Canadian Underwriter

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Fort McMurray wildfire


News CatastrophesClimate ChangeInsuranceMergers and Aqcuisitions

Canada must work to be better-prepared for natural disasters: IBC’s Forgeron

May 18, 2016 by Canadian Underwriter

Canada 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

News CatastrophesConstructionInsuranceMergers and Aqcuisitions

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 Underwriter

The 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

News CatastrophesInsuranceMergers and Aqcuisitions

Alberta reviews Fort McMurray wildfire re-entry plan as flames spread north

May 17, 2016 The Canadian Press

FORT 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

News CatastrophesInsuranceMergers and Aqcuisitions

Fort McMurray wildfires could result in two weeks’ lost oil production: Conference Board

May 17, 2016 by Canadian Underwriter

The 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

News Earnings / RatingsInsurance

Global, diversified players group of insurers best positioned to withstand industry’s top challenges: S&P Global Ratings

May 16, 2016 by Canadian Underwriter

Global, 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

News InsuranceMergers and AqcuisitionsProfessional DevelopmentTechnology

Mobile app benefits discussed at Insurance Analytics Canada conference

May 16, 2016 Jason Contant, Online Editor

As 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

News CatastrophesInsuranceMergers and Aqcuisitions

DBRS estimates Fort McMurray insurance claims at between $2 billion and $6 billion

May 13, 2016 by Canadian Underwriter

Toronto-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

News CatastrophesConstructionInsuranceMergers and Aqcuisitions

Contractors say co-ordination needed as focus turns to rebuilding Fort McMurray

May 13, 2016 Ian Bickis - THE CANADIAN PRESS

CALGARY – 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

News CatastrophesEarnings / RatingsMergers and Aqcuisitions

Economical Insurance initially estimates $35 million to $45 million in losses from Fort McMurray wildfire

May 11, 2016 by Canadian Underwriter

Economical 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

News CatastrophesInsuranceMergers and Aqcuisitions

Causation, aggregation and contingent business interruption issues likely to emerge for reinsurers from Fort McMurray wildfire: CMS London lawyer

May 10, 2016 by Jason Contant

The 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

News CatastrophesInsuranceMergers and AqcuisitionsTechnology

Intact’s assessment of insured damages from Fort McMurray wildfire estimated at $1 to $1.20 per share

May 9, 2016 by Canadian Underwriter

Intact 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