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Cleanup of oil spill in Saskatchewan cost $107 million, Husky Energy says

February 24, 2017 Dan Healing - THE CANADIAN PRESS

CALGARY – A major oil pipeline spill last year in Saskatchewan cost $107 million to clean up, a $17-million increase from a September estimate of $90 million, according to pipeline operator Husky Energy (TSX:HSE) of Calgary. The pipeline rupture last

News CatastrophesConstructionInsurance

Government of Alberta advances Disaster Recovery Program funding to help with Fort McMurray uninsurable costs

February 24, 2017 by Canadian Underwriter

The government of Alberta announced on Thursday that it is advancing $20 million in Disaster Recovery Program funding to help with uninsurable costs related to the Fort McMurray wildfire. The funding is intended to help with uninsurable costs, such as

News CatastrophesClimate ChangeEarnings / RatingsInsuranceMarkets / CoveragesTechnology

RSA Canada posts solid underwriting profit despite nat-Cat events in 2016

February 24, 2017 by Angela Stelmakowich

RSA Canada witnessed increased underwriting profit and a solid combined ratio for 2016 despite what can only be described as a challenging year that featured Canada’s most costly insurable nat-Cat ever and a host of other adverse weather events. “We’re

News CatastrophesCommercial LinesInsurance

Crop insurance coverage levels in Saskatchewan increasing to a record $217 per acre this year

February 23, 2017 by Canadian Underwriter

Crop insurance coverage levels in Saskatchewan are increasing to a record $217 per acre in 2017, up from $216 per acre in 2016. A joint press release from Saskatchewan Crop Insurance Corporation (SCIC) and Agriculture and Agri-Food Canada on Thursday

News CatastrophesInsurancePersonal Lines

PERILS puts initial loss estimate for extra-tropical cyclone Egon at 212 million euros

February 23, 2017 by Canadian Underwriter

PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data, has put the initial loss estimate for extra-tropical cyclone Egon at 212 million euros. The low pressure system associated with Egon developed as a secondary low from a large

News InsuranceLegalTechnology

Half of polled Canadian businesses suspect or know their firms have been hit by fraud in last year

February 22, 2017 by Canadian Underwriter

New survey findings indicate a disconnect between how many Canadian businesses have experienced fraud in the last year and the high level of confidence among business and C-suite executives regarding their ability to prevent such incidents. Half of the Canadian

News CatastrophesInsurancePersonal Lines

Evacuations ordered amid heavy Northern California rain

February 21, 2017 Kristin J. Bender - THE ASSOCIATED PRESS

SAN FRANCISCO – Evacuations were ordered in Northern California on Monday and flash-flood warnings were issued elsewhere as downpours swelled creeks and rivers to potentially dangerous levels in the already soggy region. A levee break along the San Joaquin River

News InsuranceLegal

ICBC launches education campaign on insurance fraud

February 21, 2017 by Canadian Underwriter

The Insurance Corporation of British Columbia (ICBC) announced on Monday that it has launched an education campaign aimed at helping to prevent insurance fraud. ICBC said in a statement that while most claims are honest, insurance industry studies estimate that

News CatastrophesClimate ChangeInsuranceLegislation / RegulationMarkets / CoveragesTechnology

Cyber attack remains top business continuity concern, preparedness for all threats urged: Horizon Scan Report

February 21, 2017 by Canadian Underwriter

Cyber attack, data breach and unplanned IT and telecom outages are the greatest concerns among business continuity professionals, concludes the sixth annual Horizon Scan Report, released Tuesday. The top three concerns remain unchanged from the last report carried out by

News CatastrophesInsurancePersonal LinesTechnology

Northbridge Insurance teams up with Alert Labs for pilot project with home water damage sensors

February 17, 2017 by Canadian Underwriter

Northbridge Insurance has teamed up with Alert Labs for a pilot project that provides customers up to $150 in annual savings on their home insurance if they purchase sensors aimed at protecting homes against water damage. The pilot project offers

News Commercial LinesEarnings / RatingsInsuranceMarkets / CoveragesPersonal Lines

Echelon Financial Holdings Inc. sees lower net income for 2016 full-year, Q4 over prior-year periods

February 17, 2017 by Canadian Underwriter

It was a mixed bag for Echelon Financial Holdings Inc. (EFH) in the fourth quarter of 2016, with strong commercial lines results and lower personal lines results combining to contribute to a 70% drop in net income to about $2.6

News CatastrophesCommercial LinesEarnings / RatingsInsurancePersonal Lines

Co-operators General Insurance Company net income $128.8 million in 2016 Q4, up from $103.3 million in 2015 Q4

February 16, 2017 by Canadian Underwriter

The consolidated net income for Co-operators General Insurance Company increased for the fourth quarter of 2016 over the same quarter in 2015, but net income for 2016 decreased from 2015. The Co-operators has posted net income of $128.8 million for