Canadian Underwriter

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Damage

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Estimated insured damage for June storm in central Alberta upwards of $30 million

July 17, 2017 by Canadian Underwriter

A severe storm that swept through central Alberta in the third week of June is estimated to have caused more than $30 million in insured damage, reports Insurance Bureau of Canada (IBC), citing figures from Catastrophe Indices and Quantification Inc.

News CatastrophesClimate ChangeCommercial LinesConstructionLegislation / RegulationPersonal LinesReinsurance

Maintaining wetlands could slash riverine flooding-related damage, local pilot project has national applicability: study

July 12, 2017 by Angela Stelmakowich

Just leaving current wetlands in their natural state could cause riverine flooding-related flood damage to plummet as much as 38% and should provide the impetus for communities to view natural infrastructure as a climate adaptation solution, notes a study from

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Stilling quake risk in eastern Canada demands greater focus, awareness and effort: Swiss Re

July 11, 2017 by Angela Stelmakowich

Risk awareness is severely lacking and not enough attention is being paid to quake risk in eastern Canada, a region with “huge” loss-inflicting potential that a Swiss Re model projects could produce the country’s largest nat-Cat loss ever if the

News AssociationsCatastrophesCommercial LinesEarnings / RatingsInsuranceLegislation / RegulationPersonal LinesReinsurance

Relying on government to solve “big shake” problem courts continued procrastination: Tannas

May 25, 2017 by Angela Stelmakowich

The potential for procrastination to address the consequences of a large earthquake in Canada are persistent and pervasive, demanding implementation of a tactical plan that could see “the issue dealt with, one way or another, in the next 12 months,”

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 InsuranceLegalPersonal Lines

Exclusion clause for ‘conversion’ in comprehensive auto policy ‘does not come close’ to being easily intelligible: Court

April 24, 2017 by Canadian Underwriter

An exclusion in an auto insurance policy for loss or damage caused by “conversion,” by someone in lawful possession of a vehicle does not apply to a truck tractor badly damaged by fire, a Supreme Court of British Columbia judge

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Intact Ventures becomes strategic investor in Canadian IoT technology company Alert Labs

April 20, 2017 by Canadian Underwriter

Intact Ventures has made its first investment in Canada Alert Labs Inc., an Ontario provider of easy-to-install technology that offers residential and commercial property owners real-time water use, flood, leak, temperature and power alerts. Not only do the alerts generated

News AssociationsCommercial LinesInsurancePersonal LinesTechnology

Autonomous vehicles coming, but auto books will not disappear any time soon: CIAA event speaker

April 17, 2017 by Angela Stelmakowich

Autonomous vehicles are coming, but there is no need for property and casualty insurers to panic that their auto books are going to quickly disappear, Andrew Lo, president and chief operating officer of Kanetix Ltd., said Thursday at the Canadian

News CatastrophesCommercial LinesInsuranceMarkets / CoveragesReinsurance

Swiss Re losses from Cyclone Debbie currently estimated at US$350 million

April 13, 2017 by Canadian Underwriter

Swiss Re currently estimates its claims burden from tropical cyclone Debbie in Australia at about US$350 million, net of retrocession and before tax, while the total insured market losses associated with the event is estimated at around US$1.3 billion. The

News Commercial LinesInsuranceLegislation / Regulation

TT Club offers advice on packaging, securing coiled materials in containers

January 17, 2017 by Canadian Underwriter

Specialist freight transport insurer TT Club has issued specific guidance on packing and securing coiled materials in containers in a bid to prevent the costly and potentially injurious consequences of improperly secured coils. Investigations into incidents along the international supply

News CatastrophesClimate ChangeCommercial LinesConstructionInsuranceLegislation / RegulationPersonal LinesReinsurance

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

News CatastrophesConstructionInsurancePersonal Lines

Nearly 2 million homes in Florida, the Carolinas and Georgia at risk of storm surge damage from Hurricane Matthew: CoreLogic

October 6, 2016 by Canadian Underwriter

Nearly two million homes in Florida, North and South Carolina and Georgia are risk of storm surge damage from Hurricane Matthew as it makes its way toward the United States’ Atlantic Coast, according to new data from CoreLogic, Inc. On