Reinsurer Munich Re expects largely stable rates for contracts up for renewal in January 2013, while Swiss Re and Hannover Re predict moderate price increases for the same timeframe. The three companies announced their outlooks during the reinsurance industry’s annual…
A 200-hectare wildfire in the central Okanagan area of British Columbia has forced about 1,550 people from their homes. Three homes in the District of Peachland and one abandoned home in the Central Okanagan West electoral area have been lost…
More than 740,000 properties in 13 states across the western United States. fall into the high risk category for wildfire damage, representing a total property value estimate at over $136 billion, according to information and analytics service firm CoreLogic. The…
Zurich Canada recently launched a single insurance solution for various levels of government, educational institutions and health care facilities. Known as Public Sector Solution, the product is designed to provide a full range of coverages for all public entities across…
Atlantic Canada is expecting strong winds and heavy rainfall as tropical storm Leslie will reach Newfoundland by Sept. 11, according to the Canadian Hurricane Centre. “The likelihood of Leslie’s centre making landfall somewhere in Newfoundland is looking almost certain now,”…
Ontario’s Court of Appeal has ruled in favour of Certas Direct Insurance Company in a decade-long dispute over accident benefits, opting to set aside a divisional court order on the interpretation of the limitation period under the Insurance Act. Gordyukova…
Western Financial Group announced its acquisition of Orion Insurance Brokers Ltd. in Winnipeg on Sept. 7. Western, based in High River, Alberta, will add Orion’s Transcona office to its existing Winnipeg locations. Founded in 1993, Orion was purchased in 2008…
Despite floods having more economic impact than any other natural catastrophe, their impact continues to be underestimated, Swiss Re reports. In its latest report, Flood – an underestimated risk: Inspect, inform, insure, Swiss Re notes that insured flood losses have…
Two reports show that capital market instruments such as catastrophe bonds, insurance-linked securities and collateralized quota-share agreements (sidecars) are growing in popularity, but may hit a saturation point for investors. Fitch Ratings said that these risk transfer structures represent an…
Insurance Bureau of Canada has launched the first Atlantic Region study of rain barrel use to avoid water damage, after a similar project earlier this year in Ontario. Beginning Sept. 7, in Stratford, PEI, IBC is providing 1,000 homes with…
Reinsurance companies would be well-advised to continue to focus on solid underwriting to weather uncertainties and adapt to changes. Companies “really need to remain focused on their underwriting,” Gale Guerra, a senior financial analyst at A.M. Best Company, told attendees…
Toronto’s Tredd Insurance Brokers Ltd. has announced the purchase of H.E. Hunt & Associated Ltd. Insurance Brokers. H.E. Hunt, based in Calgary, is now a wholly owned subsidiary of Tredd, but will continue to operate under its previous name. The…