Topic
Catastrophes
Heavy rainfall in New Brunswick prompts flood warnings from emergency officials
September 30, 2015 The Canadian PressFREDERICTON – New Brunswick’s Emergency Measures Organization is warning about the potential for localized flooding as the result of heavy rainfall in the province. In a statement, officials say up to 180 mm of rain is expected in the central…
Q3 2015 cat bond market totalled nearly US$700 million in issuance: PCS
September 30, 2015 by Canadian UnderwriterThe Q3 2015 catastrophe bond market has seen an “interesting mix of activity, though light,” totalling nearly US$700 million in issuance, including the cat bond lite space, Property Claim Services (PCS) said in a report released on Wednesday. PCS, a…
PERILS revises loss estimate for windstorm Mike-Niklas to 826 million euros
September 29, 2015 by Canadian UnderwriterPERILS, the independent Zurich-based organization providing industry-wide catastrophe insurance data, has disclosed its third loss estimate for windstorm Mike-Niklas – a property insurance market loss of 826 million euros. The revised estimate, released on Tuesday, compares to PERILS’ second loss…
Institute for Catastrophic Loss Reduction to host workshop on flood and drought
September 29, 2015 by Canadian UnderwriterThe Institute for Catastrophic Loss Reduction (ICLR) will be hosting a workshop on flood and drought as part of its next Friday Forum series. The workshop, titled Flood and Drought: What is next for Watershed Management?, will be held on…
Some familiar, some less familiar natural disasters could prove costly
September 28, 2015 Angela Stelmakowich, EditorAsked to consider the type of natural disasters that could potentially have a big impact on Canadians – resulting in billions of dollars of losses, insured and not – it would not be surprising if ice storms made the list,…
Mock meteorite strike to help train High River volunteers for disaster recovery
September 28, 2015 Bill Graveland - THE CANADIAN PRESSHIGH RIVER, Alta. – Hasn’t High River suffered enough? After surviving one to the worst flood in Canadian history a couple of years ago, the Alberta town of 12,000, 70 kilometres south of Calgary is preparing for a meteorite to…
Nova Scotia hospital postpones appointments following flood
September 28, 2015 by Canadian UnderwriterThe Nova Scotia Health Authority has said that the Queen Elizabeth II Health Sciences Centre will continue “with a higher volume of surgeries starting Monday,” following a flood last week that also caused the postponement of 140 of 190 outpatient…
B.C. Premier announces $10 million top-up to Strategic Wildfire Prevention Initiative, tasks forestry ministry with looking at ways to reduce fire risk
September 26, 2015 by Canadian UnderwriterBritish Columbia Premier Christy Clark announced on Friday a top-up of $10 million to the Strategic Wildfire Prevention Initiative and tasked the provincial Ministry of Forests, Lands and Natural Resource Operations to look at other ways to reduce wildfire risk…
Brokers up to managing challenges in coming year: IBAC president-elect
September 26, 2015 Angela Stelmakowich, EditorIt will be a challenging year for the insurance industry, but brokers will be able to manage those challenges with continued focus and hard work, Lorne Perry, president-elect of the Insurance Brokers Association of Canada (IBAC), suggested during IBAC’s annual…
A.M Best observes ‘huge amount’ of reinsurance merger and acquisition activity
September 25, 2015 by Canadian Underwriter2014 was a “very tough” catastrophe year for Canadian insurers, while mergers and acquisitions are “on the minds” of managers for global reinsurance firms, analysts for A.M. Best Company Inc. told Canadian insurance professionals Thursday in Toronto. “All of a…
Delay in approval of settlement fund for victims of Lac-Mgantic rail disaster
September 25, 2015 by Canadian UnderwriterPORTLAND, Maine – Final approval of a massive settlement for victims of the 2013 train derailment in Lac-Megantic, Que., has been delayed. The delay is to provide time for the only party that’s opposed to the fund to either join…
New Canadian flood map program seeks to help provide true flood risk for insurers, others
September 24, 2015 by Canadian UnderwriterFlood Risk Canada, Inc. (FRC) has launched a new program designed to allow insurers, lenders and property owners to receive accurate and current flood hazard and flood risk data for commercial, residential and mixed-use properties in Canada. FRC reports the…