Risk

Personal injury lawsuit against bike park operator dismissed due to wording of waiver signed by plaintiff

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

Risk

U.S. P&C insurance industry’s net income drops 42.2% to US$7.7 billion in Q1 2017

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 […]

By Canadian Underwriter | June 26, 2017

3 min read

Risk

Federal bill aiming to ‘promote greater shareholder democracy’ tabled in Senate

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

3 min read

Risk

Strongest world economic growth expected since 2010: Fitch

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

3 min read

Manitoba Public Insurance requests 2.7% overall rate increase for 2018/19 insurance year

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 […]

3 min read

OSFI publishes draft 2018 version of Minimum Capital Test for federally regulated P&C insurers

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 […]

1 min read

TSB calls for ‘explicit risk management processes’ for commercial passenger vessel operators

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 increases insurance capacity for terrorism, political risk

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 […]

3 min read

TSB attributes Calgary freight train derailment in part to “likely” fatigue of engineer who had been awake for 23 hours

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 […]

4 min read

Senate bill proposes to allow limited promotion of vaping as ‘tobacco cessation method’

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, […]

3 min read