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Catastrophes

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Fort McMurray wildfire rebuild gaining momentum as hurdles cleared

April 30, 2017 Ian Bickis - THE CANADIAN PRESS

CALGARY _ A long-delayed building boom in Fort McMurray is ramping up as homeowners, insurers, contractors, and officials in the Alberta city clear hurdles that hindered reconstruction after the devastating wildfire last May. While many residents and businesses had hoped

News CatastrophesInsurance

No public-private flood coverage model a ‘lift and shift directly to Canada:’ Aviva Canada reinsurance VP

April 28, 2017 Greg Meckbach, Associate Editor

Britain’s Flood Re program provides an “analogy for Canada” in insuring high-risk flood zones, while more research is needed to fully understand the economic impact of climate change, speakers suggested at Insurance Bureau of Canada’s recent Financial Affairs Symposium. Balz

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Alberta needs new operations centre to manage disasters: minister

April 27, 2017 John Cotter - THE CANADIAN PRESS

EDMONTON – Alberta is looking at building a new operations centre to better manage how it responds to disasters such as the Fort McMurray wildfire. Municipal Affairs Minister Shaye Anderson said the need for a larger and more modern nerve

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Impact of Fort McMurray wildfire softened by reinsurance risk sharing: DBRS

April 26, 2017 by Canadian Underwriter

Most Canadian insurers were able to generate positive underwriting results in Alberta through their use of reinsurance risk sharing following the Fort McMurray wildfire, credit ratings agency DBRS Limited said in a commentary released on Wednesday. The commentary, titled 2016

News CatastrophesCommercial LinesInsurancePersonal Lines

March windstorm in eastern Newfoundland caused close to $45 million in insured damage: CatIQ

April 26, 2017 by Canadian Underwriter

A windstorm in eastern Newfoundland on March 11 has resulted in nearly $45 in insured damages, according to Catastrophe Indices and Quantification Inc. (CatIQ). The Insurance Bureau of Canada (IBC) explained in a press release on Wednesday that a low

News CatastrophesInsuranceMarkets / CoveragesReinsurance

ILS market growth continues in first quarter of 2017, record year possible: Willis Towers Watson Securities

April 26, 2017 by Canadian Underwriter

Non-life insurance-linked securities (ILS) capital grew again in the first quarter of 2017, continuing the trend from last year, the securities division of Willis Towers Watson (WTW) has reported. Willis Towers Watson Securities, the investment banking business of WTW, released

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Aon unit pegs economic loss from Matthew at US$15 billion

April 24, 2017 by Canadian Underwriter

Hurricane Matthew, which is estimated to have caused $150 million in economic losses in Canada alone and killed more than 600 in the Western hemisphere, set several records, Impact Forecasting LLC said in a report released Monday. Hurricane Matthew officially

News CatastrophesCommercial LinesEarnings / RatingsInsurancePersonal Lines

Travelers reports combined ratio of 96% for Q1, net income of US$617 million

April 20, 2017 by Canadian Underwriter

The Travelers Companies, Inc. has reported a combined ratio of 96% for the first quarter of 2017, up 3.7 points from 92.3% in the first quarter of last year. Net income for the first quarter of 2017 ending March 31

News CatastrophesInsurancePersonal Lines

Six Kaslo, B.C., homes still evacuated after slide, order lifted for 41 others

April 19, 2017 The Canadian Press

KASLO, B.C. – The threat of further slides is keeping six families out of their homes in southeastern B.C., but residents of 41 other properties were allowed to return Tuesday night. The Regional District of Central Kootenay downgraded an evacuation

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Quebec authorities watch for flooding after heavy weekend rainfall

April 18, 2017 The Canadian Press

MONTREAL – Recent heavy rainfall had civil security authorities keeping close tabs on Quebec rivers Monday as minor flooding was reported in various parts of the province. Heavy rain on Sunday raised the water levels of streams and rivers over

News CatastrophesCommercial LinesInsurancePersonal LinesReinsurance

Canadian industry underwriting income down 81% in 2016: MSA

April 18, 2017 by Canadian Underwriter

The Canadian property and casualty insurance industry had underwriting income of $484 million in 2016, down 81% from $2.554 billion in 2015, while reinsurers’ combined ratio deteriorated 30.4 points year over year, MSA Research Inc. suggested in a report released

News CatastrophesInsuranceMarkets / Coverages

Southern Ontario windstorm in March caused close to $100 million in insured damage: CatIQ

April 18, 2017 by Canadian Underwriter

A windstorm that affected parts of southern Ontario on March 8 has resulted in nearly $100 million in insured damage, Catastrophe Indices and Quantification Inc. (CatIQ) said on Tuesday in a press release from the Insurance Bureau of Canada (IBC).