Topic
Catastrophes
Storms, floods to cost $900M a year over next five years, new PBO report says
February 25, 2016 The Canadian PressOTTAWA – A report from the parliamentary budget officer predicts that storms and floods, driven in part by climate change, will cost the federal disaster fund $902 million a year over the next five years, well above past averages. It…
IBC president and CEO, Don Forgeron, calls for collaborative national flood program
February 25, 2016 by Canadian UnderwriterDon Forgeron, president and CEO of the Insurance Bureau of Canada (IBC), has called for a collaborative national flood program. IBC is proposing a framework for the financial management of flood risk, with shared responsibilities for the insurance industry, all…
Institute for Catastrophic Loss Reduction to host workshop on mapping extreme rainfall statistics for Canada
February 24, 2016 by Canadian UnderwriterThe Institute for Catastrophic Loss Reduction (ICLR) will host a workshop on March 11 in Toronto on the topic of mapping extreme rainfall statistics for Canada. The workshop, part of the ICLR’s Friday Forum series, will be held from 10…
Powerful storms roll across South, causing death and damage
February 24, 2016 Kevin McGill and Chevel Johnson - THE ASSOCIATED PRESSKENNER, La. – A deadly storm system that spawned tornadoes in Gulf Coast states Tuesday and killed at least three people in Louisiana and Mississippi was expected to bring severe weather to the Carolinas by Wednesday afternoon. Meteorologists at the…
FEMA says Californians buy record number of flood policies
February 24, 2016 Janie Har - THE ASSOCIATED PRESSSAN FRANCISCO – Federal emergency officials reported Tuesday a surge in the number of California residents who have purchased flood insurance, most likely in response to a rainy El Nino winter. Officials with the Federal Emergency Management Agency said insurers…
Saskatchewan readies for early wildfire season after historic blazes last year
February 23, 2016 Jennifer Graham - THE CANADIAN PRESSREGINA – Saskatchewan is recalling firefighting crews two weeks earlier and hiring eight new crews as it prepares for what could be an early start to the wildfire season. An air tanker and a bird-dog aircraft, which directs the operation…
Swiss Re sees 2015 net income increase 31% to US$4.6 billion compared to 2014
February 23, 2016 by Canadian UnderwriterAll of Swiss Re’s business units contributed positively – although Life and Health (L&H) Reinsurance was a standout – to the 31% increase in net income of US$4.6 billion in 2015 compared to US$3.5 billion in 2014. “The result benefited…
Seas are rising way faster than any time in past 2,800 years
February 23, 2016 Seth Borenstein - THE ASSOCIATED PRESSWASHINGTON – Sea levels on Earth are rising several times faster than they have in the past 2,800 years and are accelerating because of man-made global warming, according to new studies. An international team of scientists dug into two dozen…
Death toll from Fiji cyclone hits 18 as aid sent to islands
February 22, 2016 Nick Perry - THE ASSOCIATED PRESSWELLINGTON, New Zealand – The death toll from a ferocious cyclone which tore through Fiji over the weekend has risen to 18 as authorities on Monday began to get a grasp on the scale of the disaster and deploy aid…
Surveyed Canadians uninformed about flood damage protection: Square One
February 22, 2016 by Canadian UnderwriterTwo-thirds of those taking part in a recent poll by Vancouver-based Square One Insurance Services Inc. incorrectly believe flood protection is included in home insurance policies. The survey of 1,500 Canadians shows that 65% of those surveyed think flood protection…
Combined ratio for U.S. p&c to increase 1.2 points in 2016: A.M. Best
February 19, 2016 by Canadian UnderwriterThe combined ratio will rise from 98% in 2015 to 99.2% for the property and casualty insurance industry in the United States, while for the U.S. and Bermuda reinsurance industry, the combined ratio will deteriorate by 6.7 points, A.M. Best…
Exceptionally strong El Nio has passed its peak, but impacts continue to influence global climate: World Meteorological Organization
February 19, 2016 by Canadian UnderwriterThe powerful 2015-2016 El Niño has passed its peak but remains strong and will continue to influence the global climate, according to the latest update from the World Meteorological Organization (WMO), a specialized agency of the United Nations. The WMO…