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Some seasonal small businesses have no insurance coverage heading into summer

July 27, 2017 by Canadian Underwriter

Seasonal businesses need the same risk coverage as year-round operations and busy small business owners should ensure they are appropriately protected as the summer season kicks into high gear, advises TruShield Insurance. Pointing out that small business owners are starved

News AssociationsCatastrophesClimate ChangeCommercial LinesInsurancePersonal Lines

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 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 LinesInsuranceMarkets / CoveragesMergers and AcquisitionsPersonal LinesTechnology

Brokers taking the initiative to embrace digital transformation: Insurance Analytics Canada speaker

July 4, 2017 Jason Contant, Online Editor

Many brokers are taking the bull by the horns and embracing digital transformation, with or without the help of insurers, a speaker suggested last week at the Insurance Analytics Canada Summit in downtown Toronto. Greg McCutcheon, president of Markham, Ont.-based

News CatastrophesInsurancePersonal Lines

Tornadoes suspected in violent N.B. storm: ‘It came without any notice’

May 19, 2017 The Canadian Press

SHIPPAGAN, N.B. – Authorities suspect a violent storm that hit New Brunswick suddenly late Thursday, ripping roofs apart and pulling down utility poles, may have been powered by tornadoes. “They were expecting some thundershowers, but nothing of that magnitude so

News CatastrophesConstructionInsuranceReinsurance

Insurance industry should look ahead to even larger losses than Fort McMurray, ICLR chair suggests

May 5, 2017 by Canadian Underwriter

The insurance industry should start thinking about what “could have been” if the Fort McMurray wildfire had been an even larger loss, the chair of Institute for Catastrophic Loss Reduction (ICLR) said on Friday at the institute’s annual general meeting.

News CatastrophesClimate ChangeCommercial LinesInsuranceMarkets / CoveragesReinsurance

Canada lacks ‘commercially widely available wildfire models,’ Aviva Canada reinsurance VP warns

May 2, 2017 Greg Meckbach, Associate Editor

Insurers 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,”

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 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

News CatastrophesInsurance

Tough slogging expected across Atlantic Canada in wake of major storm

February 10, 2017 The Canadian Press

Schools were closed and travel hampered in much of Atlantic Canada on Friday due to a fast-moving and powerful winter storm that blew in from the United States on Thursday night. Environment Canada had issued multiple snow, storm surge and

News Climate ChangeCommercial LinesConstructionEarnings / RatingsTechnology

Weather risk accounts for an estimated US$56 billion in untapped wind energy asset values globally: GCube

January 31, 2017 by Canadian Underwriter

Resource underperformance has surpassed mechanical breakdown and component damage as the major obstacle to achieving bankable wind energy projects, GCube Underwriting Ltd. notes in a report estimating the untapped asset values of wind energy stakeholders around the world at US$56

News CatastrophesCommercial LinesInsurancePersonal Lines

Flooding and damaging winds most destructive U.S. natural hazards in 2016: CoreLogic

January 26, 2017 by Canadian Underwriter

Natural hazard activity in the United States in 2016 was “relatively average or below average,” with the exception of flood and wind, both of which saw above-average activity, due in large part to Hurricane Matthew, CoreLogic, Inc. said on Thursday.