Canadian Underwriter

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Catastrophes


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Economical Insurance posts net income of $5.3 million in 2017 Q1, down from $28.5 million in prior-year quarter

May 8, 2017 by Canadian Underwriter

Auto lines, catastrophe and weather-related losses served as a drag on underwriting results which, in turn, contributed to Economical Insurance posting net income of $5.3 million in 2017 Q1 compared to $28.5 million in 2016 Q1. “Higher investment income was

News CatastrophesCommercial LinesInsuranceMarkets / Coverages

Mudslides halt rail traffic between Seattle and Portland

May 7, 2017 The Associated Press (APR)

TACOMA, Wash. – Officials with BNSF Railway say mudslides have forced the suspension of train traffic on a heavily travelled section of rails between Seattle, Washington, and Portland, Oregon. Gus Melonas, spokesman for the Burlington Northern and Santa Fe Railway,

News CatastrophesInsurancePersonal Lines

Heavy rain likely to cause new or more flooding in Quebec and Ontario

May 5, 2017 Michelle McQuigge - THE CANADIAN PRESS

Persistent, steady rains soaking swaths of central and eastern Canada that have already endured record precipitation levels threatened to trigger widespread flooding Friday and put residents and governments on high alert. Environment Canada said a massive system is slowly drenching

News CatastrophesConstructionInsuranceReinsurance

Insurance industry should look ahead to even larger losses than Fort McMurray, ICLR chair suggests

May 5, 2017 by Canadian Underwriter

The insurance industry should start thinking about what “could have been” if the Fort McMurray wildfire had been an even larger loss, the chair of Institute for Catastrophic Loss Reduction (ICLR) said on Friday at the institute’s annual general meeting.

News CatastrophesClimate ChangeConstructionInsurancePersonal Lines

New FireSmart Home Development Guide targets Canadian wildfire resiliency

May 5, 2017 by Canadian Underwriter

FireSmart Canada, in partnership with The Co-operators, has developed a new resource to help Canadian residents make their homes more resilient to wildfire. The FireSmart Home Development Guide, which will become part of the FireSmart Home Partners Program, outlines specific

News CatastrophesClimate ChangeCommercial LinesInsuranceMarkets / CoveragesPersonal LinesProducts

Majority of polled Canadians unaware of flood risks and responsibilities, half would not consider purchasing overland flood coverage: survey

May 5, 2017 by Jason Contant

Homeowners in Canada lack awareness of flood risk and the protection options available to them to reduce that risk, suggests a new study from researchers at the Interdisciplinary Centre on Climate Change and Partners for Action research network at Ontario’s

News CatastrophesEarnings / RatingsInsurance

P&C reinsurance premiums down 17.6% for Swiss Re

May 4, 2017 by Canadian Underwriter

Swiss Re Ltd. reported Thursday a 2.3-point increase in its first-quarter combined ratio, as the reinsurer expects more than $300 million in claims from Cyclone Debbie, which caused widespread flooding in late March in Australia. Zurich-based Swiss Re released May

News CatastrophesInsurancePersonal Lines

U.S. Midwest floods linger as officials warn of floodwater risks

May 4, 2017 Jim Salter - THE ASSOCIATED PRESS

ST. LOUIS – River levels are falling Thursday after record and near-record flooding in parts of the Midwest, but the crisis is far from over. Officials have not said when hundreds of residents displaced from flooded properties in suburban St.

News CatastrophesInsurancePersonal Lines

More than 220 evacuated from homes after Gatineau flooding

May 4, 2017 by Canadian Underwriter

Hundreds of people in Gatineau, Que. have been evacuated from their homes after heavy rainfall caused flooding. The City of Gatineau said in a statement that as of early Thursday morning, 223 people and 130 homes had been voluntarily evacuated.

News CatastrophesInsurance

Wildfire Community Preparedness Day gearing up one year after Fort McMurray

May 4, 2017 by Canadian Underwriter

One year after the Fort McMurray wildfire started and eventually became Canada’s costliest natural disaster, community groups across the country are gearing up to taking part in the third annual Wildfire Community Preparedness Day (WCPD) to take measures to reduce

News CatastrophesInsuranceTechnology

Mobile earthquake simulator to visit Quebec in May and June

May 3, 2017 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) is inviting Quebecers to experience the Quake Cottage, a mobile earthquake simulator, this month and next. As part of its earthquake preparedness campaign, IBC will be touring Quebec cities and shopping centres from La

News CatastrophesInsuranceMarkets / Coverages

Resiliency, mapping and consumer choice changes recommended for National Flood Insurance Program

May 3, 2017 by Canadian Underwriter

More focus on resiliency measures, updated mapping techniques and increased consumer choices are among the recommendations for reforms to the National Flood Insurance Program (NFIP) issued by a coalition for “environmentally responsible, fiscally sound approaches to natural catastrophe policy that