Topic
Catastrophes
Economical Insurance to launch overland flood coverage in 2016
May 1, 2016 Greg Meckbach, Associate EditorEconomical Insurance of Waterloo, Ont plans to launch a property insurance product that covers overland flooding this year, a company official told industry professionals Friday. “We are really looking forward at Economical to launching our overland flood coverage later this…
IBC ShakeZone tour visits British Columbia for earthquake preparedness
April 30, 2016 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) has teamed up with the government of British Columbia, 34 municipalities and local universities to remind British Columbians of the importance of earthquake preparedness. The IBC ShakeZone tour will make 34 stops throughout Vancouver,…
The Weather Company predicts 14 named storms for the 2016 tropical season
April 30, 2016 by Canadian UnderwriterThe Weather Company, an IBM Business, has issued their first tropical forecast for the 2016 season, which includes a total of 14 named storms. Of those named storms, eight will be hurricanes and three will be major hurricanes, The Weather…
Alberta, TransAlta reach agreement to protect Calgary and other Bow River communities from flood and drought
April 28, 2016 by Canadian UnderwriterThe province of Alberta has entered into a five-year agreement with power generation and wholesale marketing company TransAlta that will provide flood protection to Calgary, reduce the impacts of drought and help communities adapt to a changing climate. The five-year…
Reinsurance company SCOR’s net income falls slightly to 170 million euros in the first quarter of 2016 compared to prior-year quarter
April 27, 2016 by Canadian UnderwriterDespite a low natural catastrophe-loss environment that helped SCOR’s Global Property and Casualty segment record strong technical profitability and a solid contribution from the Life segment for gross written premiums, the company’s net income fell slightly to 170 million euros…
Wind, hail storms in Texas contribute to $318m in Q1 catastrophe losses for Travelers
April 26, 2016 by Canadian UnderwriterThe Travelers Companies Inc. reported catastrophe losses of $318 million during the three months ending March 31, up 96% from $162 million during the same period in 2015, while Q1 earned premiums in personal insurance rose 6.2% year-over year. All…
Aviva Canada, ICLR team up for free emergency preparedness mobile app
April 26, 2016 by Canadian UnderwriterAviva Canada has partnered with the Institute for Catastrophic Loss Reduction (ICLR) for the creation of a free emergency preparedness mobile app. The free Plan & Protect app, announced on Tuesday, can be downloaded to mobile devices, where users will…
Everest Re Group’s net income almost halved to US$171.7 million in 2016 Q1 from prior-year quarter
April 26, 2016 by Canadian UnderwriterNet income available to common shareholders of Everest Re Group Ltd. was US$171.7 million in the first quarter of 2016 compared to US$323.0 million in the same quarter of 2015, the company reported Monday. The after-tax operating income available to…
Third Texas hail storm in less than a month could push state’s year-to-date damage beyond nine-year average for U.S.: A.M. Best
April 25, 2016 by Canadian UnderwriterTexas’s third major hail storm in less than a month on Apr. 11 could push the state’s damage so far this year to beyond the nine-year average of US$1.2 billion for the whole of the United States, notes a report…
At least US$350M in insured losses from Ecuador quake that killed more than 500: AIR
April 22, 2016 by Canadian UnderwriterAs Ecuador continues to suffer aftershocks from a major earthquake the evening of April 16, catastrophe modeling vendor AIR Worldwide estimates insured losses could exceed $1 billion. In an alert published Thursday, Boston-based AIR Worldwide said it estimates that industry…
As PM signs UN climate treaty, now comes the hard part: respecting it
April 22, 2016 Alexander Panetta - THE CANADIAN PRESSUNITED NATIONS, N.Y. – Prime Minister Justin Trudeau joined world leaders Friday to help formally ratify a global treaty on climate change. Putting his signature to the Paris accord was the easy part. The hard part comes next: reducing Canada’s…
Catastrophic earthquake could threaten Canada’s p&c industry, government backstop needed for “unthinkable” events: IBC
April 22, 2016 by Angela StelmakowichA catastrophic earthquake could threaten Canada’s property and casualty industry, clearly illustrating the need to have in place a government backstop, Sylvie Paquette, chair of the Board of Directors for Insurance Bureau of Canada (IBC), said following IBC’s Annual General…