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Markets / Coverages
Federal disaster mitigation funding “a leap forward”: ICLR
March 23, 2017 Angela StelmakowichThe federal budget’s commitment to create a $2 billion Disaster Mitigation and Adaptation Fund demonstrates Ottawa’s increasing support for disaster risk reduction, suggests Glenn McGillivray, managing director of the Institute for Catastrophic Loss Reduction (ICLR). “For many years, the federal…
Ottawa plans to eliminate tax exemption for farm property insurers, amend anti-money laundering laws
March 23, 2017 by Canadian UnderwriterThe federal government said Wednesday it is proposing to eliminate a tax exemption introduced in 1954 for insurance carriers providing property insurance for farming and fishing properties. In its budget document, the ruling Liberals suggested they want to give the…
B.C. government invests over $10.5 million in Fraser Valley flood mitigation
March 23, 2017 by Canadian UnderwriterThe province of British Columbia has announced a $10.5 million investment in dike and pump upgrades to the Fraser Valley Regional District’s Nicomen Island diking system as part of more than $80 million in emergency preparedness funding announced on March…
Using air brakes alone increases risk of runaway trains: TSB
March 22, 2017 by Canadian UnderwriterThere has been an increase, since 2014, in the number of uncontrolled movements of rail cars, the Transportation Safety Board of Canada warned Wednesday. TSB released Wednesday a report into an incident in 2016 in which a tank car rolled…
Earth had second warmest February on record this year: NOAA
March 22, 2017 by Canadian UnderwriterFebruary 2017 was the second warmest February in the 1880-2017 record-keeping period, behind 2016, the National Oceanic and Atmospheric Administration (NOAA) reported recently. February 2017’s average global temperature was 1.76 degrees Fahrenheit above the 20th century average of 53.9 degrees…
Economy making progress, but risks remain, BoC deputy governor says
March 21, 2017 The Canadian PressVANCOUVER – The Canadian economy has made good progress since the plunge in oil prices in 2014, but slack and risks remain, a deputy governor of the Bank of Canada said Tuesday. Lawrence Schembri said recent economic data has been…
St. John’s, Nfld.-based brokerage Cal LeGrow Insurance joins Canadian Broker Network
March 21, 2017 by Canadian UnderwriterCanada’s network of independent insurance brokers, the Canadian Broker Network (CBN), announced on Tuesday that Cal LeGrow Insurance Ltd., from St. John’s, Newfoundland, has joined the network. “We are thrilled to have Cal LeGrow join CBN,” Lorie Phair, managing director…
IBM and SecureKey Technologies to deliver blockchain-based network for Canadian consumers
March 21, 2017 by Canadian UnderwriterIBM and SecureKey Technologies, an identity and authentication provider company, announced on Monday that they are joining forces to “enable a new digital identity and attribute sharing network” based on IBM Blockchain. “The network will be designed to make it…
BHSI launches professional liability, network security and privacy policy in Canada
March 21, 2017 by Canadian UnderwriterBerkshire Hathaway Specialty Insurance (BHSI) has introduced a product designed to address the needs of a variety of enterprises, from systems integrators to telecommunications providers to IT staffing firms. The Professional First Professional Liability and Network Security & Privacy Policy,…
Global private companies seem underprepared for cyberattacks: PwC report
March 20, 2017 by Canadian UnderwriterGlobal private companies seem to be more at risk of cyber threats, but less prepared to protect themselves against cyberattacks, according to a new report from professional services firm PwC. Released late last week, the report, titled Undaunted, but underprepared?,…
JLT Re expands analytical modelling capability in Canada
March 20, 2017 by Canadian UnderwriterJLT Re, the global provider of reinsurance broking and consultancy and part of Jardine Lloyd Thompson Group plc, announced on Monday that it has combined forces with flood modelling company KatRisk to provide flood risk modelling capabilities to clients “across…
Risk to U.S. property from severe convective storms as high as from hurricanes: Willis Re
March 20, 2017 by Canadian UnderwriterSevere convective storms (SCS) posed as much risk to property in the United States as hurricanes between 2003 and 2015, with the average annual loss from SCS amounting to US$11.23 billion compared to US$11.28 billion from hurricanes. So concludes a…