Keyword
Fort McMurray wildfire
B.C. premier says climate change is sparking need for national forest fire plan
May 19, 2016 Bruce Cheadle - THE CANADIAN PRESSOTTAWA – Climate change is leading to more wildfires and the country needs a national forest firefighting strategy, says B.C. Premier Christy Clark. While the country has been transfixed by the raging fires around Fort McMurray in northern Alberta, British…
Canada must work to be better-prepared for natural disasters: IBC’s Forgeron
May 18, 2016 by Canadian UnderwriterCanada needs a “thoughtful, sustainable approach” to address losses associated with severe weather, including floods and fires that are expected to become a growing problem in future, Don Forgeron, president and CEO of Insurance Bureau of Canada (IBC), suggested in…
ICLR launches ‘Insurers Rebuild Better Homes’ program to help reduce risk of loss and damage from natural hazards, including wildfire
May 18, 2016 by Canadian UnderwriterThe Institute for Catastrophic Loss Reduction (ICLR) has launched what it’s calling the first program in the world that sets out actions that insurance companies can take to strengthen the disaster preparedness of homeowners by “building back better” homes after…
Alberta reviews Fort McMurray wildfire re-entry plan as flames spread north
May 17, 2016 The Canadian PressFORT MCMURRAY, Alta. – The Alberta government is taking a second look at its plan to allow people to return home to Fort McMurray after explosions damaged some homes in the city and a raging wildfire spread north toward oilsands…
Fort McMurray wildfires could result in two weeks’ lost oil production: Conference Board
May 17, 2016 by Canadian UnderwriterThe impact of the wildfires in the Fort McMurray, Alberta area on oil production could “translate into” a $985-million loss in gross domestic product, though the rebuilding effort will result in “elevated” construction activity in the area through 2018, the…
Global, diversified players group of insurers best positioned to withstand industry’s top challenges: S&P Global Ratings
May 16, 2016 by Canadian UnderwriterGlobal, diversified players are the group of insurers best positioned to withstand the industry’s top challenges, Standard & Poor’s Global Ratings said in a report released last week. The report, Global Multiline Insurers’ Diversification Remains A Key Strength Amid Prolonged…
Mobile app benefits discussed at Insurance Analytics Canada conference
May 16, 2016 Jason Contant, Online EditorAs one of the brokerages that was “significantly affected” by the Fort McMurray wildfires, Sharp Insurance was able to contact every single one of its clients using analytics, attendees to the Insurance Analytics Canada conference heard on Friday. “We were…
DBRS estimates Fort McMurray insurance claims at between $2 billion and $6 billion
May 13, 2016 by Canadian UnderwriterToronto-headquartered credit rating firm DBRS Limited has estimated that the total claim costs for the Fort McMurray wildfire will likely be in the range of $2 billion to $6 billion. DBRS said in a briefing on Friday that it is…
Contractors say co-ordination needed as focus turns to rebuilding Fort McMurray
May 13, 2016 Ian Bickis - THE CANADIAN PRESSCALGARY – Construction and cleanup firms are already mobilizing to help rebuild Fort McMurray, Alta., after the wildfires, a monumental effort that’s expected to take years. Ben Dutton at the Casman Group of Companies says he has crews heading up…
Economical Insurance initially estimates $35 million to $45 million in losses from Fort McMurray wildfire
May 11, 2016 by Canadian UnderwriterEconomical Insurance estimates its pre-tax losses related to the Fort McMurray wildfire will be $35 million to $45 million, net of reinsurance recoveries and reinstatement premiums. Economical Insurance said in a statement on Wednesday that its catastrophe reinsurance coverage commences…
Causation, aggregation and contingent business interruption issues likely to emerge for reinsurers from Fort McMurray wildfire: CMS London lawyer
May 10, 2016 by Jason ContantThe Fort McMurray wildfire has the potential to give rise to “much more complex issues for the reinsurance market than may appear at first sight,” particularly surrounding issues of causation, aggregation and contingent business interruption (CBI), said a partner with…
Intact’s assessment of insured damages from Fort McMurray wildfire estimated at $1 to $1.20 per share
May 9, 2016 by Canadian UnderwriterIntact Financial Corporation’s (IFC) assessment of its insured damages from the Fort McMurray wildfire using satellite imagery and its exposure geocoding technology ranges from $1 to $1.20 per share, the insurer said on Monday. The assessment range, while early, is…