Topic Insurers
British Columbia extends state of emergency two weeks due to wildfires
July 19, 2017 by THE CANADIAN PRESSVICTORIA – British Columbia’s new government is extending the state of emergency for two more weeks as wildfires sweeping across the province’s Interior show no signs of slowing. Premier John Horgan said his government’s first priority is to support the…
Capital markets could help transfer U.S. flood risk to private market: Artemis
July 19, 2017 by Canadian UnderwriterThe “glut of reinsurance capital and interest from capital markets” could help the United States government reform its flood insurance subsidy program by making the heavily-indebted National Flood Insurance Program a “much smaller insurer of last-resort,” Artemis.bm suggested Wednesday on…
Nat cat insured losses total US$19.5 billion for first six months of 2017: Munich Re
July 18, 2017 by Canadian UnderwriterFour of the five costliest natural catastrophes, measured by insured losses, during the first half of this year, occurred in the United States, while four of the five deadliest events occurred in Asia, Munich Re announced. Munich Re released Tuesday…
B.C. officials face challenges in bringing people home after fire evacuations
July 18, 2017 by THE CANADIAN PRESSKAMLOOPS, B.C. – A British Columbia official says getting people to safety as fast-Moving wildfires approached was only half the battle _ the other half will be returning them home. Al Richmond, chairman of the Cariboo Regional District in B.C.’s…
Judicial determination on interpretation of property Cat XOL with reinsurers sought
July 18, 2017 by Angela StelmakowichAlberta Motor Association Insurance Company is looking to divide the loss arising out of the Fort McMurray wildfire, which exceeded a duration of 168 hours, into six multiple loss occurrences in line with its reading of its property catastrophe excess…
Trisura licensed to sell insurance in the U.S.
July 14, 2017 by Canadian UnderwriterTrisura Group Ltd., a surety and commercial specialty insurer that was spun off this year from Toronto-based Brookfield Asset Management Inc., plans to begin writing insurance in the United States. In a July 12 press release, Trisura said it “has…
MGA market growth beats industry, but weakens with softening rates: Conning
July 13, 2017 by Canadian UnderwriterGrowth in the managing general agent (MGA) market last year exceeded that of the total property and casualty market by 32%, according to a new study from global investment management firm Conning. “In 2016, comparable firms in Conning’s MGA database…
Alberta Motor Association takes legal action to recover money from reinsurance companies providing Fort McMurray wildfire coverage
July 13, 2017 by Canadian UnderwriterThe Alberta Motor Association Insurance Company (AMA) has announced that it has filed a statement of claim with the Court of Queen’s Bench of Alberta to take “legal action to recover money owed to it by a number of companies…
Bank of Canada raises interest rate to 0.75% from 0.5%
July 13, 2017 by Canadian UnderwriterThe Bank of Canada announced on Wednesday that it has raised its interest rate for the first time in seven years, to 0.75% from 0.5%. “Recent data have bolstered the Bank’s confidence in its outlook for above-potential growth and the…
Property market loss estimate for Europe’s Cyclone Egon reaches 275 million euros: PERILS
July 13, 2017 by Canadian UnderwriterThe latest property insurance market loss estimate for extratropical cyclone Egon, which hit parts of France and Germany in mid-January, has increased to 275 million euros, Zurich-based PERILS reported on Wednesday. Representing the third of four estimates to be issued…
Maintaining wetlands could slash riverine flooding-related damage, local pilot project has national applicability: study
July 12, 2017 by Angela StelmakowichJust leaving current wetlands in their natural state could cause riverine flooding-related flood damage to plummet as much as 38% and should provide the impetus for communities to view natural infrastructure as a climate adaptation solution, notes a study from…
Stilling quake risk in eastern Canada demands greater focus, awareness and effort: Swiss Re
July 11, 2017 by Angela StelmakowichRisk awareness is severely lacking and not enough attention is being paid to quake risk in eastern Canada, a region with “huge” loss-inflicting potential that a Swiss Re model projects could produce the country’s largest nat-Cat loss ever if the…