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Government of Canada to develop a national Zero-Emissions Vehicle Strategy by 2018

May 26, 2017 by Canadian Underwriter

The Government of Canada announced on Friday that it will develop a national Zero-Emissions Vehicle Strategy by 2018. Marc Garneau, the Minister of Transport, and Navdeep Bains, Minister of Innovation, Science and Economic Development, said in a statement from Transport

News CatastrophesClimate ChangeEarnings / RatingsInsuranceTechnology

Resource risk top concern for wind energy sector: GCube Underwriting

May 23, 2017 by Canadian Underwriter

Resource risk has surpassed mechanical and electrical breakdown to become the number one potential source of financial losses for onshore wind energy developers, owners and operators globally, suggests a new report from GCube Underwriting Ltd. Despite continued development and improvement

News Climate ChangeCommercial LinesInsuranceLegislation / Regulation

Environment and Climate Change Canada releases technical paper on proposed federal carbon pricing options

May 19, 2017 by Canadian Underwriter

Environment and Climate Change Canada (ECCC) has released a technical paper outlining a proposed federal carbon pricing option for provinces that choose not to have their own system in place in 2018. A backgrounder from ECCC referenced the Pan-Canadian approach

News CatastrophesClimate ChangeConstructionInsuranceMarkets / CoveragesPersonal Lines

Rebuilding after disasters should stress safer, better, Goodale says

May 11, 2017 Jordan Press - THE CANADIAN PRESS

OTTAWA – As the devastating floodwaters recede in Ontario and Quebec, the key to preventing a similar disaster in future is to avoid making the mistakes that led to problems in the first place, says Public Safety Minister Ralph Goodale.

News CatastrophesClimate ChangeCommercial LinesEarnings / RatingsPersonal LinesReinsurance

Hannover Re Group net income down 2.4% to 264.8 million euros in 2017 Q1 compared to 2016 Q1

May 10, 2017 by Canadian Underwriter

Group net income for Hannover Re contracted to 264.8 million euros in the first quarter of 2017, but was in line with the prior-year quarter’s exceptionally good results, positioning the reinsurer well for achieving its financial targets this year. Group

News CatastrophesClimate ChangeInsuranceMarkets / CoveragesProductsTechnology

Documents show many cities are wary of mapping flood risks, making data public

May 9, 2017 Jordan Press - THE CANADIAN PRESS

OTTAWA – When municipal officials were told last year about new tools to help them map the risk of flooding in their communities, they immediately raised red flags, suggesting they wanted no part of it over concerns about legal liability

News CatastrophesClimate ChangeCommercial LinesEarnings / RatingsInsurancePersonal LinesReinsurance

PERILS estimates property market loss for Cyclone Debbie at AU$1,116 million

May 9, 2017 by Canadian Underwriter

Tropical Cyclone Debbie – the initial loss estimate for which PERILS AG puts at AU$1,116 million – “underpins the need for reliable natural catastrophe insurance data for Australia,” suggests Darryl Pidcock, head of PERILS Asia-Pacific. Debbie affected the Australian states

News CatastrophesClimate ChangeConstructionInsurancePersonal Lines

New FireSmart Home Development Guide targets Canadian wildfire resiliency

May 5, 2017 by Canadian Underwriter

FireSmart Canada, in partnership with The Co-operators, has developed a new resource to help Canadian residents make their homes more resilient to wildfire. The FireSmart Home Development Guide, which will become part of the FireSmart Home Partners Program, outlines specific

News CatastrophesClimate ChangeCommercial LinesInsuranceMarkets / CoveragesPersonal LinesProducts

Majority of polled Canadians unaware of flood risks and responsibilities, half would not consider purchasing overland flood coverage: survey

May 5, 2017 by Jason Contant

Homeowners in Canada lack awareness of flood risk and the protection options available to them to reduce that risk, suggests a new study from researchers at the Interdisciplinary Centre on Climate Change and Partners for Action research network at Ontario’s

News CatastrophesClimate ChangeCommercial LinesInsuranceMarkets / CoveragesReinsurance

Canada lacks ‘commercially widely available wildfire models,’ Aviva Canada reinsurance VP warns

May 2, 2017 Greg Meckbach, Associate Editor

Insurers have no “meaningful way of modelling wildfire” losses, a senior executive for Swiss Re Ltd. recently suggested to industry professionals. “If you look at it globally speaking, usually about half of the total insured losses globally are unmodelled perils,”

Feature Climate ChangeCommercial LinesLegislation / RegulationTechnology

Diminishing Diesel

May 1, 2017 Peter Hatges, Managing Director, KPMG Corporate Finance Inc. and National Sector Leader, KPMG in Canada

The future of the diesel engine is up in the air due to concerns over nitrogen oxide emissions, the touting of fuel cells and the availability of liquefied natural gas.

News Climate ChangeInsurance

California says oceans expected to rise higher than thought

April 28, 2017 The Associated Press

SAN FRANCISCO – California says new climate change findings mean the ocean off the state’s coast is expected to rise higher than previously thought. The state’s Ocean Protection Council on Wednesday revised projections it provides to agencies to help them