Topic
Claims
Third-party drone services developing, immediate post-incident use still a challenge
September 8, 2017 by Angela StelmakowichA trend seems poised to take flight whereby companies in need of drone services to gain specific insights will increasingly tap the expertise of third-party providers. “I think third-party companies who provide services utilizing drones will be more common than…
Total property damage from Hurricane Harvey’s flooding estimated at between US$65-75 billion: AIR Worldwide
September 7, 2017 by Canadian UnderwriterProperty losses from flooding in Texas caused by Hurricane Harvey’s record-breaking rainfall will be between US$65 billion and US$75 billion, catastrophe modelling firm AIR Worldwide estimated in a press release issued late Wednesday. The estimate includes damage to all properties…
PERILS discloses extratropical cyclone Zeus’ third loss estimate at 284 million euros
September 6, 2017 by Canadian UnderwriterPERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data, has disclosed a third loss estimate of 284 million euros for extratropical cyclone Zeus, which affected France on March 6 and 7. The revised estimate of the property insurance…
“Drastic action” needed to address ICBC ails, remedy hefty rate hikes
September 6, 2017 by Canadian UnderwriterThe British Columbia government has taken the reins to protect drivers and address mounting financial concerns at the Insurance Corporation of B.C. (ICBC), including by limiting rate increases that threatened to reach double-digits. “Drastic action is needed to fix ICBC’s…
Shifting Landscape
September 5, 2017 Justin Moresco, Senior Product Manager, RMSAfter a shaky start, earthquake is steadily gaining profile among stakeholders from governments to policyholders about the risk and the importance of having plans in place. Nowhere in Canada is awareness higher than on the west coast of British Columbia, which abuts the ring of fire. But even there, a shift in thinking is under way as to what areas could produce the largest insured losses should a quake occur.
Free online offering hopes to bolster catastrophe modelling understanding
September 5, 2017 by Canadian UnderwriterWhat has been described as the first free and neutral open online catastrophe modelling course was launched today to help those working in climate change and disaster loss mitigation, academia and insurance better understand the use of models in nat-Cat…
SGI Canada customers evacuated by Saskatchewan wildfires have mass evacuation coverage
September 5, 2017 by Canadian UnderwriterSGI Canada policyholders in areas affected by the wildfires in northern Saskatchewan will have mass evacuation coverage in place for 30 days and should be assured that personal and commercial property policies will not be cancelled for 30 days in…
Held to Ransom
September 1, 2017 Graeme Newman, Chief Innovation Officer, CFC UnderwritingRansomware is not new, but attacks are transforming in step with changing motivations. Businesses are advised to have in place precautions to thwart attacks when possible, complemented by cyber insurance should attackers manage to break through.
Elevated wildfire danger levels continue in Manitoba
September 1, 2017 by Canadian UnderwriterHot, dry and windy conditions continue in Manitoba, resulting in elevated wildfire danger levels in many areas of the province, Manitoba Sustainable Development and the Office of the Fire Commissioner said in a media bulletin issued on Friday. To date,…
Spring flooding in Ontario and Quebec caused more than $223 million in insured damage: CatIQ
September 1, 2017 by Canadian UnderwriterTwo significant spring storm and flooding events in eastern Ontario and western Quebec resulted in more than $223 million in insured damage, according to information from Toronto-based Catastrophe Indices and Quantification Inc. (CatIQ) released on Friday. Between April 5 and…
CoreLogic estimates insured flood loss for homes affected by Hurricane Harvey at US$6.5 billion to US$9.5 billion
September 1, 2017 by Canadian UnderwriterInsured flood loss for homes in Texas and Louisiana affected by Hurricane Harvey is estimated to be between US$6.5 billion and US$9.5 billion, according to preliminary loss estimates from CoreLogic. Irvine, Calif.-based CoreLogic, a global property information, analytics and data-enabled…
B.C. tourism industry taking major hit due to wildfires
August 31, 2017 The Canadian Press (CPSTF)KAMLOOPS, B.C. – British Columbia’s tourism industry is taking a hit with businesses reporting rising cancellations and decreased traffic over fears of wildfires. Maya Lange with Destination BC, the province’s tourism planning and marketing corporation, said Wednesday preliminary results from a survey of businesses in the Kootenay-Rockies region found that 32 per cent are anticipating losses due to perceptions of the fires.
“We are very concerned. Just looking at the volume of visitation and the volume of trips that are taken by British Columbian…