Topic
Catastrophes
Catastrophic Fort McMurray wildfire shows need for fire resilience
May 6, 2016 by Canadian UnderwriterThe devastating wildfire in and around Fort McMurray – an event that has been estimated could produce insured losses of as much as $9 billion, becoming the most cost disaster event ever in Canada – clearly illustrates the pressing need…
Chubb Limited’s net income down 35.6% to US$439 million in 2016 Q1 compared to US$681 million in prior-year quarter
May 6, 2016 by Canadian UnderwriterOperating and underwriting results for the first quarter of 2016 were strong, but Chubb Limited still saw reported net income decrease to US$439 million in the first quarter of 2016 compared to US$681 million in the same period of 2015.…
Crews scramble as Fort McMurray fire explodes in size, continues to threaten
May 5, 2016 By John Cotter – THE CANADIAN PRESSFORT MCMURRAY, Alta. – Crews fighting to save Fort McMurray from rampaging flames water bombed the city Thursday to try to keep away a wildfire so intense it has spawned its own weather. “It was creating its own high winds…
Industry Cooperation needed for response to Fort McMurray Wildfires
May 5, 2016 by On Side Restoration Services Ltd.Vancouver, BC – On Side Restoration Services Ltd. is developing a plan to respond to the situation in Fort McMurray and the company would also like to assist with a larger mobilization of cross-industry personnel. Given the sheer scale of…
Global economy suffers worst natural disaster losses in April in five years: Aon Benfield report
May 5, 2016 by Canadian UnderwriterThe global economy suffered the worst natural disaster losses in April in five years, according to Impact Forecasting’s Global Catastrophe Recap for the month. Between April 14 and 16, two major earthquakes struck Japan within 24 hours, causing massive devastation,…
An estimated 90% of homes in Fort McMurray, Alta. neighbourhood lost in wildfire
May 4, 2016 by Canadian UnderwriterAn estimated 90% of the homes in the Waterways neighbourhood of Fort McMurray, Alta. have been lost as a major wildfire continues to sweep through the town. The Regional Municipality of Wood Buffalo said in a media briefing on Wednesday…
Property Claim Services declares two cat events in Canada in Q1 2016
May 4, 2016 by Canadian UnderwriterProperty Claim Services (PCS) declared two catastrophe events in Canada in the first quarter of 2016, the first time the company has designated a first-quarter event in the country since 2011. The first event, a winter storm, is still under…
Business interruption insurance moving into IT realm: NetDiligence Cyber Risk Summit speaker
May 3, 2016 Jason Contant, Online EditorMore and more, the conversation surrounding business interruption (BI) is moving from the physical aspect of BI to the information technology side of things, attendees to the NetDiligence Cyber Risk Summit heard on Friday. Miki Ho, senior underwriter in the…
Swiss Re reports net income of US$1.2 billion in Q1 2016
May 2, 2016 by Canadian UnderwriterSwiss Re has reported a net income of US$1.2 billion in Q1 2016, down from US$1.4 billion reported in the prior-year period, but “supported by solid underwriting and strong investment results.” Net income for Property and Casualty Reinsurance was US$587…
Feds quietly paid $75M settlement for Lac Megantic victims and to avoid lawsuits
May 2, 2016 Andy Blatchford - THE CANADIAN PRESSOTTAWA – The federal government quietly spent $75 million to settle with victims and creditors affected by the Lac-Megantic rail disaster – a contribution that also shielded it from lawsuits related to the deadly crash. Former transport minister Lisa Raitt…
Out of control Alberta wildfire prompts evacuation order for 700
May 2, 2016 The Canadian PressFORT MCMURRAY, Alta. – An out-of-control wildfire has forced about 700 people from their homes near Fort McMurray in northern Alberta. Emergency officials issued a mandatory evacuation order late Sunday for residents of the Centennial Trailer Park and Prairie Creek…
Economical Insurance to launch overland flood coverage in 2016
May 1, 2016 Greg Meckbach, Associate EditorEconomical Insurance of Waterloo, Ont plans to launch a property insurance product that covers overland flooding this year, a company official told industry professionals Friday. “We are really looking forward at Economical to launching our overland flood coverage later this…