Risk

Economy making progress, but risks remain, BoC deputy governor says

VANCOUVER – The Canadian economy has made good progress since the plunge in oil prices in 2014, but slack and risks remain, a deputy governor of the Bank of Canada said Tuesday. Lawrence Schembri said recent economic data has been “largely consistent” with the central bank’s outlook for a gradual strengthening in the global economy. […]

By Jason Contant | March 21, 2017

2 min read

Risk

Government of Manitoba announces legislation to reduce red tape imposed on businesses, industry and local governments

The Government of Manitoba has announced proposed legislation that would reduce outdated, contradictory, complicated or ineffective regulatory requirements imposed on businesses, industry and local governments, provincial Finance Minister Cameron Friesen said last week. Friesen said in a statement that the Red Tape Reduction and Government Efficiency Act would amend or repeal 15 pieces of legislation […]

By Canadian Underwriter | March 20, 2017

2 min read

Risk

Japanese court holds government, electrical utility liable for safety failures in 2011 tsunami

TOKYO – A court Friday held Japan’s government and a utility liable for neglecting tsunami safety measures at the Fukushima nuclear plant and ordered them to pay more money to dozens out of the thousands of people who fled radiation released during the March 2011 disaster. The ruling was the first from about 30 lawsuits […]

By Canadian Underwriter | March 17, 2017

2 min read

Risk

Eagle Underwriting and RaetsMarine partner to provide marine offerings to Canadian market

Canadian-based Eagle Underwriting Group Inc. and MS Amlin Marine NV, trading as RaetsMarine, are teaming up to offer protection and indemnity (P&I) and charterers’ liability insurance to the Canadian marine market. Managing general agent Eagle Underwriting will be offering P&I and charterers’ liability insurance on behalf of RaetsMarine, thereby combining the former’s local expertise with […]

By Canadian Underwriter | March 17, 2017

1 min read

Caisse de dépôt et placement du Québec to buy stake in commercial brokerage USI from Onex

Toronto-based Onex Corp. is selling its stake in one of the world’s largest commercial brokerages, USI Insurance Services LLC, to Caisse de dépôt et placement du Québec and other buyers. Valhalla, N.Y.-based USI placed 11th worldwide in an earlier ranking by Finaccord Ltd., of commercial brokerages. USI has 140 offices in the United States, placing […]

2 min read

Insurance providers ‘need to go further’ to understand needs of high net worth individuals: Chubb

More than 50% of high net worth individual responding to a recent survey said they were worried about being underinsured, but fewer than one in five look for insurance providers that are experts in the field, Chubb Ltd. suggested in a report announced Tuesday. “More than half (54%) of high-net-worth individuals are concerned that they […]

2 min read

TSB reiterates warning about risk of unstable runway approaches

The Transportation Safety Board of Canada has reiterated its call for commercial aviation operators to have a flight data monitoring program in order to assess the risk posed by unstable approaches. TSB released March 9 an investigation report into an incident at Sault Ste. Marie Airport Feb. 25, 2015. A Jazz DHC8-100 touched down about […]

2 min read

CFC Underwriting increases limits across transaction liability product suite to up to US$50 million in North America

London, United Kingdom-based specialist lines underwriting agency, CFC Underwriting, announced on Thursday that it has increased the available limits of its transaction liability insurance product suite across all territories. CFC now has the capacity to offer limits up to US$50 million in North America, the agency said in a press release. The agency also can […]

2 min read

Aviva Canada and DMZ launch Insurtech accelerator program, applications sought

Aviva Canada and the DMZ at Ryerson University are looking to answer the rise of Insuretech in the country’s insurance industry with the joint launch of an accelerator program for Canadian start-ups requiring rapid development. “The future of our economy requires more than new products and services, but markets and systems that are capable of […]

2 min read

XL Catlin to add kidnap, ransom and extortion insurance to aviation policy

XL Group Ltd. announced Monday it plans to offer a kidnap, ransom and extortion endorsement on its general aviation coverage. That coverage “will be available on an admitted basis” in all 50 states of the United States, pending approval, said Hamilton, Bermuda-based XL, which has been using the XL Catlin brand since it acquired Catlin […]

2 min read