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Subrogated claim confirms obligations of homeowners using heating oil

September 6, 2019 by Greg Meckbach

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

News Legislation / Regulation

What needs to happen before interest rates rise

January 9, 2019 Andy Blatchford - THE CANADIAN PRESS

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

News InsuranceLegal

Insurer that paid $800,000 on home fuel oil spill cannot subrogate: Court

March 14, 2018 Greg Meckbach, Associate Editor

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

News CatastrophesLegislation / RegulationMergers and AqcuisitionsReinsurance

5.1 earthquake likely caused by wastewater disposal: U.S. Geological Survey

October 24, 2016 by Canadian Underwriter

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

News CatastrophesClimate ChangeConstructionEarnings / RatingsInsuranceMergers and AqcuisitionsReinsurance

Change in exposure driving widening gap between insured, economic losses following disaster events

September 14, 2016 by Angela Stelmakowich

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

News CatastrophesClimate ChangeInsuranceMergers and Aqcuisitions

Impact of Fort Mac wildfire adds to Alberta’s economic challenges, increases deficit: province

August 24, 2016 by Angela Stelmakowich

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

News CatastrophesConstructionInsurance

Alberta fires torch economy, biggest monthly GDP decline in more than 7 years

July 31, 2016 Andy Blatchford - THE CANADIAN PRESS

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

News CatastrophesInsuranceMergers and Aqcuisitions

Saskatchewan city prepares for possible arrival of oil from major pipeline spill

July 22, 2016 The Canadian Press

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

Natural gas drilling operation in north Arkansas in the Fayetteville Shale Play.
News InsuranceMergers and Aqcuisitions

Paris climate agreement presents ‘particular risks’ for shale fuel producers: Willis Towers Watson

July 5, 2016 by Canadian Underwriter

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

News CatastrophesConstructionInsurance

Too many unknowns to recommend fracking in western Newfoundland: review panel

May 31, 2016 Sue Bailey - THE CANADIAN PRESS

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

News Earnings / RatingsInsuranceMarkets / Coverages

Link between oil price reduction, increase in major incidents: Marsh

March 24, 2016 by Canadian Underwriter

Energy firms are facing challenges, including falling revenues, but are encouraged to maintain their investment in risk management to reduce the potential for future major incidents and insurance claims, suggests a new research report from global insurance broker and risk