Canadian Underwriter

Keyword
Fort McMurray


News CatastrophesEarnings / RatingsInsuranceMergers and Aqcuisitions

Co-operators General Insurance Company net income $128.8 million in 2016 Q4, up from $103.3 million in 2015 Q4

February 16, 2017 by Canadian Underwriter

The consolidated net income for Co-operators General Insurance Company increased for the fourth quarter of 2016 over the same quarter in 2015, but net income for 2016 decreased from 2015. The Co-operators has posted net income of $128.8 million for

News CatastrophesEarnings / RatingsInsurance

Personal lines cat ratio up 9.3 points at Intact due in part to Fort McMurray

February 8, 2017 by Canadian Underwriter

Intact Financial Corp. released Wednesday its financial results for 2016, reporting a 5% increase in direct premiums written and a 40% drop in underwriting income during a year when Canada’s most expensive natural disaster cost the firm $400 million before

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

Canadian auto sales to edge down in 2017: Scotiabank

February 7, 2017 by Canadian Underwriter

Canadian auto sales are expected to edge down to 1.94 million units in 2017, coming off four consecutive record years, according to the Scotiabank Global Auto Report, released on Tuesday. Despite the beginning of a sales recovery in the resource-rich

Feature Catastrophes

Claims in Action

February 2, 2017 Pat Van Bakel, Chief Executive Officer, Crawford Canada

The scale and complexity of the Fort McMurray wildfire sparked a multitude of claims issues for the insurance industry as a whole. But a concerted effort by all stakeholders helped insurers address the many and unique challenges in the aftermath of the record loss.

News CatastrophesClimate ChangeMergers and AqcuisitionsReinsurance

2016 sees highest-ever catastrophe insured losses, hail has impact: Rennie

February 1, 2017 by Angela Stelmakowich

2016 was a year of records: the largest catastrophe-related insured losses in Canada’s history, the biggest loss for a single Cat and the most hail events in the month of July, Carolyn Rennie, managing director of Catastrophe Indices and Quantification

News CatastrophesClimate ChangeInsuranceMergers and AqcuisitionsReinsurance

2016 costliest 12 months for natural catastrophes in the last four years: Munich Re

January 4, 2017 by Canadian Underwriter

The US$175 billion in natural catastrophes losses in 2016 – the lion’s share of which were uninsured – dwarfed those in the previous year and were just shy of 2012’s US$180 billion total, Munich Re reports. The research released Wednesday

Feature CatastrophesInsuranceReinsurance

Beyond Fort Mac

January 1, 2017 Tom Johansmeyer, Assistant Vice President, PCS Strategy and Development; and Ted Gregory, Director of PCS Operations, Verisk Insurance Solutions

Property Claim Services Canada has designated nine catastrophe events in Canada in 2016. Though most of the $4.9 billion insured loss arose from the Alberta wildfires, the data indicates hail and thunderstorms events are becoming more severe.

Feature Claims CanadaInsurance

How to Be Ready for Make or Break Claim Moments

December 8, 2016 Dara Banga, president, DSB Claims

Last May, someone in remote Alberta started a wildfire that swept through Fort McMurray, took out the power grid, destroyed more than 2,000 homes, traveled 590,000 hectares to Saskatchewan, halted regional oil production, and raged for roughly three months before

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 CatastrophesClimate ChangeInsuranceMarkets / CoveragesMergers and Aqcuisitions

Insurance rates decrease continued to moderate for third quarter in a row: Marsh

November 11, 2016 by Canadian Underwriter

The third quarter of 2016 marked the third consecutive quarter that the rate of decline for global insurance rates has moderated by weighted average, Marsh notes in its newly released Global Insurance Market Index Q3 – 2016. Pointing out that

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.

Feature CatastrophesInsuranceReinsurance

Altered State

November 1, 2016 Canadian Underwriter

If recent history is an indicator of future outcomes, Canada looks set on a path of annual billion-dollar (or more) losses from natural catastrophes. Should reinsurers view this as the new normal? And, if so, will treatment by reinsurers both inside and outside the country change to suit this evolving reality?