Risk
The Insurance Corporation of British Columbia (ICBC), provincial government and police launched a pedestrian safety campaign on Wednesday. “Alarmingly, a disproportionate number of pedestrian-related crashes and injuries happen in just four months of the year – 43 per cent of all crashes that injure pedestrians happen between October and January as visibility and conditions get […]
By Canadian Underwriter | October 11, 2017
2 min read
While 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 domestic acts of terrorism has shifted toward fewer, high-profile events primarily involving bodily harm, said […]
By Canadian Underwriter | October 10, 2017
4 min read
Insurers undertaking mergers and acquisitions (M&A) in 2016 underperformed their non-acquisitive peers for the first time since 2010, Willis Towers Watson (WTW) reported earlier this week. According to WTW’s latest Insurance M&A Performance Tracker – based on analysis of deals with a value of more than US$50 million conducted in the insurance sector – acquirers […]
By Canadian Underwriter | October 6, 2017
3 min read
With Hurricanes Maria, Irma and Harvey causing devastation in Puerto Rico, Florida and Texas respectively over the course of three weeks, catastrophe losses in 2017 “will constitute a capital event” for some insurance and reinsurance carriers, Fitch Ratings Inc. has warned. Ten days after Hurricane Irma made two separate landfalls in Florida, Hurricane Maria made […]
By Greg Meckbach | October 2, 2017
The Lloyd’s market had a 1.1-point improvement in its combined ratio for the first six months of the year, while gross written premiums were up 16%, with professional lines in the United States, cyber and political risk among the lines contributing to the real growth in premium. Meanwhile, a “preliminary analysis” indicates net claims to […]
By Canadian Underwriter | September 29, 2017
Terrorism and nuclear incidents are among the top risks keeping insurers awake at night, and the industry could do a better job of categorizing risk, chief executive officers of insurance providers suggested Wednesday to risk managers in Toronto. “Climate change poses a significant risk for us, not just because the losses are going up but […]
By Jason Contant | September 27, 2017
Risk managers dealing with internal fraud investigations need to get brokers and carriers involved early in any fraud investigation, regardless of whether or not criminal charges are being pursued, and ensure that evidence is preserved, RIMS Canada Conference speakers suggested Monday. “It makes a lot of sense to get your broker involved early on, even […]
By Jason Contant | September 26, 2017
Policy makers “need to look more closely” at government programs intended to help people recover from natural disasters, and these programs “may evolve” in the coming years, Ontario Municipal Affairs Minister Bill Mauro said Thursday. During question period at Queen’s Park, Mauro was asked Thursday by Percy Hatfield, the New Democratic Party municipal affairs critic, […]
By Canadian Underwriter | September 22, 2017
Canada’s transport minister will have the power to “order a company to correct a defect or non-compliance in a vehicle or equipment” if a bill debated Tuesday in the House of Commons is passed into law. “If a situation arose today with a vehicle, tire, or child seat where there was clear evidence that the […]
By Canadian Underwriter | September 20, 2017
The mergers and acquisitions (M&A) insurance market is facing “significant growth” linked to falling rates and lower retention levels as a result of increasing competition, a new report from specialist insurance broker and risk consultant JLT Specialty Limited has found. In its most recent Global M&A Insurance Index half-year update, released on Monday, JLT Specialty […]
By Canadian Underwriter | September 19, 2017
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