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British Columbia
Asia records US$11 billion economic loss from heavy flooding in July, western Canada affected by wildfires, severe weather: Aon
August 8, 2017 by Canadian UnderwriterRelentless seasonal flooding that began in mid-June resulted in continued fatalities and damage across parts of Asia in July, causing an estimated US$11 billion in economic losses, according to Impact Forecasting’s latest Global Catastrophe Recap report. On Tuesday, Impact Forecasting,…
B.C. extends state of emergency for second time over wildfires
August 4, 2017 The Canadian Press (CPSTF)VICTORIA – The British Columbia government has extended a state of emergency declared in response to the raging wildfires that have devastated numerous areas of the province’s Interior. This is the second time Premier John Horgan’s government has extended the…
Economical reports 12.8% increase in gross written premiums in Q2 2017, 8.3 point increase in combined ratio to 112.8%
August 4, 2017 by Canadian UnderwriterEconomical Insurance reported a 12.8% increase in gross written premiums (GWP) in the second quarter of 2017 to $660.6 million, driven by strong personal lines growth, including contributions from Sonnet and Petline. “While we generated significant growth in gross written…
Controlled burns crucial in battling big wildfires, B.C. official says
August 3, 2017 Geordon Omand - THE CANADIAN PRESSVANCOUVER – A spokesman for British Columbia’s wildfire service says crews accidentally sparked a blaze while burning off fuel in order to contain one of many fires raging across the province’s Interior. Kevin Skrepnek says embers ignited a nearby hillside…
17% of secondary rental suites in Ontario, Alberta and B.C. considered illegal: Square One Insurance survey
August 3, 2017 by Canadian UnderwriterSeventeen per cent of rental suites in detached houses in Ontario, Alberta and British Columbia are considered illegal, a new survey from Vancouver-based Square One Insurance Services Inc. has found. The study involved a survey of more than 5,500 homeowners…
Unrelenting heat, wind and lightning keeping firefighters, homeowners anxious in B.C.
July 28, 2017 The Canadian Press (CPSTF)KAMLOOPS, B.C. – Hot, dry conditions, gusty winds and a chance of lightning are expected to keep wildfire crews in British Columbia watchful this weekend. The BC Wildfire Service said its weather forecasters have issued a wind warning for the…
Incoming weather to increase fire behavior in B.C., government suggests
July 27, 2017 by Canadian UnderwriterAfter several days of favourable weather for firefighting in British Columbia, weather conditions are worsening in the Cariboo Fire Centre, bringing with it an expected increase in fire behavior and wildfire growth, the province’s Ministry of Forests, Lands and Natural…
EY report on reforming B.C. auto points to impending restrictions in Australia on auto accident benefits for minor injuries
July 27, 2017 by Canadian UnderwriterA report released April 11 by the Ontario finance ministry “contains many useful learnings” for British Columbia’s government-run auto insurer, Ernst & Young LLP suggested in a report released July 24. In Affordable and Effective Auto Insurance – a New…
Alternate dispute resolution, tripling accident benefits among potential solutions for B.C. auto insurance: EY
July 26, 2017 by Canadian UnderwriterThe process of suing for compensation for motor vehicle accidents “could be made far more efficient” in British Columbia, whose monopoly auto insurer’s basic accident benefits are “low compared to modern medical and rehabilitation costs” in care-based auto insurance schemes…
Insurance Corporation of B.C. financial condition ‘seriously compromised,’ Basic Autoplan needs redesign: EY
July 25, 2017 by Canadian UnderwriterThe premiums charged by British Columbia’s government-run monopoly provider of basic auto insurance are “not high enough” to cover claims, the system is not sustainable and the cost of the average minor bodily injury claim has risen well beyond the…
B.C. ranchers say costs of wildfires likely top hundreds of millions
July 25, 2017 The Canadian Press (CPSTF)KAMLOOPS, B.C. – The British Columbia Cattlemen’s Association says wildfires have inflicted a terrible financial and emotional toll on its members. Association manager Kevin Boon says wildfires that broke out earlier this month in B.C.’s Cariboo and Chilcotin regions are…
Changing climate patterns, nat cats affecting electrical grid, Swiss Re and Johns Hopkins study finds
July 25, 2017 by Canadian UnderwriterChanging climate patterns are putting additional strain on both power generation and transmission, and presenting another risk factor for natural disaster mitigation and recovery in North America’s Pacific Northwest region, suggests a new study from Swiss Re and the Johns…