Keyword
Insurance Bureau of Canada
Documents show many cities are wary of mapping flood risks, making data public
May 9, 2017 Jordan Press - THE CANADIAN PRESSOTTAWA – When municipal officials were told last year about new tools to help them map the risk of flooding in their communities, they immediately raised red flags, suggesting they wanted no part of it over concerns about legal liability…
Ontario Chamber of Commerce endorses major changes to auto insurance rate regulation
May 9, 2017 by Canadian UnderwriterThe Ontario Chamber of Commerce (OCC) is calling on the provincial government to put an end to its existing auto rate filing system, a system the chamber describes as “one of the most costly, onerous, and restrictive in North America.”…
Mobile earthquake simulator to visit Quebec in May and June
May 3, 2017 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) is inviting Quebecers to experience the Quake Cottage, a mobile earthquake simulator, this month and next. As part of its earthquake preparedness campaign, IBC will be touring Quebec cities and shopping centres from La…
Canada lacks ‘commercially widely available wildfire models,’ Aviva Canada reinsurance VP warns
May 2, 2017 Greg Meckbach, Associate EditorInsurers have no “meaningful way of modelling wildfire” losses, a senior executive for Swiss Re Ltd. recently suggested to industry professionals. “If you look at it globally speaking, usually about half of the total insured losses globally are unmodelled perils,”…
No public-private flood coverage model a ‘lift and shift directly to Canada:’ Aviva Canada reinsurance VP
April 28, 2017 Greg Meckbach, Associate EditorBritain’s Flood Re program provides an “analogy for Canada” in insuring high-risk flood zones, while more research is needed to fully understand the economic impact of climate change, speakers suggested at Insurance Bureau of Canada’s recent Financial Affairs Symposium. Balz…
March windstorm in eastern Newfoundland caused close to $45 million in insured damage: CatIQ
April 26, 2017 by Canadian UnderwriterA windstorm in eastern Newfoundland on March 11 has resulted in nearly $45 in insured damages, according to Catastrophe Indices and Quantification Inc. (CatIQ). The Insurance Bureau of Canada (IBC) explained in a press release on Wednesday that a low…
‘Fresh approach’ needed for Ontario auto insurance: IBC CEO
April 25, 2017 Greg Meckbach, Associate EditorA report released two weeks ago is “probably the best description we have to date of what is wrong” with Ontario’s auto insurance system, the chief executive officer of Insurance Bureau of Canada said Tuesday. In opening remarks at IBC’s…
Canadian industry underwriting income down 81% in 2016: MSA
April 18, 2017 by Canadian UnderwriterThe Canadian property and casualty insurance industry had underwriting income of $484 million in 2016, down 81% from $2.554 billion in 2015, while reinsurers’ combined ratio deteriorated 30.4 points year over year, MSA Research Inc. suggested in a report released…
Southern Ontario windstorm in March caused close to $100 million in insured damage: CatIQ
April 18, 2017 by Canadian UnderwriterA windstorm that affected parts of southern Ontario on March 8 has resulted in nearly $100 million in insured damage, Catastrophe Indices and Quantification Inc. (CatIQ) said on Tuesday in a press release from the Insurance Bureau of Canada (IBC).…
Sharing economy not fully served by insurance industry, but opportunity is there: Kovacs
April 9, 2017 Jason Contant, Online EditorThe sharing economy is not fully served by the insurance industry right now, but the opportunity is there, Paul Kovacs, founder and executive director of the Institute for Catastrophic Loss Reduction, said on Thursday at the CIP Society Symposium 2017.…
Preparation, not panic, is the way to address earthquake risk: IBC’s Don Forgeron
April 7, 2017 by Angela StelmakowichWhen 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…
Satisfying unmet customer needs key to helping prevent disruption: CIP Symposium speaker
April 7, 2017 Jason Contant, Online EditorIf the insurance industry doesn’t start meeting unmet customer needs and responding to trends like the sharing economy, new entrants will likely continue to disrupt the industry, attendees to the CIP Society Symposium 2017 heard on Thursday. “The big risk…