Topic
Catastrophes
‘Fair amount of uncertainty’ of financial impact of Canadian earthquakes: OSFI deputy superintendent
April 14, 2016 Greg Meckbach, Associate EditorThe financial risk from an earthquake in Quebec is “a lot bigger than maybe people think,” a Munich Re Canada executive suggested Wednesday, while the head of Aon Benfield Canada suggested Canadians on the west coast “may be” underinsured for…
ICLR to host webinars on wildfires and hurricanes in May
April 13, 2016 by Canadian UnderwriterThe Institute for Catastrophic Loss Reduction (ICLR) will be hosting two Forecast 2016 webinars in May – one on wildfires and the other on hurricanes. The wildfire webinar will be held on May 4 at 11 a.m. EST. It will…
Progress made on wildfires in British Columbia’s Cariboo region
April 13, 2016 by Canadian UnderwriterFire crews in British Columbia are continuing their efforts to suppress a wildfire burning three kilometres south of the Nazko community, the province’s Ministry of Forests, Lands and Natural Resource Operations said on Tuesday. As of Tuesday, the Nazko fire…
More than half of all properties in New Orleans removed from special flood hazard areas
April 12, 2016 by Canadian UnderwriterDue to significant improvements in drainage and flood protection, more than 53% of all properties in New Orleans were removed from special flood hazard areas and, as a result, will benefit from more affordable flood insurance, the mayor of the…
‘Raging’ fire at Newfoundland fish plant forces evacuation, guts town’s economy
April 11, 2016 Sue Bailey - THE CANADIAN PRESSBAY DE VERDE, N.L. – A small Newfoundland town declared a state of emergency Monday after a massive fire swept through a fish plant, dealing a devastating economic blow that will be felt as far away as Thailand. Gerard Murphy,…
Canadian p&c insurers should prepare for next wave of corporate M&A: Ernst & Young
April 11, 2016 by Canadian UnderwriterCanadian property and casualty insurers should “expand risk advisory capabilities” and prepare for the “next wave” of corporate mergers and acquisitions, Ernst & Young LLP suggested in a report released Monday. In its 2016 EY Canadian property and casualty insurance…
Oil spill fears remain one year after bunker fuel fouled Vancouver beaches
April 8, 2016 Laura Kane - THE CANADIAN PRESSVANCOUVER – When the MV Marathassa leaked at least 2,700 litres of bunker fuel into Vancouver’s harbour one year ago, the effects of the spill reached far beyond the city’s picturesque waters and beaches. Delays in clean-up and notification of…
Fire and wind combine for destructive force in southern Alberta city
April 7, 2016 The Canadian PressLETHBRIDGE, Alta. – A fire whipped along by a strong wind has destroyed three homes and damaged some others in southern Alberta. The blaze got rolling last evening in a west Lethbridge residence and quickly spread to two neighbouring houses.…
RMS launches app to model ‘cat-in-a-box’ deals
April 7, 2016 by Canadian UnderwriterRisk Management Solutions, Inc. (RMS) announced on Thursday that it has released the “first ever” app to model ‘cat-in-a-box’ deals. The cloud-based app extends the ability to independently assess and underwrite parametric contracts from a small group of cedant, brokers…
Canada in better position than most to close protection gap, collaboration key: Scotti
April 6, 2016 by Angela Stelmakowich“Canada is in a better position than many other countries to actually close its protection gap,” Veronica Scotti, president and CEO of Swiss Re Canada, said Wednesday during Swiss Re’s Canadian Insurance Outlook in downtown Toronto. “Sometimes it takes an…
Canada’s p&c industry sees big jump in underwriting income, big drop in nat-cat losses in 2015: IBC
April 6, 2016 by Angela StelmakowichDespite the challenges and fluctuations of 2015 – including plummeting oil prices – Canada’s property and casualty industry “had a relatively good year,” with underwriting income tripling to about $1.7 billion, David McGown, senior vice president of strategic initiatives for…
Total economic losses from March winter storm in Ontario and Quebec estimated at $130 million: Impact Forecasting
April 6, 2016 by Canadian UnderwriterTotal economic losses from a winter storm in Ontario and Quebec in March were estimated to approach $130 million (US$100 million), while insurers anticipated losses well into the tens of millions in U.S. dollars, according to Impact Forecasting’s Global Catastrophe…