettes has received some support from the opposition. “The vaping industry today is totally unregulated,” said Marilyn Gladu, Conservative MP for Sarnia-Lambton, Ont. said recently in the House of Commons. “That is a problem, because in Canada we regulate pretty much everything else: […]

3 min read

Wind warnings issued for “almost the entire south coast” of B.C.

Environment and Climate Change Canada (ECCC) has issued wind warnings for “almost the entire south coast” of British Columbia, noting that “strong winds that may cause damage are expected or occurring.” The warnings, issued on Monday morning, noted that an intense low pressure system will move across Vancouver Island just north of Port Alberni. Southerly […]

1 min read

Allianz reports third-quarter revenues up 2.1% to 28.3 billion euros in Q3 2017

Allianz Group has reported total third-quarter revenues of 28.3 billion euros, up 2.1% from 27.7 billion euros in the prior-year quarter. Allianz, which offers insurance and fund products to over 86 million customers in more than 70 countries, reported a 2.5 billion euros operating profit in the most recent quarter, the insurer said in a […]

4 min read

TSB calls on aviation regulator to ‘reduce the risk of impairment’ of flight crew

Canada’s aviation industry should have a “comprehensive substance abuse program” that includes drug and alcohol testing of workers in safety-sensitive positions, the Transportation Safety Board of Canada recommended in a recent accident report. In 2015, two commercial pilots were killed in British Columbia after their cargo airplane disintegrated during a high-speed descent. The captain was […]

4 min read