Canadian Underwriter

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Climate Change

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RSA Canada posts solid underwriting profit despite nat-Cat events in 2016

February 24, 2017 by Angela Stelmakowich

RSA Canada witnessed increased underwriting profit and a solid combined ratio for 2016 despite what can only be described as a challenging year that featured Canada’s most costly insurable nat-Cat ever and a host of other adverse weather events. “We’re

News CatastrophesClimate ChangeConstructionInsuranceMarkets / Coverages

Two U.S. dams illustrate challenge of maintaining older designs

February 22, 2017 Michael R. Blood - THE ASSOCIATED PRESS

LOS ANGELES – Twelve years ago, widespread destruction from Hurricane Katrina on the Gulf Coast helped compel federal engineers 2,000 miles away in California to remake a 1950s-era dam by constructing a massive steel-and-concrete gutter that would manage surging waters

News Climate ChangeInsurance

Canadian Arctic glaciers now major contributor to sea level change: study

February 21, 2017 by Canadian Underwriter

Ice loss from Canada’s Arctic glaciers has transformed them into a major contributor to sea level change, according to recent research by glaciologists at the University of California, Irvine (UCI). From 2005 to 2015, surface melt off ice caps and

News CatastrophesClimate ChangeInsuranceLegislation / RegulationMarkets / CoveragesTechnology

Cyber attack remains top business continuity concern, preparedness for all threats urged: Horizon Scan Report

February 21, 2017 by Canadian Underwriter

Cyber attack, data breach and unplanned IT and telecom outages are the greatest concerns among business continuity professionals, concludes the sixth annual Horizon Scan Report, released Tuesday. The top three concerns remain unchanged from the last report carried out by

News Climate ChangeInsuranceMarkets / Coverages

60% of Ontarians at least somewhat oppose cap and trade: Nanos Research poll

February 17, 2017 by Canadian Underwriter

A new province-wide poll has found that more than 60% of Ontarians at least somewhat oppose cap and trade, which is designed to help fight climate change and reward businesses that reduce their greenhouse gas emissions. The Nanos Research poll,

News CatastrophesClimate ChangeCommercial LinesEarnings / RatingsInsurancePersonal Lines

AIG sees net loss of about US$3 billion in 2016 Q4

February 15, 2017 by Canadian Underwriter

American International Group, Inc. (AIG) has posted net losses for both the full year and the fourth quarter of 2016, but company president and CEO Peter Hancock reports that actions taken last year will help “dramatically reduce uncertainty and deliver

News Climate ChangeInsurancePersonal LinesTechnology

Commonwell Mutual Insurance Group offers new flood policy endorsement for Ontario homeowners

February 13, 2017 by Canadian Underwriter

Commonwell Mutual Insurance Group has a new policy endorsement that uses geo-coding to provide Ontario homeowners in low- and medium-risk zones with protection against property damage from flooding, surface water and sewer back-up caused by flood events. Starting Feb. 13,

News Climate ChangeInsuranceTechnology

B.C. government launches incentives for zero-emission vehicles

February 6, 2017 by Canadian Underwriter

British Columbia’s Minister of Energy and Mines has announced an investment of $40 million to encourage British Columbians to “make the switch to zero-emission vehicles, reduce greenhouse gas emissions and support investment in made-in-B.C. green technology.” Bill Bennett announced the

News CatastrophesClimate ChangeCommercial LinesPersonal LinesReinsurance

2016 sees highest-ever catastrophe insured losses, hail has impact: Rennie

February 1, 2017 by Angela Stelmakowich

2016 was a year of records: the largest catastrophe-related insured losses in Canada’s history, the biggest loss for a single Cat and the most hail events in the month of July, Carolyn Rennie, managing director of Catastrophe Indices and Quantification

News Climate ChangeInsurance

Storms preview sea rise damage to California roads, cities

January 31, 2017 Ellen Knickmeyer - THE ASSOCIATED PRESS

SAN FRANCISCO – Ocean rise already is worsening the floods and high tides sweeping California this stormy winter, climate experts say, and this month’s damage and deaths highlight that even a state known as a global leader in fighting climate

News CatastrophesClimate ChangeInsuranceReinsuranceTechnology

Reinsurers face challenging market conditions, technology to play important role: Novarica

January 31, 2017 by Canadian Underwriter

Reinsurers can expect huge losses from man-made and natural catastrophes, open-ended liabilities like asbestos and terrorism, and developing creative technology solutions to become increasingly important in future, Novarica notes in a new report. The new challenges are in the wake

News Climate ChangeCommercial LinesConstructionEarnings / RatingsTechnology

Weather risk accounts for an estimated US$56 billion in untapped wind energy asset values globally: GCube

January 31, 2017 by Canadian Underwriter

Resource underperformance has surpassed mechanical breakdown and component damage as the major obstacle to achieving bankable wind energy projects, GCube Underwriting Ltd. notes in a report estimating the untapped asset values of wind energy stakeholders around the world at US$56