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News CatastrophesInsuranceMarkets / CoveragesPersonal Lines

Severe thunderstorm in Saskatoon causes power outages, street flooding

July 11, 2017 by Canadian Underwriter

Crews from the City of Saskatoon are responding to “power outages, lifted manhole covers and flooded streets” following a severe thunderstorm Monday evening. According to a press release on Monday from the city, Environment Canada issued a thunderstorm warning and

News CatastrophesClimate ChangeCommercial LinesInsuranceMarkets / CoveragesPersonal Lines

IBC encouraging policyholders to discuss policy limits with insurers as B.C. wildfires continue

July 10, 2017 by Canadian Underwriter

As British Columbia has declared a state of emergency due to wildfires burning out of control throughout much of the Interior, the Insurance Bureau of Canada (IBC) is encouraging policyholders to discuss policy limits with their insurer. Most home and

News InsuranceMarkets / CoveragesPersonal LinesProducts

The Commonwell Mutual Insurance Group launches new policy to protect clients against “home sharing rentals gone wrong”

July 10, 2017 by Canadian Underwriter

Lindsay, Ont.-based The Commonwell Mutual Insurance Group, a home and auto insurance company, announced on Monday the launch of a new policy designed to protect clients against “home sharing rentals gone wrong” on popular sites like Airbnb, FlipKey and HomeAway.

News CatastrophesCommercial LinesInsuranceMarkets / CoveragesPersonal Lines

U.S. Geological Survey scientists to track effects of historic Lake Ontario flooding

July 7, 2017 by Canadian Underwriter

Scientists with the U.S. Geological Survey (USGS) announced on Friday that they will be conducting field work to gather up-to-date information to help emergency managers track and respond to historic levels of flooding on Lake Ontario. The scientists will begin

News CatastrophesInsurancePersonal Lines

Wildfire spreading west of 100 Mile House, B.C. as evacuation orders in effect

July 7, 2017 The Canadian Press (CPSTF)

100 MILE HOUSE, B.C. – A wildfire in British Columbia’s Cariboo region has scorched more than 12 square kilometres of bush near 100 Mile House. The BC Wildfire Service says heavy smoke makes it difficult to determine the exact size

News Climate ChangeInsuranceMarkets / CoveragesPersonal LinesTechnology

Every Volvo vehicle launched from 2019 will have an electric motor, company says

July 7, 2017 by Canadian Underwriter

Volvo Cars announced earlier this week that every Volvo it launches from 2019 will have an electric motor, “marking the historic end of cars that only have an internal combustion engine (ICE) and placing electrification at the core of its

News InsuranceLegalMarkets / CoveragesPersonal Lines

SGI pursues legal action against two liquor establishments following four impaired driving deaths

July 6, 2017 by Canadian Underwriter

Saskatchewan Government Insurance (SGI) announced on Thursday that it has pursued legal action for the first time against two liquor establishments in connection with an impaired driving case that claimed a family of four in January 2016. SGI said in

News CatastrophesCommercial LinesInsurancePersonal Lines

Saskatoon thunderstorm estimated to cost over US$30 million, floods and convective storms cost global economy US$5 billion in June: Aon Benfield

July 6, 2017 by Canadian Underwriter

A thunderstorm over Saskatoon on June 2 that spawned ping pong ball-sized hail is estimated to cost more than US$30 million, Aon Benfield said in its Global Catastrophe Recap report for the month of June. The fast-developing thunderstorm caused the

News CatastrophesConstructionInsurancePersonal Lines

Canadians evacuated from homes after a wildfire can expect to suffer $11,300 in financial losses: Square One Insurance

July 6, 2017 by Canadian Underwriter

Canadians evacuated from their homes because of wildfires can expect to suffer an average of $11,300 in financial losses, a recent study from Square One Insurance Services Inc. has found. Those with home insurance can recover most, but not all,

News CatastrophesInsurancePersonal Lines

Trans-Canada Highway closed as wildfire spreads west of Kamloops, B.C.

July 6, 2017 The Canadian Press (CPSTF)

KAMLOOPS, B.C. – An out-of-control wildfire is burning through the Cherry Creek area west of Kamloops, B.C. The BC Wildfire Service says the 15-hectare fire has damaged one outbuilding and partially effected a residence in the area. Spokeswoman Justine Hunse

News AssociationsCatastrophesClimate ChangeCommercial LinesPersonal LinesReinsurance

Intact Financial Corporation announces $105 million Cat loss for 2017 Q2

July 6, 2017 by Canadian Underwriter

Intact Financial Corporation’s (IFC) estimated catastrophe losses, net of reinsurance, for 2017 Q2 is about $105 million on a pre-tax basis, reports Canada’s largest provider of property and casualty. On an after-tax basis, the estimated loss amounts to $77 million

News Commercial LinesInsuranceMergers and AcquisitionsPersonal Lines

Wawanesa subsidiary Trimont Financial completes acquisition of Western Financial Group and Western Life Assurance from Desjardins Group

July 5, 2017 by Canadian Underwriter

Trimont Financial Ltd., a subsidiary of the Wawanesa Mutual Insurance Company, announced on Wednesday the formal closing of its previously announced agreement to purchase Western Financial Group and Western Life Assurance (collectively “Western”) from Desjardins Financial Corporation, a Desjardins Group