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Oceans Protection Plan includes robust polluter-pay approach to abandoned, derelict and wrecked vessels

November 8, 2016 by Canadian Underwriter

Canada’s new $1.5 billion national Oceans Protection Plan involves a raft of measures to help protect the country’s marine environment, including a pollution-pay approach with regard to abandoned, derelict and wrecked vessels The national plan was announced Monday in St.

News CatastrophesClimate ChangeInsurance

UN report: Human footprint ‘increasingly visible’ in climate

November 8, 2016 Karl Ritter - THE ASSOCIATED PRESS

MARRAKECH, Morocco – Hot and wild and with an “increasingly visible human footprint” – that’s how the U.N. weather agency sums up the global climate in the past five years. In a report released Tuesday at international climate talks in

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78% of global SMEs fear impact of climate change on their businesses: Zurich study

November 4, 2016 by Canadian Underwriter

Nearly four-fifths (78%) of global small- and medium-sized enterprises (SMEs) surveyed by Zurich Insurance Group expected risks associated with climate change to have a significant impact on their business. Zurich’s fourth annual global SME survey, titled Potential effect on business

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IBC commends federal government’s focus on infrastructure and flood mitigation in 2016 fall economic statement

November 2, 2016 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) is applauding the Government of Canada’s focus on infrastructure investments and flood mitigation in its recently released Fall Economic Statement 2016. In the statement, released on Tuesday, the federal government proposed $21.9 billion over

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Alberta carbon plan to shrink GDP, but province expects long term growth

November 1, 2016 Dean Bennett - THE CANADIAN PRESS

EDMONTON – Alberta released estimates Monday showing its climate change plan will shrink the economy in the short term, but Environment Minister Shannon Phillips said the figures are a work in progress. The province estimates the economic impact of the

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Vancouver planning additional measures to combat damage, costs associated with sea level rise

October 31, 2016 by Canadian Underwriter

“Sitting on the sidelines is not an option while climate change threatens our future,” Vancouver Mayor Gregor Robertson emphasized last week in announcing the city’s next moves to prepare for sea level rise over the next century. “The massive costs

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Barely passable grade on flood preparedness demands immediate action: report

October 31, 2016 by Canadian Underwriter

All 10 Canadian provinces and Yukon are not making the grade when it comes to flood preparedness, signalling the need for change, including not allowing municipalities to override provincial or territorial direction on development in flood-prone areas, argues a new

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The Co-operators General Insurance Company reports net income of $16.3 million in 2016 Q3 compared to loss in 2015 Q3

October 28, 2016 by Canadian Underwriter

The Co-operators General Insurance Company posted $16.3 million in consolidated net income for 2016 Q3 compared to a net loss of $21.4 million in the prior-year quarter. “During the quarter, there were no material changes to the company’s estimated net

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Nat-cats contribute to decrease in net income at SCOR for first three quarters of 2016 compared to prior-year period

October 27, 2016 by Canadian Underwriter

The Group net income for SCOR for the first nine months of 2016 took a hit, partly as a result of the impact of natural catastrophes, falling 11.0% to 438 million euros compared to 492 million euros for the first

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New Brunswick committee on climate change calls for ‘carbon pricing mechanism’

October 25, 2016 The Canadian Press

FREDERICTON – A New Brunswick legislature committee on climate change is recommending the province establish a “made-in-New Brunswick carbon pricing mechanism.” It was one of 85 recommendations made in the all-party committee’s final report released on Monday. But the committee

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Estimated insured losses for U.S., Caribbean from Hurricane Matthew US$2.5 billion to US$8 billion: RMS

October 21, 2016 by Canadian Underwriter

RMS has estimated Hurricane Matthew will produce insured losses of US$1.5 billion to US$5 billion for the United States and US$1 billion to US$3 billion in the Caribbean, making it the reinsurance industry’s costliest Atlantic hurricane since Sandy four years

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September 2016 ranks as 2nd warmest September on record for globe, but 16-month record heat wave ends

October 20, 2016 by Canadian Underwriter

The month of September 2016 ranked as the second warmest September on record, but not enough to continue the recent 16-month streak of record warmth, the National Oceanic and Atmospheric Administration (NOAA) in the United States has reported. August’s warmth