Risk

U.S. P&C insurers report US$1.5 billion net underwriting loss in first half of 2016

Private property and casualty insurers in the United States reported a US$1.5 billion net underwriting loss in the first half of 2016 – the first year-to-date net underwriting loss in more than three years, according to ISO, a Verisk Analytics business and the Property Casualty Insurers Association of America (PCI). Private P&C insurers also saw […]

By Canadian Underwriter | October 5, 2016

3 min read

Risk

No single vehicle fault caused unintended braking in Jeep Grand Cherokee: NHTSA

DETROIT – United States safety regulators have closed a yearlong investigation into the Jeep Grand Cherokee’s automatic braking system without seeking a recall. The U.S. National Highway Traffic Safety Administration began the probe in June of last year after getting complaints that the system braked for no reason, increasing the risk of rear-end crashes. But […]

By Canadian Underwriter | September 30, 2016

2 min read

Risk

Response to marine emergency ‘uncoordinated’ after intoxicated passenger fell overboard: TSB

The response by a vessel crew to an intoxicated passenger falling overboard was “uncoordinated” because the emergency signal to initiate the man overboard procedures was not sounded,” the Transportation Safety Board of Canada noted in a report released Thursday. TSB released its investigation report into an incident June 13, 2015 on Lake Ontario near Toronto. […]

By Canadian Underwriter | September 29, 2016

3 min read

Risk

Ontario’s The Commonwell Mutual Insurance Group launches two seasonal homeowner products

The Commonwell Mutual Insurance Group announced on Thursday that it has launched two new seasonal products to enhance its current cottage packages. The Commonwell’s latest product releases were created in response to evolving cottage markets across Ontario, said The Commonwell, a merger of three longstanding mutual insurance companies in central and eastern Ontario. The products […]

By Canadian Underwriter | September 22, 2016

2 min read

Combined ratio 100.3% for U.S. mutual insurers in 2015: A.M. Best

Mutual property & casualty insurers in the United States experienced more growth in their commercial business than in personal lines over the past five years, while improved pricing sophistication has led to lower loss ratios, A.M. Best Company suggested in a report released Thursday. “Over the last five years, A.M. Best has seen many of […]

2 min read

Frequency of improvised explosive device attacks ‘a key statistic’ for insurers: RMS

Explosions this past weekend in the Eastern United States have “implications for the modeling of terrorism risk,” Risk Management Solutions (RMS) Inc. stated Monday in a release. The Associated Press reported that an improvised explosive device (IED) exploded Saturday night in the New York City neighbourhood of Chelsea, injuring 29. Then on Sunday, a pipe […]

3 min read

Ontario offering production insurance to tender fruit growers

Ontario is now offering production insurance to tender fruit growers who lose their trees “so they can feel confident in growing their businesses while managing risks inherent to farming.” Tender fruit trees now eligible for coverage include pear, plum, sweet and sour cherry, peach and nectarine, Ontario’s Ministry of Agriculture, Food and Rural Affairs noted […]

2 min read

Bank of Canada senior deputy says adapt to slower growth and low rates

LONDON – The senior deputy governor of the Bank of Canada says investors and those in the financial system need to adapt to the reality of slower growth and associated low interest rates. In a speech to the Official Monetary and Financial Institutions Forum in London, England, Carolyn Wilkins said Wednesday that means changing investment […]

2 min read

SCM Insurance Services expands into U.S. with new Chicago office, appointment of U.S. COO

SCM Insurance Services announced Wednesday that it has opened a Chicago office, appointing former Hub International executive Scott Goodreau as chief operating officer-USA. SCM described Goodreau’s appointment as the “first step” towards taking its services to the United States. “Initially our focus will be targeted at two fronts: third party administration and claims adjusting services,” […]

2 min read

Broken rail led to 2015 train derailment and propane release in northwestern Ontario: TSB

The complete failure of an already-cracked rail led to the January 2015 derailment of a Canadian Pacific Railway (CP) freight train carrying dangerous goods near Nipigon, Ont., the Transportation Safety Board of Canada (TSB) said in an investigation report released on Wednesday. On Jan. 13, 2015, a CP freight train was proceeding eastward about 34 […]

2 min read