Topic
Catastrophes
Anatomy of a Cat Plan
November 1, 2015 Joe Colby, Senior Vice President and Head of Claims, Canada & English Caribbean, Swiss ReWhat are the key elements of a best-in-class catastrophe plan? Not only do businesses need to look inward to determine company-specific risks andexposures, but also look outward to see how lessons learned elsewhere can be employed
Model Behaviour
November 1, 2015 Patti Ristich, Partner, R2 communications Inc.The unprecedented growth of mega-cities and the changing environment mean the Cat risk business is growing. With that, risk modelling – fuelled by lessons learned and the availability of data – could serve as an increasingly important tool for how insurers and reinsurers calculate expected loss.
Cleanup continues 45 years after tanker ran aground off Nova Scotia’s eastern shore
October 30, 2015 The Canadian PressARICHAT, N.S. – Canadian Coast Guard divers have been called in to remove thousands of litres of oil from a ship that sank 45 years ago off Nova Scotia’s eastern shore. The tanker Arrow ran aground on Cerberus Rock and…
Institute for Catastrophic Loss Reduction to host workshop on climate data on Nov. 13
October 30, 2015 by Canadian UnderwriterThe Institute for Catastrophic Loss Reduction (ICLR) will be hosting a workshop in November on the current state and availability of climate data. The presentation will describe the current state and availability of data in the province, “which is an…
Thousands lose power due to high winds in southern part of New Brunswick
October 29, 2015 The Canadian PressSAINT JOHN, N.B. – High winds are causing outages today for power customers in parts of southern New Brunswick. NB Power says more than 7,500 customers were without electricity as of 1:20 p.m. Most of the affected customers are in…
Understanding consumer view key to meeting expectations: Forgeron
October 29, 2015 Angela Stelmakowich, EditorConsidering things from the consumer perspective is important for insurers to truly understand – and, in turn, be able to respond to – ever-evolving consumer expectations, Don Forgeron, president and CEO of Insurance Bureau of Canada (IBC), suggested Thursday at…
Guy Carpenter report examines new approaches to risk financing
October 29, 2015 by Canadian UnderwriterThe creation of private sector pre-financing options will migrate management of catastrophes to insurance and reinsurance companies, where claims handling and risk management are at the core of their operations, according to a new public sector risk report from Guy…
Critics oppose Spray Lakes clearcutting, say it increases flood risk
October 29, 2015 The Canadian PressCALGARY – The Alberta government’s approval of clearcutting in a popular recreational area west of Calgary has raised the ire of local residents who fear the move could result in large fluctuations in water levels and potential flooding. Spray Lakes…
Net premiums written for AXIS Capital’s Insurance segment up 5% in third quarter
October 28, 2015 by Canadian UnderwriterPembroke, Bermuda-based AXIS Capital Holdings Limited has reported a combined ratio of 96.6% for the third quarter of 2015, compared to 92.2% in Q3 2014, and net premiums written (NPW) for its Insurance segment of US$381 million, an increase of…
Q3 combined ratio up 5.2 points, gross written premiums up 66.1% for XL Group
October 28, 2015 by Canadian UnderwriterFollowing its acquisition earlier this year of insurance carrier Catlin Group Ltd., XL Group plc reported a 66.1% year-over-year increase in third-quarter gross written premiums in property & casualty and a 3.3-point increase in its expense ratio, while an explosion…
Warnings issued as remnants of hurricane Patricia move through southern Ontario
October 28, 2015 The Canadian PressTORONTO – Rain and wind warnings and flood watches have been issued as the remnants of hurricane Patricia move across southern Ontario today, making for a messy morning commute in some areas. Forecasters predicted a “large shield of rain” in…
IBC applauds Alberta’s move to reduce flood risk
October 28, 2015 by Canadian UnderwriterThe Government of Alberta’s announcement this week that it will pump almost $450 million into funding flood protection measures along the Bow and Elbow Rivers shows its “commitment to building resilient communities,” Insurance Bureau of Canada (IBC) notes in a…