The withdrawal of “hundreds of millions” of capacity for property risks related to Canada’s oil sands is creating a new challenge for brokers trying to place insurance for oil and gas clients, a broker executive reports. Some insurers have taken…
Although the impact of carbon emissions on climate is a major concern for carriers, western Canadian brokers are concerned about efforts to reduce Canada’s reliance on oil and gas. “Oil and gas is not going away any time soon, and…
If your client’s home is heated by oil supplied from an outdoor tank, do they need to conduct annual maintenance? This question came up in a recent subrogated home insurance claim. A Court of Appeal for Ontario ruling released this…
OTTAWA – The Bank of Canada left its trend-setting interest rate unchanged at 1.75 per cent Wednesday as the sharp decline in oil prices temporarily dims its economic outlook for the coming months. Before long, however, the central bank expects…
A home insurer that paid about $800,000 for an oil spill claim cannot sue the fuel companies in the insured’s name because the homeowner had declared bankruptcy, the Court of Appeal for Ontario ruled recently. Art and Wendy Douglas lived…
FAIRVIEW, Okla. – The third-largest earthquake in Oklahoma was likely triggered by underground disposal of wastewater from oil and natural gas production, the United States Geological Survey found in a report issued Monday. The magnitude 5.1 quake that struck northwest…
CALGARY – A dramatic loss scenario around disaster events is developing globally, contributing to a widening gap between insured and economic losses, Alex Kaplan, senior vice president of global partnerships for Swiss Re, suggested earlier this week during the RIMS…
Costs associated with the wildfire that ravaged parts of Alberta’s Wood Buffalo region this past May, coupled with the impact of ongoing low oil prices, has set the provincial government on a continuing cautious course to its finances. “In the…
OTTAWA – The Alberta wildfires torched the Canadian economy in May, driving the country into its worst one-month performance since the darkest days of the Great Recession. On Friday, Statistics Canada’s latest reading for real gross domestic product showed a…
MAIDSTONE, Sask. – Reservoirs and the water tower in North Battleford have been filled to capacity as a precautionary measure in the event oil from a major pipeline spill reaches the Saskatchewan city. Husky Energy says between 200,000 and 250,000…
An international agreement to limit carbon emissions, regulations requiring some natural resources firms to have cash on hand to decommission facilities and the threat of cyber attack are among the risks cited by senior executives in a Willis Towers Watson…
ST. JOHN’S, N.L. – There are too many unknown risks and data gaps to green-light fracking, says a government-appointed panel that studied hydraulic fracturing in western Newfoundland. In a report released Tuesday, it recommends that the province continue its freeze…