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Judicial determination on interpretation of property Cat XOL with reinsurers sought

July 18, 2017 by Angela Stelmakowich

Alberta Motor Association Insurance Company is looking to divide the loss arising out of the Fort McMurray wildfire, which exceeded a duration of 168 hours, into six multiple loss occurrences in line with its reading of its property catastrophe excess

News CatastrophesConstructionInsuranceMergers and Aqcuisitions

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 CatastrophesConstructionInsuranceMarkets / CoveragesMergers and Aqcuisitions

Southern Alberta town ravaged by 2013 flood sees development as promising sign

June 8, 2017 The Canadian Press

HIGH RIVER, Alta. – A new housing and retail development in High River, Alta., is being hailed as proof of renewed confidence in the town’s ability to handle another flood event. Massive floods that raged through southern Alberta in the

News CatastrophesClimate ChangeConstructionInsuranceMergers and Aqcuisitions

Government of Alberta invests in debris dam to protect homes, businesses and infrastructure in Canmore

May 29, 2017 by Canadian Underwriter

The Government of Alberta announced on Friday that it is investing an additional $10.3 million to protect homes, businesses and infrastructure in Canmore. The money represents the final funding towards a $48.6-million debris dam at Cougar Creek and is part

News CatastrophesInsuranceMergers and Aqcuisitions

Six Kaslo, B.C., homes still evacuated after slide, order lifted for 41 others

April 19, 2017 The Canadian Press

KASLO, B.C. – The threat of further slides is keeping six families out of their homes in southeastern B.C., but residents of 41 other properties were allowed to return Tuesday night. The Regional District of Central Kootenay downgraded an evacuation

News AssociationsCatastrophesClimate ChangeEarnings / RatingsInsuranceMergers and AqcuisitionsReinsurance

Preparation, not panic, is the way to address earthquake risk: IBC’s Don Forgeron

April 7, 2017 by Angela Stelmakowich

When talk turns to the possibility of a major earthquake in Canada, Don Forgeron, president and CEO of Insurance Bureau of Canada (IBC), advises that the response should be to prepare, not to panic. “No one should spend their day

News AssociationsCatastrophesClimate ChangeInsurance

Openness to making homes, businesses resilient to severe weather encouraging: OMIA’s John Taylor

March 31, 2017 by Angela Stelmakowich

There are encouraging signs from government, municipalities and builders that resiliency needs to become part of building code conversations given that severe weather shows no signs of abating, suggested John Taylor, president and CEO of the Ontario Mutual Insurance Association

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Incumbent insurers should rethink businesses, embrace opportunity in digital technology: McKinsey & Company

March 9, 2017 by Canadian Underwriter

The insurance industry is not impregnable and companies would be well-advised to reinvent themselves by incorporating digital technology and allowing it to become a catalyst, suggests a new report issued Thursday by McKinsey & Company. Some executives “know that staying

Feature CatastrophesMergers and AqcuisitionsReinsurance

Flood Money

January 2, 2017 Greg Meckbach, Associate Editor

While the federal government continues to “explore options” for a national approach to flood insurance, a major reinsurer warns coverage is unaffordable to many high-risk properties.

News AssociationsCatastrophesClimate ChangeConstructionEarnings / RatingsLegislation / RegulationMergers and AqcuisitionsReinsurance

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

News CatastrophesClimate ChangeInsuranceMergers and Aqcuisitions

Almost $65 million in insured damage from severe summer storm in Alberta, Saskatchewan

August 24, 2016 by Canadian Underwriter

A severe storm that swept through southern Alberta and Saskatchewan in the third week of July has prompted an insured damage estimate of almost $65 million, reports Insurance Bureau of Canada (IBC), based on figures provided by Catastrophe Indices and

News CatastrophesClimate ChangeConstructionInsuranceLegislation / RegulationMergers and AqcuisitionsReinsurance

Homes more resistant to ignition by embers had improved survival in Fort Mac wildfire, “luck” not a factor: ICLR report

August 22, 2016 by Canadian Underwriter

Surviving homes in otherwise decimated neighbourhoods of Fort McMurray hit by this spring’s massive wildfire were more resistant to ignition by embers, notes a preliminary report issued by the Institute for Catastrophic Loss Reduction (ICLR). Home survival is not random