Topic
Catastrophes
Death toll from Fiji cyclone hits 18 as aid sent to islands
February 22, 2016 Nick Perry - THE ASSOCIATED PRESSWELLINGTON, New Zealand – The death toll from a ferocious cyclone which tore through Fiji over the weekend has risen to 18 as authorities on Monday began to get a grasp on the scale of the disaster and deploy aid…
Surveyed Canadians uninformed about flood damage protection: Square One
February 22, 2016 by Canadian UnderwriterTwo-thirds of those taking part in a recent poll by Vancouver-based Square One Insurance Services Inc. incorrectly believe flood protection is included in home insurance policies. The survey of 1,500 Canadians shows that 65% of those surveyed think flood protection…
Combined ratio for U.S. p&c to increase 1.2 points in 2016: A.M. Best
February 19, 2016 by Canadian UnderwriterThe combined ratio will rise from 98% in 2015 to 99.2% for the property and casualty insurance industry in the United States, while for the U.S. and Bermuda reinsurance industry, the combined ratio will deteriorate by 6.7 points, A.M. Best…
Exceptionally strong El Nio has passed its peak, but impacts continue to influence global climate: World Meteorological Organization
February 19, 2016 by Canadian UnderwriterThe powerful 2015-2016 El Niño has passed its peak but remains strong and will continue to influence the global climate, according to the latest update from the World Meteorological Organization (WMO), a specialized agency of the United Nations. The WMO…
More challenging environmental risks may pose insurance coverage issues for Canadian companies: Marsh
February 18, 2016 by Canadian UnderwriterCanadian companies may find it increasingly difficult to obtain insurance coverage for more challenging environmental risks as the number and size of environmental claims continue to grow, according to Marsh’s Canada Insurance Market Report 2016, released on Thursday. Marsh, an…
Net income for Echelon Financial Holdings down 56% to $3.7 million in 2015 Q4 compared to 2014 Q4
February 18, 2016 by Canadian UnderwriterAn underwriting loss in the fourth quarter of 2015 contributed to Echelon Financial Holdings Inc. (EFH) seeing net income drop 56% for both 2015 Q4 and full-year 2015. Net income for the three months ended Dec. 31, 2015 was approximately…
Alberta preparing early for wildfire season
February 17, 2016 by Canadian UnderwriterThe province of Alberta announced on Tuesday that it is putting protection measures in place early in preparation of wildfire season. Beginning March 1, a permit is required for all planned fires in Alberta’s Forest Protection Area, with the exception…
IBC applauds B.C.’s investment in emergency preparedness
February 17, 2016 by Canadian UnderwriterInsurance Bureau of Canada (IBC) has given the thumbs up to the Government of British Columbia’s plan to invest tens of millions of dollars to make communities more resilient and protect them from the impact of severe weather. “We are…
Massive gas leak near Los Angeles plugged after 16 weeks
February 12, 2016 Brian Melley - THE ASSOCIATED PRESSLOS ANGELES – A blowout at a natural gas well that gushed uncontrollably for 16 weeks and drove thousands of residents from their Los Angeles homes was plugged Thursday, a utility said. While the well still needs to be permanently…
App aims to create “worldwide seismic detection network”
February 12, 2016 by Canadian UnderwriterScientists at the University of California (UC) Berkeley released on Friday a free Android app that taps into a smartphone’s ability to record ground shaking from an earthquake, with the goal of “creating a worldwide seismic detection network that could…
Disasters in 2015, the hottest year on record, demonstrate need to adapt to climate change: UNISDR
February 12, 2016 by Canadian UnderwriterWeather and climate-related disasters now dominate disaster trends linked to natural hazards, suggests a new analysis issued this week by the United Nations Office for Disaster Risk Reduction (UNISDR). The finding, UNISDR reports in a statement, is confirmed by events…
Zurich aims to ‘better account’ for interconnectivity of risks in general insurance
February 11, 2016 by Canadian UnderwriterZurich Insurance Group reported a combined ratio of 103.6% in general insurance in 2015, up 6.8-points from 96.8% 2014, and while part of that was due to an explosion in a Chinese port last summer, the insurer said its results…