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Insurance Bureau of Canada
Total economic losses from disaster events in H1 2016 up 38% to US$71 billion, insurance industry covered 44%: Swiss Re
August 18, 2016 by Canadian UnderwriterTotal economic losses from disaster events in the first half of the year rose by 38% to US$71 billion from the same time last year, primarily due to natural catastrophes, according to preliminary sigma estimates from Swiss Re. Of the…
Nearly 1,300 new hail claims created last week in Alberta, more than 3,000 waiting for an inspector: Agriculture Financial Services Corporation
August 11, 2016 by Canadian UnderwriterAlberta’s Agriculture Financial Services Corporation (AFSC) said on Wednesday 1,289 new hail claims were created last week, while 3,089 hail claims are currently waiting for an inspector. AFSC, the Crown corporation with a private sector board of directors that provides…
Severe summer storm in southern Ontario causes $30 million in insured damage: CatIQ
August 10, 2016 by Canadian UnderwriterA severe summer storm that swept through southern Ontario during the second week of July has resulted in more than $30 million in insured damages, according to Catastrophe Indices and Quantification Inc. (CatIQ). CatIQ, which delivers detailed analytical and meteorological…
Rainfall that caused flooding subsides in Alberta region hit this spring by wildfire
August 2, 2016 by Canadian UnderwriterCrews for the Regional Municipality of Wood Buffalo removed numerous barricades erected after heavy rainfall caused flooding in the region that played unwelcome host to the devastating Fort McMurray wildfire this spring. “Following yesterday’s rainfall, ground support staff from Underground…
Swiss Re reports Q2 combined ratio of 101%, large nat cat losses of US$350M
July 31, 2016 by Canadian UnderwriterSwiss Re Ltd. reported Friday its combined ratio in property and casualty reinsurance deteriorated 8.1 points, from 92.9% in the second quarter of 2015 to 101% in the three months ending June 30, due in part to losses from wildfires…
June storms in Ontario and Prairies cost about $34 million in insured damage: CatIQ
July 19, 2016 by Canadian UnderwriterThe storms that hit Saskatchewan, Manitoba and Ontario on June 24 and 25 caused more than $34 million in insured damage, according to estimates from Catastrophe Indices and Quantification Inc. (CatIQ). A press release issued on Tuesday by the Insurance…
Fort McMurray #468 First Nation selected by SPECS to carry out wildfire debris removal
July 18, 2016 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC) has announced that Fort McMurray #468 First Nation has been selected by Specialized Property Evaluation Control Services Ltd. (SPECS) to carry out the coordinated demolition and debris removal initiative following the Fort McMurray wildfire.…
‘Prudent’ municipal development needed to reduce catastrophe losses: IBC
July 14, 2016 by Canadian UnderwriterWith the recent wildfire in Fort McMurray, Alta. being the most expensive natural disaster in Canadian history and in the same province as Canada’s second most expensive catastrophe, officials from Insurance Bureau of Canada recently suggested that building codes and…
Oilsands companies not expected to make insurance claims from Fort McMurray fire
July 11, 2016 by Canadian UnderwriterCALGARY – Oilsands producers are not expected to be among the recipients of a record insurance payout arising from the wildfire in Fort McMurray, Alta., in May even though some of them had to halt production for weeks at a…
Nearly $3.6 billion in insured losses from Fort McMurray wildfire: CatIQ
July 7, 2016 by Canadian UnderwriterInsured damage from the recent wildfire affecting Fort McMurray, Alta. is estimated at $3.58 billion, Insurance Bureau of Canada’s vice president western and Pacific, Bill Adams, said Thursday. A third of the $3.58 billion loss is commercial property, 5% is…
Response to Recovery
July 2, 2016 Bill Adams, Vice President, Western and Pacific, Insurance Bureau of CanadaWhat has been projected to be Canada’s largest insured loss event, the wildfire in and around Fort McMurray, perhaps will become known for something more positive: how early, co-ordinated and collaborative insurance industry response can help smooth the way to recovery.
New Ontario financial services regulator should have anti-fraud authority: Panel
June 20, 2016 by Canadian UnderwriterThe Ontario government should establish a new organization that would perform the functions currently performed by the Financial Services Commission of Ontario (FSCO) and the Deposit Insurance Corporation of Ontario (DICO) but also have a “specific fraud-deterrence mandate,” an expert…