Over the past 20 years, 161 different insurance companies have exited the Canadian P&C market, 96% of which were voluntary exits, according to a new report from the Property and Casualty Insurance Compensation Corporation (PACICC). The report, the 11th in…
Swiss Re currently estimates its claims burden from tropical cyclone Debbie in Australia at about US$350 million, net of retrocession and before tax, while the total insured market losses associated with the event is estimated at around US$1.3 billion. The…
The Government of Alberta announced on Wednesday that it is investing about $13.4 million to help the City of Calgary boost its flood readiness. Six provincial grants are part of $63 million earmarked in Budget 2017 to help Alberta communities…
The energy sector is still beset by some significant challenges, including low oil prices, but there may also be a “new normal” emerging in the global energy insurance market, according to global advisory, broking and solutions company Willis Towers Watson…
Sponsors completed one catastrophe bond with coverage for Canada in the first quarter of 2017 (Galilei Re), according to Property Claim Services’ (PCS) first-quarter cat bond report released on Wednesday. As it was a large transaction, capital raised by cat…
Ontario should not move to a government-run auto insurance system but the province should establish hospital-based examination centres with authority to establish treatment plans that would have to be provided by the insurers, without dispute, a special advisor to the…
OSO, Wash. – A slow-moving landslide near the site of a Washington state mudslide that wiped out a neighbourhood and killed 43 people in 2014 has prompted officials to close a state highway as a precaution and recommend evacuations for…
Aon Benfield’s Tropical Storm Risk (TSR) and a research scientist at the Colorado State University (CSU) have both predicted 11 named storms, four hurricanes and two major (Category 3+) hurricanes between the months of June and November. TSR, part of…
ST. JOHN’S, N.L. – More icebergs have drifted into major shipping lanes off Newfoundland, forcing ships to go far out of their way to steer clear of the massive ice mountains. “It’s the only place in the world where icebergs…
The U.S. Senate Committee on Commerce, Science & Transportation is holding a field hearing in West Palm Beach, Fl. to discuss the economic impacts of extreme weather and coastal flooding. Lead by Senator Bill Nelson (D-FL), the hearing, titled “Extreme…
A plaintiff could file a pollution lawsuit in Alberta “well past” the end of the limitation period, even if a hazardous substance was released more than 50 years ago, a lawyer warned in a recent blog post. Alberta’s Environmental Protection…
Manitoba Public Insurance (MPI) has announced that it is launching a new “virtual reality (VR) experience” to tackle three critical road safety issues facing young drivers in Manitoba: distracted driving, impaired driving and speeding. Ron Schuler, Manitoba’s Minister of Crown…