Canadian Underwriter

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Catastrophes


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Aon unit pegs economic loss from Matthew at US$15 billion

April 24, 2017 by Canadian Underwriter

Hurricane Matthew, which is estimated to have caused $150 million in economic losses in Canada alone and killed more than 600 in the Western hemisphere, set several records, Impact Forecasting LLC said in a report released Monday. Hurricane Matthew officially

News CatastrophesCommercial LinesEarnings / RatingsInsurancePersonal Lines

Travelers reports combined ratio of 96% for Q1, net income of US$617 million

April 20, 2017 by Canadian Underwriter

The Travelers Companies, Inc. has reported a combined ratio of 96% for the first quarter of 2017, up 3.7 points from 92.3% in the first quarter of last year. Net income for the first quarter of 2017 ending March 31

News CatastrophesInsurancePersonal Lines

Six Kaslo, B.C., homes still evacuated after slide, order lifted for 41 others

April 19, 2017 The Canadian Press

KASLO, B.C. – The threat of further slides is keeping six families out of their homes in southeastern B.C., but residents of 41 other properties were allowed to return Tuesday night. The Regional District of Central Kootenay downgraded an evacuation

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Quebec authorities watch for flooding after heavy weekend rainfall

April 18, 2017 The Canadian Press

MONTREAL – Recent heavy rainfall had civil security authorities keeping close tabs on Quebec rivers Monday as minor flooding was reported in various parts of the province. Heavy rain on Sunday raised the water levels of streams and rivers over

News CatastrophesCommercial LinesInsurancePersonal LinesReinsurance

Canadian industry underwriting income down 81% in 2016: MSA

April 18, 2017 by Canadian Underwriter

The Canadian property and casualty insurance industry had underwriting income of $484 million in 2016, down 81% from $2.554 billion in 2015, while reinsurers’ combined ratio deteriorated 30.4 points year over year, MSA Research Inc. suggested in a report released

News CatastrophesInsuranceMarkets / Coverages

Southern Ontario windstorm in March caused close to $100 million in insured damage: CatIQ

April 18, 2017 by Canadian Underwriter

A windstorm that affected parts of southern Ontario on March 8 has resulted in nearly $100 million in insured damage, Catastrophe Indices and Quantification Inc. (CatIQ) said on Tuesday in a press release from the Insurance Bureau of Canada (IBC).

News CatastrophesClimate ChangeInsuranceMarkets / Coverages

Warm summer means increased risk of forest fires, meteorologists say

April 17, 2017 The Canadian Press

Nearly a year after the massive wildfire that devastated Fort McMurray, Alta., a climate scientist says there may be more forest fires in Canada this summer. “If the forecast’s right that it’s a warmer than normal summer, we’ll probably have

News CatastrophesInsurancePersonal Lines

Rising ice, flood waters force Manitobans from homes: Canadian Red Cross

April 17, 2017 The Canadian Press

THE PAS, Man. – Rising ice and flood waters have forced hundreds of people from their homes in Manitoba. Jason Small of the Canadian Red Cross says 107 people from the Opaskwayak Cree Nation are being temporarily housed in hotels

News CatastrophesConstructionInsuranceLegislation / RegulationProfessional Development

Alberta government provides $15M a year for FireSmart program, up from $3.8M last year

April 17, 2017 by Canadian Underwriter

The Government of Alberta has announced it is providing $15 million a year for its FireSmart program, up from $3.8 million last year, to help communities boost their wildfire protection activities. FireSmart uses preventative measures to reduce wildfire threat to

News CatastrophesInsurancePersonal Lines

Ice jam causes minor flooding in N.B., water levels in Fredericton area to increase near flood stage

April 17, 2017 by Canadian Underwriter

An ice jam caused minor flooding on a residential street in the New Brunswick community of Middle River, the province’s Emergency Measures Organization (EMO) reported on Sunday. However, water levels have subsided after some residents were cut off from their

News CatastrophesCommercial LinesInsuranceMarkets / CoveragesReinsurance

Swiss Re losses from Cyclone Debbie currently estimated at US$350 million

April 13, 2017 by Canadian Underwriter

Swiss Re currently estimates its claims burden from tropical cyclone Debbie in Australia at about US$350 million, net of retrocession and before tax, while the total insured market losses associated with the event is estimated at around US$1.3 billion. The

News CatastrophesClimate ChangeCommercial LinesConstructionInsuranceMarkets / CoveragesPersonal Lines

Government of Alberta boosts Calgary’s flood resilience with $13.4 million investment

April 12, 2017 by Canadian Underwriter

The Government of Alberta announced on Wednesday that it is investing about $13.4 million to help the City of Calgary boost its flood readiness. Six provincial grants are part of $63 million earmarked in Budget 2017 to help Alberta communities