FORT MCMURRAY, Alta. – A proposed class-action lawsuit has been filed against natural gas company Atco (TSE:ACO.X) in an explosion last May that damaged several homes in Fort McMurray, Alta. The blast took place in the Dickinsfield neighbourhood while the…
Intact Financial Corp. released Wednesday its financial results for 2016, reporting a 5% increase in direct premiums written and a 40% drop in underwriting income during a year when Canada’s most expensive natural disaster cost the firm $400 million before…
Munich Re reported on Tuesday a consolidated result of 2.6 billion euros for 2016, including a 0.5 billion euro profit in the fourth quarter of 2016 ending Dec. 31 compared to 0.7 billion euros in the previous year quarter. Munich…
EDMONTON – An assessment of the total financial impact of last spring’s Fort McMurray wildfire is pegging the direct and indirect costs of the blaze at $9.5 billion. The figure includes the expense of replacing buildings and infrastructure as well…
TORONTO – The “beast” of a wildfire that charred Fort McMurray, Alta., was named Canada’s biggest weather story of the year in an annual list compiled by the country’s top meteorologists. The list, which also includes the melting Arctic Sea…
Property Claim Services (PCS) has updated its insured damage estimate for the Fort McMurray wildfire to $3.98 billion, down from its August estimate of $4.67 billion. Of the $3.98 billion estimate, the majority is in personal lines ($2.9 billion), with…
About $5.3 billion will be re-invested in Alberta’s economy over the next three years to rebuild Fort McMurray following the massive wildfire in May, according to a new Conference Board of Canada report on the economic impacts of Canada’s most costliest natural…
The insured loss from the wildfire in May in Fort McMurray, Alta. will be “somewhere between” $3.6 billion and $4.6 billion, with European reinsurers covering nearly half of the loss, analysts from A.M. Best Company Inc. suggested Thursday. “The reinsurers…
Current-year financial results for Canada’s property and casualty industry – which were once again strong in 2015 – are expected to take a hit in the wake of the Fort McMurray wildfire loss, notes a new report from A.M. Best.…
VANCOUVER – The Fort McMurray wildfire, though not on the same scale, shared many characteristics of the 2011 Thai floods and New Zealand earthquakes, Joel Baker, president and CEO of the National Insurance Conference of Canada (NICC), said Thursday at…
The Fort McMurray wildfire accounted for 98% of first-half insured catastrophe losses in Canada and 29% of Property Claim Services (PCS)-designated North American cat losses for the period, according to a preliminary estimate from the company. Insurers affected by the…
Insured losses arising from the Fort McMurray, Alberta wildfire are estimated at $4.67 billion, Verisk Analytics Inc.’s Property Claims Services said in a bulletin this week. The wildfire in May was the most expensive natural catastrophe in Canadian history, when…