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Losses from Desmond floods in U.K. estimated at £604 million: PERILS

December 5, 2016 by Canadian Underwriter

The fourth and final insured property market loss estimate flowing from U.K. flooding in the wake of storm Desmond in late 2015 is £604 million, reports PERILS AG. Desmond and other low-pressure systems caused effects over a three-week period from

News CatastrophesClimate ChangeInsuranceMarkets / Coverages

Actuaries Climate Index launched to measure changes in extreme weather events and sea level in Canada, continental U.S.

November 30, 2016 by Canadian Underwriter

Organizations representing the actuarial profession in Canada and the United States have launched the Actuaries Climate Index (ACI), a quarterly measure of changes in extreme weather events and sea levels. The ACI, available online at ActuariesClimateIndex.org, is an educational tool

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Government of Canada to develop clean fuel standard

November 28, 2016 by Canadian Underwriter

The Government of Canada announced on Friday that it will consult with provinces and territories, Indigenous peoples, industries and non-governmental organizations to develop a clean fuel standard. The standard would require reductions in the carbon footprints of the fuels supplied

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Government of Canada launches new public awareness campaign on flood risks

November 23, 2016 by Canadian Underwriter

Canada’s Minister of Public Safety and Emergency Preparedness, Ralph Goodale, has announced a new public awareness campaign called Flood Ready, aimed at increasing Canadians’ knowledge of flood risks. Goodale announced the campaign on Monday in a video message to participants

News Climate ChangeInsuranceMarkets / Coverages

Ontario cap-and-trade won’t limit emissions through 2020: environment watchdog

November 22, 2016 The Canadian Press

TORONTO – Ontario’s environmental commissioner says the upcoming cap-and-trade program will not limit the province’s greenhouse gas emissions through to 2020. In a report released today, Dianne Saxe says that after Ontario’s system is linked with California and Quebec’s in

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Federal government should consider emergency back-stop mechanism for catastrophic earthquake: conference board

November 22, 2016 by Canadian Underwriter

The Conference Board of Canada is echoing a recent recommendation by a former federal superintendent of financial institutions for Ottawa to consider adopting a last-resort, emergency back-stop mechanism for a catastrophic earthquake given the long-reaching, adverse effects that the event

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Liberals set plan to phase out coal by 2030, with flexibility for Nova Scotia

November 21, 2016 The Canadian Press

OTTAWA – The Liberal government is moving to phase out the use of coal-fired electricity in Canada by 2030 as part of its overall clean-energy strategy. The goal is to make sure 90 per cent of Canada’s electricity comes from

News Climate ChangeInsurance

Canadians may not realize ‘magnitude of challenge’ in 2050 climate strategy

November 18, 2016 Bruce Cheadle - THE CANADIAN PRESS

OTTAWA – The federal government has released its long-term climate strategy with a caution that most Canadians – while sympathetic to the cause – don’t yet understand the “magnitude of the challenge.” The document suggests the country should find a

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Zurich Insurance announces plans to position itself for future, new profitability targets

November 17, 2016 by Canadian Underwriter

Zurich Insurance Group plans to build on customer relationships, simplify the business and significantly reduce costs as part of its renewed focus on increasing business profitability and delivering high-quality earnings over the 2017-2019 period, the global insurer announced Thursday. “In

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Ontario, Quebec and California hold “linked carbon market” meeting at COP22

November 16, 2016 by Canadian Underwriter

The governments of Ontario, Quebec and California held a tri-lateral meeting on Wednesday to further efforts to reduce greenhouse gas (GHG) emissions while boosting economic growth by linking cap-and-trade programs and expanding carbon markets. Ontario’s Minister of the Environment and

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Global natural disasters cost US$520 billion in losses every year, poor disproportionately affected: study

November 15, 2016 by Canadian Underwriter

The impact of extreme natural disasters is equivalent to a global US$520 billion loss in annual consumption, forcing some 26 million people into poverty each year, a new report from the World Bank and the Global Facility for Disaster Reduction

News Climate ChangeInsuranceLegislation / RegulationMarkets / CoveragesProfessional Development

IBC applauds Ontario government’s decision to move forward with creation of new financial services regulator

November 15, 2016 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) is applauding the Ontario government’s decision to move forward with the creation of a new financial services regulator. On Monday, the government of Ontario announced in its 2016 Ontario Economic Outlook and Fiscal Review