Topic
Catastrophes
Net income for Echelon Financial Holdings down 56% to $3.7 million in 2015 Q4 compared to 2014 Q4
February 18, 2016 by Canadian UnderwriterAn underwriting loss in the fourth quarter of 2015 contributed to Echelon Financial Holdings Inc. (EFH) seeing net income drop 56% for both 2015 Q4 and full-year 2015. Net income for the three months ended Dec. 31, 2015 was approximately…
Alberta preparing early for wildfire season
February 17, 2016 by Canadian UnderwriterThe province of Alberta announced on Tuesday that it is putting protection measures in place early in preparation of wildfire season. Beginning March 1, a permit is required for all planned fires in Alberta’s Forest Protection Area, with the exception…
IBC applauds B.C.’s investment in emergency preparedness
February 17, 2016 by Canadian UnderwriterInsurance Bureau of Canada (IBC) has given the thumbs up to the Government of British Columbia’s plan to invest tens of millions of dollars to make communities more resilient and protect them from the impact of severe weather. “We are…
Massive gas leak near Los Angeles plugged after 16 weeks
February 12, 2016 Brian Melley - THE ASSOCIATED PRESSLOS ANGELES – A blowout at a natural gas well that gushed uncontrollably for 16 weeks and drove thousands of residents from their Los Angeles homes was plugged Thursday, a utility said. While the well still needs to be permanently…
App aims to create “worldwide seismic detection network”
February 12, 2016 by Canadian UnderwriterScientists at the University of California (UC) Berkeley released on Friday a free Android app that taps into a smartphone’s ability to record ground shaking from an earthquake, with the goal of “creating a worldwide seismic detection network that could…
Disasters in 2015, the hottest year on record, demonstrate need to adapt to climate change: UNISDR
February 12, 2016 by Canadian UnderwriterWeather and climate-related disasters now dominate disaster trends linked to natural hazards, suggests a new analysis issued this week by the United Nations Office for Disaster Risk Reduction (UNISDR). The finding, UNISDR reports in a statement, is confirmed by events…
Zurich aims to ‘better account’ for interconnectivity of risks in general insurance
February 11, 2016 by Canadian UnderwriterZurich Insurance Group reported a combined ratio of 103.6% in general insurance in 2015, up 6.8-points from 96.8% 2014, and while part of that was due to an explosion in a Chinese port last summer, the insurer said its results…
Taiwan earthquake death toll rises to 59; 76 still missing
February 11, 2016 by Canadian UnderwriterTAINAN, Taiwan – The death toll from a weekend earthquake in Taiwan rose to 59 on Thursday, with 76 people still missing and presumed trapped under the rubble of a collapsed residential building, the Ministry of Interior said. The 16-storey…
Alberta Auditor General criticizes municipal affairs department for disaster recovery program transition during 2013 floods
February 10, 2016 by Canadian UnderwriterThe Auditor General of Alberta is criticizing the province’s municipal affairs department for transitioning its disaster recovery program (DRP) while dealing with the 2013 floods in the southern portion of the province. “The lesson to be learned here is not…
Intact Financial Corporation’s net income down in both 2015 Q4 and full year, but outlook positive
February 10, 2016 by Canadian UnderwriterIntact Financial Corporation reports that its net income for the 2015 Q4 fell 3% to $198 million compared to 2014 Q4, while full-year net income decreased 10% year-over-year. Figures released Tuesday by the company indicate net income for the fourth…
2015 the quietest Canadian catastrophe year in five years, with $510 million in insured losses: PCS
February 10, 2016 by Canadian Underwriter2015 was the quietest Canadian catastrophe year since PCS Canada launched in 2010, with insured losses from three cat events reaching about $510 million, according to Property Claims Services’ (PCS) full-year cat review, released on Wednesday. PCS, a division of…
U.S. Southwest drifting into drier climate state: study
February 9, 2016 by Canadian UnderwriterThe weather patterns that typically bring moisture to the southwestern United States are becoming more rare, an indication that the region is sliding into the drier climate state predicted by global models, suggested a recent study. “A normal year in…