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Fort McMurray wildfire

News CatastrophesClaimsInsuranceMarkets / Coverages

Fort McMurray airport sues insurer for $34 million in wildfire losses

June 25, 2018 by Jason Contant

The Fort McMurray Airport Authority (FMAA) is suing FM Global for more than $34 million, contending that the insurer breached its obligations under a policy in place during the Fort McMurray wildfire in May 2016. In a statement of claim

News CatastrophesClaimsClimate ChangeInsuranceReinsurance

Industry understanding of wildfire risk needs improvement: CEO

April 10, 2018 by Greg Meckbach

The property and casualty insurance industry needs to get a better understanding of wildfire risk in Canada because we will experience more disasters like Fort McMurray in the future, a reinsurance company executive warned Monday. “We think [the industry] needs

News CatastrophesClaimsInsuranceMarkets / Coverages

Why Canadian insurers paid $1.33 billion for cat claims in a benign cat year

January 9, 2018 by David Gambrill

Canadian insured losses from catastrophic events in 2017 totaled $1.33 billion, CatIQ Inc. reports, the fifth time that’s happened over the past seven years. “It’s becoming increasingly common to have Canadian annual insured losses to be greater than $1 billion,”

News CatastrophesInsuranceMarkets / CoveragesReinsurance

2017 cat bond issuance reaches record levels

January 5, 2018 by Jason Contant

Catastrophe bond issuance in 2017 reached record levels, including in Canada, as insurers and reinsurers sponsored approximately US$10.5 billion in cat bonds. According to data from the Artemis.bm Deal Directory, there was more than US$10.5 billion in issuance last year,

News CatastrophesClaimsConstructionInsuranceMarkets / CoveragesReinsurance

‘Resilient, but tired:’ Mental effects of wildfire lingering in Fort McMurray

December 18, 2017 The Canadian Press

FORT MCMURRAY, Alta. – Firefighter Mark Stephenson says he can’t drive through Fort McMurray without being brought back to May 2016. That’s when, in the thick of battling a ferocious wildfire that destroyed 10 per cent of the northern Alberta

News CatastrophesConstructionInsuranceMarkets / CoveragesReinsurance

Landscaping ‘absolutely key’ to reducing wildfire risk: ICLR

October 11, 2017 Greg Meckbach, Associate Editor

Canadian property owners can do more to “take the weak links” out of the chain of events causing homes to burn from wildfire, a speaker suggested at the recent Annual Engineering Insurance Conference (AEIC). “How a property is landscaped is

News Earnings / RatingsInsuranceMarkets / CoveragesMergers and Aqcuisitions

‘Persistent low interest rate environment’ among factors affecting Canadian P&C financial performance in 2016: A.M. Best

September 6, 2017 Greg Meckbach, Associate Editor

As the Bank of Canada announced Wednesday its second rate hike in less than two months, an analyst with A.M. Best Company Inc. suggested to industry professionals that  a 2.1-point increase in the industry-wide operating ratio in the Canadian property

News CatastrophesMarkets / CoveragesMergers and Aqcuisitions

Huge wildfires in B.C. could smoulder until next spring, says official

September 1, 2017 The Canadian Press (CPSTF)

WILLIAMS LAKE, B.C. – A municipal leader in British Columbia’s central Interior says he wouldn’t be surprised if wildfires that have chewed through more than 10,600 square kilometres of woodland won’t be fully out until 2018. Chairman Al Richmond of

News CatastrophesClimate ChangeInsurance

Government of Canada creates expert panel on climate change adaptation

August 29, 2017 by Canadian Underwriter

The Government of Canada announced on Tuesday that it is creating an expert panel on adapting to climate change. Minister of Environment and Climate Change, Catherine McKenna, announced the launch of the Expert Panel on Climate Change Adaptation and Resilience Results in a statement from Environment and Climate Change Canada (ECCC). The expert panel will advise the federal government on measuring progress on adaptation and climate resilience to better understand how federal, provincial and territorial adaptation efforts are building Canada’s resilience to climate change, for…

News CatastrophesInsuranceReinsurance

Greater risk of negative underwriting results for reinsurers predicted by S&P

August 15, 2017 by Canadian Underwriter

With property catastrophe prices dropping during the 2017 renewals, combined with natural catastrophe losses exceeding US$50 billion last year, global reinsurers are at greater risk of having negative underwriting results and will tend to “shy away” from property catastrophe business,

News CatastrophesClimate ChangeInsurance

2016 was the warmest year on record for the globe, Canadian Prairies experienced one of the “longest and most active storm seasons”: report

August 11, 2017 by Canadian Underwriter

Last year topped 2015 as the warmest year in 137 years of record keeping and marked the third consecutive year of record warmth, the National Oceanic and Atmospheric Administration (NOAA) reported on Thursday. The 27th annual State of the Climate

News CatastrophesInsuranceReinsurance

Combined ratio down 5.9 points, P&C reinsurance premiums down 8% for Munich Re

August 11, 2017 by Canadian Underwriter

Munich Re reported Wednesday a combined ratio of 93.9% in reinsurance in the three months ending June 30, down 5.9 points from 99.8% in the same period in 2016, when the German reinsurer had natural catastrophe claims costs of €335