News
B.C. wildfire 75% contained as most evacuated residents return home
September 11, 2012 by Canadian UnderwriterThe Trepanier forest fire that destroyed four homes in the central Okanagan region of British Columbia has been 75% contained, the area’s Emergency Operations Centre said Sept. 11. “Cooler temperatures and low wind overnight have provided ideal conditions for fire…
Tropical storm Leslie hits Newfoundland and rainfall causes flooding in central Nova Scotia
September 11, 2012 by Canadian UnderwriterTropical storm Leslie made landfall in Newfoundland’s Burin Peninsula the morning of Sept. 11, with hurricane-force gusts and heavy rainfall causing some property damage and flooding in parts of the Atlantic provinces. Tropical storm watches are in effect for areas…
Efforts to demonstrate the benefits of risk encouraged
September 10, 2012 by Canadian UnderwriterThere is a positive side of risk, one that holds the promise of creating value for organizations and contributing to risk management becoming more entrenched in organizational culture and decision-making. That was among the views that Deborah Luthi, president of…
Catlin Canada donation to McGannon Foundation supports risk management education
September 10, 2012 by Canadian UnderwriterCatlin Canada is looking to make it a little easier for students entering the insurance/risk management field of study with its donation of $20,000 to the William H. McGannon Foundation. The official cheque was to be presented during an event…
Economic uncertainty and disasters in non-peak zones among top risks for reinsurers: Guy Carpenter
September 10, 2012 by Canadian UnderwriterThe debt crisis in Europe, interest rate sensitivity and the shifting nature of catastrophe losses are among the top risks to the reinsurance industry’s profitability, according to risk and reinsurance specialist Guy Carpenter and Company LLC. In its mid-year market…
Munich Re expects stability, Swiss Re and Hannover Re see price increases for January 2013 renewals
September 10, 2012 by Canadian UnderwriterReinsurer Munich Re expects largely stable rates for contracts up for renewal in January 2013, while Swiss Re and Hannover Re predict moderate price increases for the same timeframe. The three companies announced their outlooks during the reinsurance industry’s annual…
B.C. wildfire forces 1,500 to evacuate Peachland area
September 10, 2012 by Canadian UnderwriterA 200-hectare wildfire in the central Okanagan area of British Columbia has forced about 1,550 people from their homes. Three homes in the District of Peachland and one abandoned home in the Central Okanagan West electoral area have been lost…
Wildfire risk to western U.S. property pegged at $136 billion
September 10, 2012 by Canadian UnderwriterMore than 740,000 properties in 13 states across the western United States. fall into the high risk category for wildfire damage, representing a total property value estimate at over $136 billion, according to information and analytics service firm CoreLogic. The…
Zurich introduces insurance product for public sector
September 10, 2012 by Canadian UnderwriterZurich Canada recently launched a single insurance solution for various levels of government, educational institutions and health care facilities. Known as Public Sector Solution, the product is designed to provide a full range of coverages for all public entities across…
Tropical storm Leslie to reach Newfoundland with 100km/hour winds
September 10, 2012 by Canadian UnderwriterAtlantic Canada is expecting strong winds and heavy rainfall as tropical storm Leslie will reach Newfoundland by Sept. 11, according to the Canadian Hurricane Centre. “The likelihood of Leslie’s centre making landfall somewhere in Newfoundland is looking almost certain now,”…
Appeal Court restores ruling by FSCO director’s delegate
September 7, 2012 by Canadian UnderwriterOntario’s Court of Appeal has ruled in favour of Certas Direct Insurance Company in a decade-long dispute over accident benefits, opting to set aside a divisional court order on the interpretation of the limitation period under the Insurance Act. Gordyukova…
Western Financial Group acquires Winnipeg’s Orion Insurance Brokers
September 7, 2012 by Canadian UnderwriterWestern Financial Group announced its acquisition of Orion Insurance Brokers Ltd. in Winnipeg on Sept. 7. Western, based in High River, Alberta, will add Orion’s Transcona office to its existing Winnipeg locations. Founded in 1993, Orion was purchased in 2008…