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Catastrophes


News CatastrophesEarnings / RatingsInsuranceLegalLegislation / RegulationTechnology

Increased cyber espionage, data integrity attacks part of global threat landscape in 2017: Stroz Friedberg

January 5, 2017 by Canadian Underwriter

Top cyber threats in the coming year include nation state cyber espionage, a rise in data integrity attacks and more attacks harnessing Internet of Things (IoT) devices, Stroz Friedberg, an Aon company, notes in its 2017 Cybersecurity Predictions report. “We

News CatastrophesClimate ChangeInsurance

‘Climatic quirk’ may shield U.S. coast during busy hurricane seasons

January 5, 2017 Seth Borenstein - THE ASSOCIATED PRESS

WASHINGTON – A climatic quirk seems to be slightly shielding the U.S. coast during busy hurricane seasons, often weakening major storms just as they approach America’s beaches, a new study finds. That could help explain why it’s been more than

News CatastrophesInsuranceMarkets / CoveragesProfessional DevelopmentTechnology

University of Toronto to offer “first in Canada” certificate in forensic engineering

January 4, 2017 by Canadian Underwriter

The University of Toronto (U of T) has announced that it will be offering a new certificate in forensic engineering, something the university calls a “first in Canada.” The U of T course is core to a new certificate in

News CatastrophesClimate ChangeCommercial LinesInsurancePersonal LinesReinsurance

2016 costliest 12 months for natural catastrophes in the last four years: Munich Re

January 4, 2017 by Canadian Underwriter

The US$175 billion in natural catastrophes losses in 2016 – the lion’s share of which were uninsured – dwarfed those in the previous year and were just shy of 2012’s US$180 billion total, Munich Re reports. The research released Wednesday

News CatastrophesInsuranceMarkets / CoveragesReinsurance

Canadian risk beginning to feature “fairly prominently” in cat bond market: PCS

January 4, 2017 by Canadian Underwriter

Canadian risk has begun to feature “fairly prominently” in the catastrophe bond market, with three cat bonds issued last year, according to Property Claim Services’ (PCS) full-year cat bond report for 2016. The report, titled Strong Finish: PCS FY2016 Catastrophe

News CatastrophesCommercial LinesInsurancePersonal LinesReinsurance

Fort McMurray wildfire tops annual meteorologist list of weather stories

January 3, 2017 The Canadian Press

TORONTO – The “beast” of a wildfire that charred Fort McMurray, Alta., was named Canada’s biggest weather story of the year in an annual list compiled by the country’s top meteorologists. The list, which also includes the melting Arctic Sea

News CatastrophesCommercial LinesEarnings / RatingsInsuranceMarkets / CoveragesPersonal LinesReinsurance

Record new Cat bond, ILS issuance in 2016 spurs highest-ever outstanding market size: Artemis.bm

January 3, 2017 by Canadian Underwriter

Catastrophe bonds and similarly structured insurance-linked securities (ILS) deals in 2016 propelled the market to record levels, with the approximately US$7 billion in new issuance resulting in an outstanding market size of US$26.82 billion at year-end, notes the latest edition

News CatastrophesInsuranceMarkets / Coverages

ICLR to host webinar on Great Cascadia megathrust earthquakes

January 3, 2017 by Canadian Underwriter

The Institute for Catastrophic Loss Reduction (ICLR) will be hosting a webinar on “Great Cascadia megathrust earthquakes” on Thursday, Jan. 26 from 10 a.m. until 11:30 a.m. EST. The workshop, titled “Great Cascadia megathrust earthquakes: Past, present, and future,” will

Feature CatastrophesPersonal LinesReinsurance

Flood Money

January 2, 2017 Greg Meckbach, Associate Editor

While the federal government continues to “explore options” for a national approach to flood insurance, a major reinsurer warns coverage is unaffordable to many high-risk properties.

Feature CatastrophesInsuranceReinsurance

Beyond Fort Mac

January 1, 2017 Tom Johansmeyer, Assistant Vice President, PCS Strategy and Development; and Ted Gregory, Director of PCS Operations, Verisk Insurance Solutions

Property Claim Services Canada has designated nine catastrophe events in Canada in 2016. Though most of the $4.9 billion insured loss arose from the Alberta wildfires, the data indicates hail and thunderstorms events are becoming more severe.

News CatastrophesCommercial LinesInsuranceLegislation / Regulation

Oklahoma warns of more quakes from energy drilling

December 21, 2016 Tim Talley - THE ASSOCIATED PRESS

OKLAHOMA CITY – Oklahoma regulators said Tuesday that the number of induced earthquakes could increase as oil and gas production expands in a broad area of the state, and they’re telling energy companies that they need to be ready to

News CatastrophesInsuranceLegal

Court denies replacement value coverage on fire claim after owners plan to build larger structure on same Ottawa site

December 20, 2016 by Canadian Underwriter

In a fire insurance claim, the courts recognize that “the need to rebuild premises which more closely resembled the original” is critical in triggering coverage for replacement value rather than actual cash value, Dutton Brock LLP suggested in a bulletin