Industry
Canadians largely don’t believe a major earthquake here is imminent, and many are misinformed about how potential damages from such an event would be covered, according to a new poll commissioned by the Insurance Bureau of Canada. Those Canadians living in areas most vulnerable to earthquakes believe that the danger is at least 50 years […]
By Canadian Underwriter | October 14, 2014
2 min read
Companies that have not increased excess casualty insurance limits to match litigation cost inflation may be vulnerable to potentially underinsured catastrophic losses, Marsh cautions in a new briefing. Litigation costs – including jury verdicts for auto liability, product liability, medical malpractice and other casualty exposures – have steadily increased over the last several years, notes […]
4 min read
CALGARY – Street and traffic lights in downtown Calgary are back on this morning, but thousands of residents remain out of their homes after a major power outage in the city Saturday night. The power failure began after a fire in an underground vault that city electrical utility, Enmax, says will require equipment replacement rather than […]
By The Canadian Press | October 14, 2014
WINNIPEG – Manitoba Public Insurance is likely to face more questions later this month over a hiring freeze which, it turns out, does not cover most positions at the provincial Crown corporation. MPI has been under pressure from the Public Utilities Board, the provincial regulator, to look for cost savings as a way to limit […]
3 min read
Brokers looking to stay competitive will need to take on more of a risk advisor role in the market, according to a new report from PwC. Not doing so means brokers may lose business to special risk advisors, PwC says in its report, Broking 2020, which is based on a survey of risk buyers (CFOs […]
By Canadian Underwriter | October 10, 2014
Insurance carriers should consider covering the security risks of Bitcoin exchanges’ electronic storage, while a buildup of gases such as acetylene in electrical transformers could indicate faults that could lead to equipment failure, speakers said at the recent Annual Engineering Insurance Conference (AEIC). Ethan Wilding, project member for the Ethereum computer programming language and Resident […]
ST. JOHN’S, N.L. – A panel has been appointed to study the impacts of hydraulic fracturing in western Newfoundland. Natural Resources Minister Derrick Dalley says the five-member panel will review the socio-economic and environmental implications of fracking. Dalley announced the review in August, saying the results of an internal government analysis on fracking came back […]
By The Canadian Press | October 10, 2014
1 min read
Crawford & Company and CSL Group have agreed to “network” their global marine capabilities to offer a more comprehensive and flexible range of specialist marine services to their markets. Among other countries, the new relationship will strengthen Crawford’s ability to handle marine claims in North America, according to a statement from the firm issued Friday. “Our relationship […]
Ellen Moore, president and CEO of Chubb Insurance Company of Canada, is among the recipients of this year’s Catalyst Canada Honours, which recognizes leadership and commitment to advancing women. Founded in 1962, Catalyst is a nonprofit organization expanding opportunities for women and business, and has operations in the United States, Canada, Europe, India, Australia, and Japan, […]
By Canadian Underwriter | October 9, 2014
Lloyd’s of London has approved reinsurance broker Reasinter as its first coverholder in Mexico. “Coverholders are companies or partnerships authorised by a managing agent to enter into a contract or contracts of insurance to be underwritten by the members of a syndicate managed by it in accordance with the terms of a binding authority,” Gabriel Anguiano, […]
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