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Climate Change

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New Zealand proposes shaking up earthquake commission scheme to smooth claims resolution

June 27, 2017 by Canadian Underwriter

New Zealand will continue to flesh out the details of proposed changes aimed at simplifying and improving the Earthquake Commission (EQC) scheme to help support more timely response to affected policyholders. Reforms to the Earthquake Commission Act seek to “simplify

News CatastrophesClimate ChangeCommercial LinesInsurancePersonal LinesProductsReinsuranceTechnology

AIR Worldwide releases probabilistic crop hail model for Canada

June 26, 2017 by Canadian Underwriter

AIR Worldwide has released what the catastrophe risk modelling firm calls the industry’s first crop hail model to provide stakeholders across the crop insurance value chain with a probabilistic view of the effects of hail on Canadian crops. Currently available

News Climate ChangeInsuranceLegislation / RegulationMarkets / Coverages

N.B. Auditor General finds climate change action items lack implementation plans and timelines

June 20, 2017 by Canadian Underwriter

Greenhouse gas (GHG) emissions in New Brunswick are not projected to decline much further under the status quo, and meeting 2030 and 2050 targets will require “significant action” from provincial and federal initiatives, the Auditor General of New Brunswick said

News CatastrophesClimate ChangeConstructionInsuranceLegislation / RegulationMarkets / Coverages

Alberta advisory group recommends penalties for heavy oilsands emitters if cap hit

June 19, 2017 Ian Bickis - THE CANADIAN PRESS

CALGARY – Oilsands producers could face steep fines and suspended projects if industry comes close to hitting a mandated 100-megatonne limit under recommendations proposed by Alberta’s Oil Sands Advisory Group. But the non-binding report sets out a series of policies

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Cyclones Debbie, Cook in New Zealand combine to produce insured losses of NZ$84 million so far

June 19, 2017 by Canadian Underwriter

The two cyclones that pounded New Zealand in April have spurred insured costs of NZ$84 million to date, setting the stage for what could become one of the most damaging year in recent years and leading to wrong-headed government actions

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Canadian defence plan calls for cyber and drone attacks to meet 21st century threats

June 8, 2017 Mike Blanchfield - THE CANADIAN PRESS

OTTAWA – Canada will add hundreds of new elite special forces commandos, wage offensive cyberwarfare attacks and deploy armed drones to international battlefields as part of its military response to new global security threats. The hotly anticipated new defence policy

News CatastrophesClimate ChangeCommercial LinesInsurance

XL Catlin extends global property insurance capacity

June 8, 2017 by Canadian Underwriter

Increasing property values and concern over natural catastrophe exposures in the United States and Canada were among the factors mentioned in XL Catlin’s announcement Wednesday it had extended global property insurance capacity by 25% to US$500 million. XL Catlin reports

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Climate change raises new risk: Are inland bridges too low?

June 6, 2017 Scott McFetridge - THE ASSOCIATED PRESS

DES MOINES, Iowa – A century-old train trestle stands as one of the trophies of Des Moines’ push to spruce up its downtown. Bicyclists and pedestrians pose for pictures beside the brightly painted beams of the Red Bridge and gather

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Loss adjusting innovation emerging in light of insurance claims for forest fires: Cunningham Lindsey

June 6, 2017 by Canadian Underwriter

Greater complexity in insured losses sparked by forest fires has produced a bright spot: innovation in how loss adjusters are tackling these events, suggests a new review from Cunningham Lindsey. Released Tuesday, the company’s 2017 Major and Complex Loss Review

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Cat claims out West create stress for home insurers, proactive communications can bolster customer satisfaction: J.D. Power

June 6, 2017 by Canadian Underwriter

A spike in major claims resulting in record losses from catastrophic disasters across Canada over the last few years has created significant challenges for insurance carriers in 2017, a situation that has had an impact on customer satisfaction with the

News Climate ChangeInsurance

As U.S. threatens withdrawal, feds still committed to Paris Accord, McKenna says

May 31, 2017 The Canadian Press

TORONTO – As the U.S. flirts with fleeing the Paris climate-change accord, Canada is aligning itself with the world’s other two largest economies to take a global leadership role on the effort to limit greenhouse gas emissions. Environment Minister Catherine

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Government of Alberta invests in debris dam to protect homes, businesses and infrastructure in Canmore

May 29, 2017 by Canadian Underwriter

The Government of Alberta announced on Friday that it is investing an additional $10.3 million to protect homes, businesses and infrastructure in Canmore. The money represents the final funding towards a $48.6-million debris dam at Cougar Creek and is part