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Business interruption payouts should be based on historic results even in post-disaster economy: AEIC speaker

October 11, 2016 by Angela Stelmakowich

The Fort McMurray wildfire will likely raise questions about the basis for business interruption (BI) insurance payouts in a post-catastrophe economy, but historic results are the best indication of what otherwise would have occurred, Emily Stock argued during the 43rd

News Earnings / RatingsInsurance

Bank of Canada raises concerns about economy, holds interest rate at 0.5%

September 7, 2016 Craig Wong - THE CANADIAN PRESS

OTTAWA – The Bank of Canada struck a note of caution Wednesday as it held its key interest rate target steady at 0.5 per cent and raised concerns after the export sector disappointed earlier this year. “While the strength in

News Earnings / RatingsInsuranceMarkets / Coverages

Canadian banks shake off oilpatch fears, report better than expected earnings

August 26, 2016 Alexandra Posadzki - THE CANADIAN PRESS

TORONTO – Panic about how the oil price shock could affect the banks’ bottom lines has subsided, as several of the country’s largest financial institutions reported better-than-expected third-quarter results. CIBC (TSX:CM) reported that its quarterly profit climbed nearly 50 per

News CatastrophesClimate ChangeInsuranceMergers and Aqcuisitions

Impact of Fort Mac wildfire adds to Alberta’s economic challenges, increases deficit: province

August 24, 2016 by Angela Stelmakowich

Costs associated with the wildfire that ravaged parts of Alberta’s Wood Buffalo region this past May, coupled with the impact of ongoing low oil prices, has set the provincial government on a continuing cautious course to its finances. “In the

News CatastrophesConstructionInsurance

Alberta fires torch economy, biggest monthly GDP decline in more than 7 years

July 31, 2016 Andy Blatchford - THE CANADIAN PRESS

OTTAWA – The Alberta wildfires torched the Canadian economy in May, driving the country into its worst one-month performance since the darkest days of the Great Recession. On Friday, Statistics Canada’s latest reading for real gross domestic product showed a

News Earnings / RatingsInsurance

Fed leaves rates unchanged; no hint on timing of next hike

June 15, 2016 Martin Crutsinger - THE ASSOCIATED PRESS

WASHINGTON – The Federal Reserve is keeping interest rates unchanged in light of an uncertain job market and offering no hints of when its next rate hike might occur. The Fed noted in a statement Wednesday after its latest policy

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

Some rogue fishing vessels able to get insurance, research from University of British Columbia finds

June 7, 2016 by Canadian Underwriter

Rogue fishing vessels, including those flagged by international watchdogs for unlawful activity, have been able to secure insurance, according to new research from the University of British Columbia (UBC). The study, titled Cutting a lifeline to maritime crime: marine insurance

News CatastrophesInsuranceMarkets / Coverages

Timing of economic rebound from Alberta wildfire hard to forecast: Poloz

June 6, 2016 Andy Blatchford - THE CANADIAN PRESS

OTTAWA – Bank of Canada governor Stephen Poloz says it’s hard to predict when the Canadian economy will rebound from the huge Alberta wildfire that destroyed communities and forced the shut down of crucial oil operations. For Poloz, part of

News Insurance

Fed keeps key rate unchanged; no hint on timing of next hike

April 27, 2016 Martin Crutsinger - THE ASSOCIATED PRESS

WASHINGTON – The Federal Reserve kept a key interest rate unchanged Wednesday against the backdrop of a slowdown in U.S. and global growth and provided no hint of when its next rate hike may occur. In a statement after its

News CatastrophesInsuranceMergers and Aqcuisitions

‘Raging’ fire at Newfoundland fish plant forces evacuation, guts town’s economy

April 11, 2016 Sue Bailey - THE CANADIAN PRESS

BAY DE VERDE, N.L. – A small Newfoundland town declared a state of emergency Monday after a massive fire swept through a fish plant, dealing a devastating economic blow that will be felt as far away as Thailand. Gerard Murphy,

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Cyber risk, interest rates, economy remain major concerns for insurers: A.M. Best

March 28, 2016 by Canadian Underwriter

Concerns regarding cyber risk, interest rates and the economy remain prominent among insurers, according to the latest quarterly survey from A.M. Best Company. The Best’s Special Report, released on Thursday, included several hundred responses, representing property and casualty (70.4%), life