Canadian Underwriter

Topic
Catastrophes


Cracked road
News CatastrophesCommercial LinesConstructionInsurancePersonal LinesReinsurance

Preparing Canada for inevitable earthquake recognized as a national social and economic threat: IBC’s Forgeron

November 22, 2016 by Canadian Underwriter

Preparing Canada for an inevitable earthquake is a priority for the insurance industry, as this is recognized as a “national social and economic threat,” said Don Forgeron, president and CEO of the Insurance Bureau of Canada (IBC), in response to

Earthquake impact wave and seismic activity digital 3d background
News AssociationsCatastrophesClimate ChangeCommercial LinesConstructionEarnings / RatingsLegislation / RegulationPersonal LinesReinsurance

Federal government should consider emergency back-stop mechanism for catastrophic earthquake: conference board

November 22, 2016 by Canadian Underwriter

The Conference Board of Canada is echoing a recent recommendation by a former federal superintendent of financial institutions for Ottawa to consider adopting a last-resort, emergency back-stop mechanism for a catastrophic earthquake given the long-reaching, adverse effects that the event

News CatastrophesInsuranceMarkets / CoveragesTechnology

BC Wildfire Service interactive map helps distinguish between registered, open burns and wildfires

November 18, 2016 by Canadian Underwriter

The BC Wildfire Service is making an interactive map that displays details and locations for specific registered fires available on its website. Although wildfires are rare in British Columbia at this time of year, smoke from legal, registered open burns

WEA Maritimes Heavy Rain 20161011
News CatastrophesCommercial LinesInsurancePersonal Lines

Thanksgiving floods in Atlantic Canada caused more than $100 million in insured damage: CatIQ

November 18, 2016 by Canadian Underwriter

A tropical moisture system resulting from Hurricane Matthew that swept through Atlantic Canada last month has resulted in over $100 million in insured damage, according to Toronto-based Catastrophe Indices and Quantification Inc. (CatIQ). A cold front interacting with Matthew’s tropical

News CatastrophesCommercial LinesInsurance

TSB finds ‘absence of thermal protection’ in flammable liquid tank car contributed to fire after Saskatchewan freight train derailment

November 18, 2016 by Canadian Underwriter

Transportation Safety Board of Canada is warning of a “continued risk” of flammable liquid spills, when tank cars derail, if new standards recommended in 2014 are not “fully implemented in a timely manner.”TSB released Wednesday a report into an investigation

New Zealand Earthquake
News CatastrophesCommercial LinesInsurancePersonal Lines

Insured losses of New Zealand quake could be as much as US$3.5 billion: AIR Worldwide

November 18, 2016 by Canadian Underwriter

The largest earthquake to hit New Zealand since 2009, registering magnitude 7.8, could contribute to insured losses amounting to US$762 million to US$3.5 billion, catastrophe modelling firm AIR Worldwide reported Thursday. The modelled estimates include insured physical damage to property

Alta Wildfires 20160507
News CatastrophesCommercial LinesInsurancePersonal Lines

PCS estimates $3.98 billion in insured damage from Fort McMurray wildfire in final re-survey

November 17, 2016 by Canadian Underwriter

Property Claim Services (PCS) has updated its insured damage estimate for the Fort McMurray wildfire to $3.98 billion, down from its August estimate of $4.67 billion. Of the $3.98 billion estimate, the majority is in personal lines ($2.9 billion), with

News CatastrophesCommercial LinesInsurance

Major fire causes extensive damage at Nova Scotia fish processing plant

November 17, 2016 The Canadian Press

EASTERN PASSAGE, N.S. – A major fire has caused extensive damage at a waterfront fish processing plant on Nova Scotia’s eastern shore. Brad Connors, a division commander with the Halifax regional fire department, said a call came in at about

The concept of planning in business. Wooden cubes on a desk in the office. The concept of leadership. Hand men in business suit holding the cubes.
News CatastrophesClimate ChangeCommercial LinesEarnings / RatingsMarkets / CoveragesPersonal LinesTechnology

Zurich Insurance announces plans to position itself for future, new profitability targets

November 17, 2016 by Canadian Underwriter

Zurich Insurance Group plans to build on customer relationships, simplify the business and significantly reduce costs as part of its renewed focus on increasing business profitability and delivering high-quality earnings over the 2017-2019 period, the global insurer announced Thursday. “In

Myanmar Political Timeline
News CatastrophesClimate ChangeInsuranceMarkets / Coverages

Global natural disasters cost US$520 billion in losses every year, poor disproportionately affected: study

November 15, 2016 by Canadian Underwriter

The impact of extreme natural disasters is equivalent to a global US$520 billion loss in annual consumption, forcing some 26 million people into poverty each year, a new report from the World Bank and the Global Facility for Disaster Reduction

New Zealand Earthquake 2011 Comparison
News CatastrophesCommercial LinesConstructionInsurancePersonal Lines

Powerful aftershocks, some as high as magnitude-6.5, strike New Zealand after original M7.8 earthquake: AIR

November 15, 2016 by Canadian Underwriter

Powerful aftershocks have shaken New Zealand since a magnitude-7.8 earthquake struck South Island near Hanmer Springs at 12:02 a.m. local time on Nov. 14, some as strong as magnitude-6.5, AIR Worldwide said on Monday. Although damage has been relatively light,

Alta Wildfire Indigenous 20161113
News CatastrophesCommercial LinesInsurancePersonal Lines

$5.3 billion to be re-invested in Alberta economy over three years to rebuild Fort McMurray: Conference Board of Canada report

November 15, 2016 by Canadian Underwriter

About $5.3 billion will be re-invested in Alberta’s economy over the next three years to rebuild Fort McMurray following the massive wildfire in May, according to a new Conference Board of Canada report on the economic impacts of Canada’s most costliest natural