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Record number of registrants in 2017 Great British Columbia ShakeOut earthquake drill: IBC

October 20, 2017 by Canadian Underwriter

Awareness of earthquake risk in British Columbia looks to be on the rise if registrants for the 2017 Great British Columbia ShakeOut, which reached record numbers this year, is any indicator. A record 886,000 British Columbians participated Thursday, joining millions

News CatastrophesClaimsClimate ChangeInsuranceLegislation / Regulation

Time to fine-tune residential flood cover, consider high-risk areas: Enders

September 29, 2017 by Angela Stelmakowich

Flood-related cover for residential policyholders is far advanced from what it was when the devastating floods hit southern Alberta in 2013, but it is now time to refine those offerings and address outstanding issues, says Gord Enders, president of Direct-Line

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“Drastic action” needed to address ICBC ails, remedy hefty rate hikes

September 6, 2017 by Canadian Underwriter

The British Columbia government has taken the reins to protect drivers and address mounting financial concerns at the Insurance Corporation of B.C. (ICBC), including by limiting rate increases that threatened to reach double-digits. “Drastic action is needed to fix ICBC’s

News InsuranceLegislation / RegulationMarkets / Coverages

Making ICBC a co-op one option for B.C., competition must be part of any option selected: taxpayers federation

August 25, 2017 by Canadian Underwriter

The British Columbia government has options at its disposal to address auto insurance problems in the province – ranging from leaving the Insurance Corporation of B.C. (ICBC) to shuttering the insurer – but all should include reintroduction of competition, concludes a new report commissioned by the Canadian Taxpayers Federation (CTF). CTF argues that “fast and furious changes” are needed in light of the “looming 30% hike to car insurance,” a figure noted in an Ernst & Young LLP (E&Y) report made public last month. Among its many observations, the…

News Insurance

AGCS expands terrorism, political violence insurance offering in the U.S.

August 24, 2017 by Canadian Underwriter

Allianz Global Corporate & Specialty (AGCS) is now providing bespoke coverage designed to protect U.S. businesses faced with loss related to terrorism and political violence both at home and overseas. Given the recent tragic events in Europe and Virginia, the

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Stilling quake risk in eastern Canada demands greater focus, awareness and effort: Swiss Re

July 11, 2017 by Angela Stelmakowich

Risk awareness is severely lacking and not enough attention is being paid to quake risk in eastern Canada, a region with “huge” loss-inflicting potential that a Swiss Re model projects could produce the country’s largest nat-Cat loss ever if the

News CatastrophesClimate ChangeInsuranceMergers and Aqcuisitions

Cyclones Debbie, Cook in New Zealand combine to produce insured losses of NZ$84 million so far

June 19, 2017 by Canadian Underwriter

The two cyclones that pounded New Zealand in April have spurred insured costs of NZ$84 million to date, setting the stage for what could become one of the most damaging year in recent years and leading to wrong-headed government actions

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Holistic approach needed to reduce confusion around cyber security, tackle inaction: Echols

June 15, 2017 by Canadian Underwriter

Tools meant to bolster cyber security are being introduced absent a holistic view, producing even more questions among already-confused businesses expecting some progress on their individual risk reduction efforts, cyber expert Michael Echols suggested Tuesday during a symposium in downtown

News AssociationsCatastrophesEarnings / RatingsInsuranceLegislation / RegulationMergers and AqcuisitionsReinsurance

Relying on government to solve “big shake” problem courts continued procrastination: Tannas

May 25, 2017 by Angela Stelmakowich

The potential for procrastination to address the consequences of a large earthquake in Canada are persistent and pervasive, demanding implementation of a tactical plan that could see “the issue dealt with, one way or another, in the next 12 months,”

News AssociationsInsuranceTechnology

Clear, policy-driven Canadian fintech strategy needed: Toronto alliance

May 15, 2017 by Canadian Underwriter

Development of a consistently implemented, policy-driven Canadian fintech strategy focused on fostering innovation is essential and strengthening the fintech ecosystem in the Toronto area should be seen as an imperative for the country’s financial services sector and governments, contends the

News AssociationsCatastrophesClimate ChangeEarnings / RatingsInsuranceMergers and AqcuisitionsReinsurance

Preparation, not panic, is the way to address earthquake risk: IBC’s Don Forgeron

April 7, 2017 by Angela Stelmakowich

When talk turns to the possibility of a major earthquake in Canada, Don Forgeron, president and CEO of Insurance Bureau of Canada (IBC), advises that the response should be to prepare, not to panic. “No one should spend their day

News CatastrophesEarnings / RatingsInsuranceMarkets / CoveragesMergers and AqcuisitionsReinsurance

More action needed to better prepare for earthquake in Canada: Scotti

April 6, 2017 by Angela Stelmakowich

Canada would be well-advised to take a cue from other nations and do more to establish partnerships and requirements that better protect property owners in the event of an earthquake, says Veronica Scotti, president and CEO of Swiss Re Canada.