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Preparation, not panic, is the way to address earthquake risk: IBC’s Don Forgeron

April 7, 2017 by Angela Stelmakowich

When talk turns to the possibility of a major earthquake in Canada, Don Forgeron, president and CEO of Insurance Bureau of Canada (IBC), advises that the response should be to prepare, not to panic. “No one should spend their day

News InsuranceMarkets / Coverages

Economy making progress, but risks remain, BoC deputy governor says

March 21, 2017 The Canadian Press

VANCOUVER – 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

News InsuranceLegislation / RegulationMarkets / CoveragesMergers and Aqcuisitions

Brexit uncertainties weigh on U.K. insurers but rated entities able to withstand pressure: A.M. Best

January 20, 2017 by Canadian Underwriter

Ratings firm A.M. Best Company said on Friday that it does not anticipate taking any rating actions as a direct result of plans for the United Kingdom to exit the European Union (EU), “although the cost implications of continuing to

News Earnings / RatingsInsuranceMarkets / Coverages

Global economy to post best performance in three years, Canadian growth to accelerate over next two years: Scotiabank

January 17, 2017 by Canadian Underwriter

The global economy is projected to post its best performance this year since 2014, while growth in Canada in expected to accelerate over the next two years, according to Scotiabank’s Global Outlook, published on Tuesday. While geopolitical risks abound, recent

News Earnings / RatingsInsuranceLegislation / RegulationMarkets / CoveragesMergers and AqcuisitionsReinsurance

Europe’s insurers paid out 2.7 billion euros a day in 2015: Insurance Europe

December 20, 2016 by Canadian Underwriter

Europe’s insurers paid out a total of 975 billion euros in claims and benefits over the course of 2015, the equivalent of about 2.7 billion euros per day, according to figures released on Tuesday by Insurance Europe, the European insurance

News Earnings / Ratings

Policy uncertainty, rising rates pose credit risks in North America: S&P report

December 7, 2016 by Canadian Underwriter

Canada is expected to witness a slower pick-up in business investment until a clearer picture develops on recent developments around credit conditions south of the border, including the influence of the outcome of the recent U.S. election, suggests a briefing

News AssociationsCatastrophesClimate ChangeConstructionEarnings / RatingsLegislation / RegulationMergers and AqcuisitionsReinsurance

Federal government should consider emergency back-stop mechanism for catastrophic earthquake: conference board

November 22, 2016 by Canadian Underwriter

The Conference Board of Canada is echoing a recent recommendation by a former federal superintendent of financial institutions for Ottawa to consider adopting a last-resort, emergency back-stop mechanism for a catastrophic earthquake given the long-reaching, adverse effects that the event

News CatastrophesInsuranceMergers and Aqcuisitions

$5.3 billion to be re-invested in Alberta economy over three years to rebuild Fort McMurray: Conference Board of Canada report

November 15, 2016 by Canadian Underwriter

About $5.3 billion will be re-invested in Alberta’s economy over the next three years to rebuild Fort McMurray following the massive wildfire in May, according to a new Conference Board of Canada report on the economic impacts of Canada’s most costliest natural

News CatastrophesEarnings / RatingsInsuranceMergers and AqcuisitionsReinsurance

Fort McMurray will hit Canadian’s p&c industry financial results in 2016: A.M. Best

November 9, 2016 by Canadian Underwriter

Current-year financial results for Canada’s property and casualty industry – which were once again strong in 2015 – are expected to take a hit in the wake of the Fort McMurray wildfire loss, notes a new report from A.M. Best.

News InsuranceLegislation / RegulationMarkets / Coverages

Low oil prices a double-edged sword for Canadian economy: KPMG seminar speaker

October 24, 2016 Jason Contant, Online Editor

Low oil prices continue to present a major challenge for the Canadian economy, but they could be viewed as a “positive shock” for some jurisdictions and the economy of the United States, a speaker suggested on Monday at KPMG’s annual

News InsuranceMarkets / Coverages

Bank of Canada maintains interest rate at 0.5%

October 19, 2016 by Canadian Underwriter

The Bank of Canada announced on Wednesday that it is maintaining its interest rate target at 0.5%, while downgrading its growth outlook for the country. The central bank expects Canada’s real gross domestic product (GDP) to grow by 1.1% in

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Canada fourth largest cyber security hub in world, Ontario has potential to assume leading role

October 19, 2016 by Canadian Underwriter

More investment and co-ordination is needed if Ontario – which offers strengths in financial services and technology – is to realize its potential to assume a more dominant leadership role in cyber security, notes a new report issued Thursday. Commissioned