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15 U.S. weather and climate disasters in 2016 caused US$46 billion in damages: NOAA

January 9, 2017 by Canadian Underwriter

The United States experienced 15 “weather and climate disasters” last year – each with losses exceeding US$1 billion – for a total of US$46 billion, the National Oceanic and Atmospheric Administration (NOAA) reported on Monday. The disasters, which included eight

News CatastrophesClimate ChangeCommercial LinesConstructionEarnings / RatingsInsurancePersonal LinesReinsurance

Severe weather, nat-cats cause record insurable damage in Canada: IBC/CatIQ

January 6, 2017 by Canadian Underwriter

Severe weather last year exacted a heavy toll in terms of insured losses, with the $4.9 billion hit dwarfing the previous annual record of $3.2 billion in 2013, Insurance Bureau of Canada (IBC) reports. Flooding in southern Alberta and the

News CatastrophesClimate ChangeInsurance

‘Climatic quirk’ may shield U.S. coast during busy hurricane seasons

January 5, 2017 Seth Borenstein - THE ASSOCIATED PRESS

WASHINGTON – A climatic quirk seems to be slightly shielding the U.S. coast during busy hurricane seasons, often weakening major storms just as they approach America’s beaches, a new study finds. That could help explain why it’s been more than

News CatastrophesClimate ChangeCommercial LinesInsurancePersonal LinesReinsurance

2016 costliest 12 months for natural catastrophes in the last four years: Munich Re

January 4, 2017 by Canadian Underwriter

The US$175 billion in natural catastrophes losses in 2016 – the lion’s share of which were uninsured – dwarfed those in the previous year and were just shy of 2012’s US$180 billion total, Munich Re reports. The research released Wednesday

News Climate ChangeInsuranceMarkets / Coverages

Alberta minister says province ‘still standing’ on Day 2 of carbon tax

January 3, 2017 Rob Drinkwater - THE CANADIAN PRESS

EDMONTON – Alberta Environment Minister Shannon Phillips said the province was “still standing” a day after its carbon tax took effect, and Albertans who opposed the levy could start seeing rebate cheques within days. But Opposition Wildrose critic Don MacIntyre

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ICLR releases new book addressing extreme heat events

December 20, 2016 by Canadian Underwriter

The Institute for Catastrophic Loss Reduction (ICLR) has published a book addressing the risk to Canadians from extreme heat events. Cities to adapt to extreme heat: Celebrating local leadership profiles “20 of the many successful local projects underway or already

News CatastrophesClimate ChangeInsuranceMarkets / Coverages

Global warming’s fingerprints seen in 24 weird weather cases

December 16, 2016 Seth Borenstein - THE ASSOCIATED PRESS

WASHINGTON – A new scientific report finds man-made climate change played some role in two dozen extreme weather events last year but not in a few other weird weather instances around the world. An annual report released Thursday by the

News Climate ChangeEarnings / RatingsInsuranceLegislation / RegulationMarkets / CoveragesProfessional DevelopmentReinsurance

Swiss Re adopts climate-related financial disclosure recommendations

December 14, 2016 by Canadian Underwriter

Swiss Re announced on Wednesday that it will adopt the climate-related financial disclosure recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD). Swiss Re helped develop the voluntary guidelines on climate risk reporting and is a member of the

News Climate ChangeInsuranceLegislation / RegulationTechnology

PM hails national climate change deal, but without Saskatchewan, Manitoba

December 11, 2016 Bruce Cheadle - THE CANADIAN PRESS

OTTAWA – Prime Minister Justin Trudeau declared victory Friday in his campaign to craft a national “framework” agreement on climate change – even though Saskatchewan and Manitoba refused to sign on to the deal and British Columbia claimed a major

News Climate ChangeInsuranceLegislation / RegulationMarkets / Coverages

Sustainability in insurance gaining steam: KPMG speaker

December 9, 2016 Jason Contant, Online Editor

Although the issue of sustainability in insurance is a relatively new concept in Canada, it is one that is gaining ground throughout the world, a speaker said on Wednesday at KPMG’s 25th Annual Insurance Conference. Houston Cheng, consulting actuary and

News CatastrophesClimate ChangeInsuranceTechnology

Insurance undergoing “a fundamental structural change”: KPMG speaker

December 8, 2016 by Angela Stelmakowich

The insurance industry is undergoing structural change with the emergence of platform-based business models and insurers need to ready themselves to be able to take part, Matthew Smith, insurance co-lead for the Global Strategy Group at KPMG, suggested during the

News CatastrophesClimate ChangeCommercial LinesInsurancePersonal Lines

U.K. 2015/2016 floods one of the century’s “most extreme and severe” flood episodes

December 6, 2016 by Canadian Underwriter

The winter floods of 2015 and 2016 in the United Kingdom were one of the “most extreme and severe hydrological events of the last century,” a new scientific review has confirmed. The hydrological appraisal, titled The winter floods of 2015/2016