Risk

Insurance provisions in Ontario home inspector licensing bill helps reduce sellers’ liability exposure: MPP

A bill before the Ontario legislature could pave the way for regulations “prescribing the types of insurance” that home inspectors must have, and also proposes to prohibit people from performing home inspections without a licence. Bill 59 was generally well received by opposition members, including Teresa Armstrong, a former insurance broker. “As an insurance broker, […]

By Canadian Underwriter | December 2, 2016

3 min read

Risk

Ontario transportation department ‘has done little work’ to address liability for inadequate winter highway maintenance: Auditor General

There has been little movement on a recommendation made in 2015 that the Ontario Ministry of Transportation “consider incorporating contractor liability” if roads are not properly cleared during the winter, the province’s auditor general suggested in her 2016 annual report, released Wednesday. “Over the past five years, winter highway maintenance service levels have declined from […]

By Canadian Underwriter | December 2, 2016

3 min read

Risk

Fitch changes U.S. P&C insurance industry outlook to negative from stable

Fitch Ratings has changed the fundamental sector outlook for the United States property and casualty insurance industry to negative from stable, reflecting recent declines in profitability and anticipated further earnings deterioration in 2017 due to more competitive market conditions. Fitch Ratings’ 2017 Outlook: U.S. Property/Casualty Insurance report was released on Wednesday. “The U.S. P/C industry […]

By Canadian Underwriter | November 30, 2016

3 min read

Risk

Runway end safe areas should meet international standards: TSB

Transportation Safety Board of Canada reiterated this week its warning of a lack of runway end safety areas in Canada that meet international standards. In December, 2007, TSB recommended that Transport Canada require all runways, with a length of greater than 1,800 metres, “to have a 300 m runway end safety area (RESA) or a […]

By Canadian Underwriter | November 29, 2016

3 min read

Zurich’s net income after tax attributable to shareholders up 342% in Q3 2016

Zurich Insurance Group has reported net income after tax attributable to shareholders (NIAS) of US$912 million for the third quarter of 2016 ending Sept. 30, up 342% from US$207 million in the same quarter in 2015. For the nine months ending Sept. 30, NIAS was US$2.526 billion, up 11% from US$2.266 billion in 9M 2015, […]

3 min read

Chubb releases new suite of liability coverages for family offices in Canada

Chubb announced on Tuesday that it has released a new suite of insurance coverages to help family offices face liability exposures. “Family Office Amplifier is a flexible package of coverages that includes specialized terms and conditions that reflect today’s evolving financial and regulatory environment,” Chubb said in a press release. Chubb noted that family office […]

2 min read

Revenues for Willis Towers Watson up 2% in third quarter of 2016

Global advisory, broking and solutions company Willis Towers Watson (WTW) has announced its financial results for the third quarter of 2016 ending Sept. 30, reporting total revenues of US$1.78 billion, an increase of 2% (5% constant currency increase, 1% organic increase) from US$1.75 billion in the same period in the prior year. Total revenues were […]

3 min read

AIG reports net income of US$462 million for Q3 2016 compared to net loss of US$231 million in Q3 2015

American International Group, Inc. (AIG) has reported a net income of US$462 million for the third quarter of 2016 ending Sept. 30 compared to a net loss of US$231 million in the prior-year quarter. Net income during the quarter included after-tax net realized capital losses of US$526 million, which largely reflected higher foreign exchange losses […]

2 min read

‘No progress’ since 2010 of mandating safety management systems to “broader range” of aviation, marine companies: TSB

Some firms in Canada’s marine and aviation sectors are allowed to operate with no formal safety management processes, the Transportation Safety Board of Canada warned Monday. “Safety management systems have not yet been mandated in all sectors of the transportation industry,” stated Kathy Fox, chair of the TSB, a separate agency from Transport Canada that […]

3 min read

Railways need ‘additional physical defences’ to ensure crews follow visual signals: TSB

The Transportation Safety Board of Canada is warning of a “persistent risk of serious train collisions or derailments in the event of railway signal indications not being followed.” TSB released Monday its 2016 watch list of key safety issues that it “need to be addressed.” One of four railway items on the watch list is […]

3 min read