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News CatastrophesInsuranceMergers and Aqcuisitions

Rainfall that caused flooding subsides in Alberta region hit this spring by wildfire

August 2, 2016 by Canadian Underwriter

Crews for the Regional Municipality of Wood Buffalo removed numerous barricades erected after heavy rainfall caused flooding in the region that played unwelcome host to the devastating Fort McMurray wildfire this spring. “Following yesterday’s rainfall, ground support staff from Underground

News Earnings / RatingsInsuranceMergers and Aqcuisitions

Swiss Re reports Q2 combined ratio of 101%, large nat cat losses of US$350M

July 31, 2016 by Canadian Underwriter

Swiss Re Ltd. reported Friday its combined ratio in property and casualty reinsurance deteriorated 8.1 points, from 92.9% in the second quarter of 2015 to 101% in the three months ending June 30, due in part to losses from wildfires

News CatastrophesEarnings / RatingsInsuranceMergers and Aqcuisitions

Q2 combined ratio climbs 7.1 points for Everest Re after Alberta wildfire, Texas hail, Ecuador quake

July 26, 2016 by Canadian Underwriter

Everest Re Group Ltd. announced Monday that the net impact of three catastrophes – including the Fort McMurray wildfire – was $105.4 million in the three months ending June 30. “Catastrophe losses, net of reinsurance, amounted to $123.8 million in

News CatastrophesInsuranceMergers and Aqcuisitions

June storms in Ontario and Prairies cost about $34 million in insured damage: CatIQ

July 19, 2016 by Canadian Underwriter

The storms that hit Saskatchewan, Manitoba and Ontario on June 24 and 25 caused more than $34 million in insured damage, according to estimates from Catastrophe Indices and Quantification Inc. (CatIQ). A press release issued on Tuesday by the Insurance

News AssociationsCatastrophesConstructionInsuranceMergers and Aqcuisitions

‘Prudent’ municipal development needed to reduce catastrophe losses: IBC

July 14, 2016 by Canadian Underwriter

With the recent wildfire in Fort McMurray, Alta. being the most expensive natural disaster in Canadian history and in the same province as Canada’s second most expensive catastrophe, officials from Insurance Bureau of Canada recently suggested that building codes and

News CatastrophesInsuranceMergers and Aqcuisitions

Half of Aspen’s Q2 natural catastrophe loss from Alberta wildfire

July 14, 2016 by Canadian Underwriter

The recent wildfires in Alberta cost Aspen Insurance Holdings Ltd. roughly US$30 million, net of reinsurance and reinstatement premiums, the Hamilton, Bermuda-based carrier suggested in a press release Wednesday. Aspen’s initial estimate, of pre-tax losses, net of reinsurance and reinstatement

News CatastrophesInsuranceMergers and Aqcuisitions

Total worldwide economic losses for first half of 2016 at US$70 billion, up US$11 billion from 2015 half-year totals: Munich Re

July 12, 2016 by Canadian Underwriter

Total worldwide economic losses for the first half of 2016 were US$70 billion, of which US$27 billion were insured, significantly higher than the first year losses of US$59 billion in 2015, of which US$19 billion were insured, Munich Re said

News CatastrophesInsuranceMergers and Aqcuisitions

Nearly $3.6 billion in insured losses from Fort McMurray wildfire: CatIQ

July 7, 2016 by Canadian Underwriter

Insured damage from the recent wildfire affecting Fort McMurray, Alta. is estimated at $3.58 billion, Insurance Bureau of Canada’s vice president western and Pacific, Bill Adams, said Thursday. A third of the $3.58 billion loss is commercial property, 5% is

News CatastrophesInsuranceMergers and Aqcuisitions

Canadian insurance industry looking to partner with government to establish new capital framework for managing earthquake risk: CIFF speakers

May 27, 2016 Jason Contant, Online Editor

There is a need to formalize the role that government can play in helping to manage the financial impact of a “mega cat,” speakers suggested on Wednesday at the Canadian Insurance Financial Forum (CIFF) in Toronto. “We are well-capitalized for

News CatastrophesInsuranceMergers and Aqcuisitions

2016 Canadian wildfire season has already “greatly surpassed” average hectares burned, even excluding Fort McMurray event, CIFF conference hears

May 26, 2016 Jason Contant, Online Editor

The 2016 wildfire season in Canada has already greatly surpassed the average hectares burned in recent years, even excluding the massive Fort McMurray wildfire, attendees to the 2016 Canadian Insurance Financial Forum (CIFF) heard on Wednesday. Carolyn Rennie, managing director

News CatastrophesInsuranceMergers and Aqcuisitions

March storm in Ontario tops $25 million in insured damage: CatIQ estimate

April 20, 2016 by Canadian Underwriter

The cost of insured damage caused by the ice storm that swept through southern Ontario between March 23 and 26 is estimated at more than $25 million, according to preliminary estimates provided by Catastrophe Indices and Quantification Inc. (CatIQ). CatIQ

Feature CatastrophesClimate ChangeInsurance

Prepare for Anything

April 1, 2016 Greg Meckbach, Associate Editor and Jason Contant, Online Editor

Canadians are well-aware of events that can produce insured losses, including storms and cold weather. But the possible influence of other less-familiar perils, like earthquakes and cyber cats, should also be on the radar.