Risk
Insurers of mountain bicycle riding parks should be able to “breathe a sigh of relief” due to a recent court decision from British Columbia, a blogger with an insurance law firm wrote in a recent post. Dr. Blake Jamieson suffered a spinal injury and is confined to a wheelchair as a result of a bicycle […]
By Canadian Underwriter | June 26, 2017
3 min read
The private property and casualty insurance industry in the United States saw its net income after taxes drop to US$7.7 billion in the first quarter of 2017 from US$13.4 billion in Q1 2016, a 42.2% decline, according to ISO, a Verisk Analytics business, and the Property Casualty Insurers Association of America (PCI). The industry’s overall […]
A bill proposing to give shareholders the option, under the Canada Business Corporations Act, to vote against corporate directors rather than merely withholding votes – and to abolish bearer shares – was tabled Wednesday in the Senate. Bill C-25 “makes three important changes to the process by which directors are elected,” Mitch Davies, assistant deputy […]
By Canadian Underwriter | June 23, 2017
The recovery in global economic growth is strengthening and is expected to pick up to 2.9% this year and peak at 3.1% in 2018, the highest rate since 2010, Fitch Ratings said on Monday in its latest Global Economic Outlook (GEO). “Faster growth this year reflects a synchronized improvement across both advanced and emerging market […]
By Canadian Underwriter | June 19, 2017
Manitoba Public Insurance (MPI) has announced that it has requested a 2.7% overall rate increase for the 2018/19 insurance year. MPI requested the rate increase for the 2018/19 insurance year in its general rate application filed with the Public Utilities Board on Friday. If approved, the average passenger vehicle owner will pay about $29 more […]
The Office of the Superintendent of Financial Institutions (OSFI) on Thursday published the draft 2018 version of its Minimum Capital Test (MCT) for federally regulated P&C insurers. The revised guideline, which will be effective Jan. 1, 2018, provides clarification with respect to inquiries received during the year, OSFI noted in a statement. It also relocates […]
By Canadian Underwriter | June 15, 2017
1 min read
The Transportation Safety Board of Canada reiterated Wednesday a 13-year-old recommendation that the federal government mandate safety management systems for small passenger enterprises. TSB released Wednesday an investigation report into the fatal capsizing Oct. 25, 2015 of the Leviathan II whale-watching vessel. The Leviathan II did not operate under a certified safety management system, not […]
4 min read
Chubb Limited announced Monday it will offer “new increased capacity,” up to US$150 million or 150 million euros, covering terrorism political risk and war risks. “Chubb has increased its terrorism and political violence capacity per account by 300% in the last two years,” the Zurich-based firm said in a press release. ACE Ltd. changed its […]
By Canadian Underwriter | June 13, 2017
There is an increased risk of tired railway engineers reporting for duty if a rail operator’s “fatigue management procedures do not provide opportunities for potentially fatigued employees to remove themselves from eligibility for duty without fear of discipline,” the Transportation Safety Board of Canada warned in a recent report. TSB released last week an investigation […]
By Canadian Underwriter | June 5, 2017
A bill currently before the Senate will, if passed into law, restrict the promotion of electronic cigarettes. Bill S-5 was the subject of hearings last month before the Standing Senate Committee on Social Affairs, Science and Technology. The bill – which has yet to be tabled in the House of Commons – proposes to prohibit, […]
By Canadian Underwriter | May 26, 2017
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