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How to increase the take-up of earthquake insurance

February 18, 2021 by Jason Contant

When broader government assistance is available for earthquake insurance, the take-up rates for private earthquake insurance appear to be suppressed, according to a new study on the difference between earthquake insurance rates in B.C.’s Lower Mainland and neighbouring Washington State

News Insurance

Joseph El-Sayegh joins Quebec brokerage Lussier Dale Parizeau

February 3, 2021 by Jason Contant

The former president and CEO of reinsurer SCOR Canada, Joseph El-Sayegh, has joined Quebec brokerage Lussier Dale Parizeau (LDP). LDP announced El-Sayegh’s appointment as regional vice president, commercial services and practice leader in risk management, effective Jan. 11. Among other

News Insurance

New Maritime research centre to fight cyber pirates

January 28, 2021 Jean-Benoit Legault - THE CANADIAN PRESS

MONTREAL – A new research centre created at Montreal’s Polytechnique university will aim to protect ships from pirates – and they’re not talking about Blackbeard or Captain Kidd. Canada’s Maritime Cyber Security Centre of Excellence will combine the expertise of

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Regulator’s pilot project to start scenario-testing for climate change risks

January 7, 2021 by David Gambrill

Canada’s solvency regulator has introduced a pilot project in 2021 to conduct scenario testing of the impact of various climate-related risks on financial institutions’ bottom lines. “The first step of the pilot project is to develop a Canada-relevant set of

News Insurance

Alberta’s top court dismisses appeal of Edmonton man convicted in road rage attack

December 9, 2020 Daniela Germano - THE CANADIAN PRESS

EDMONTON – An Edmonton man sentenced to 3-1/2 years in prison for breaking a woman’s arms with a crowbar in a road-rage attack has lost an appeal of his conviction. Jared Eliasson was granted bail in December 2019, moments after

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How Ottawa is trying to lower earthquake related property losses

December 7, 2020 by Greg Meckbach

Natural Resources Canada is hoping to help insurers cut their loss costs with a yet-to-be released earthquake early warning system. The warning system could provide seconds to tens of seconds of warning before a location is affected by strong shaking,

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Wildfire damage is not like a Godzilla attack. Why that matters to Cat modellers

December 7, 2020 by Greg Meckbach

A client’s structure can remain standing after a wildfire, even when other buildings in the same neighbourhood burn down, because dozens of factors affect a property’s risk, experts said Thursday during a webinar. “The interesting thing about wildfire is [that]

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Mother Nature’s wrath

December 7, 2020 Derek Clouthier

Alberta continues to endure the most expensive insured weather events in Canada.  What’s happening and what can be done about it?

News Insurance

B.C. institutional investor to acquire consolidator of P&C run-off books

December 4, 2020 by Jason Contant

One of Canada’s largest institutional investors has joined forces with Cinven, an international private equity firm, to acquire Compre, a specialist global consolidator of closed books of non-life insurance policies. Victoria-based British Columbia Investment Management Corporation (BCI) and Cinven announced

News Insurance

Insurer CFOs share personal experiences dealing with cybercriminals

December 1, 2020 by Jason Contant

About two years ago, Northbridge Financial Corporation’s chief financial officer Craig Pinnock received an email purportedly from Northbridge CEO Silvy Wright requesting help with a wire transfer. “Silvy’s name’s there, Silvy’s signature, so I fire back quickly, ‘Sure, no problem.

News Insurance

Swiss Re’s new head of P&C client markets in Canada

November 16, 2020 by David Gambrill

Agis Kitsikis has been appointed as Swiss Re’s new head of P&C client markets for Canada and the English Caribbean, effective immediately. He succeeds Stefan Behr, who recently accepted the position as Swiss Re’s head of business development for Europe,

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Why further rate increases could be needed after 2021

October 30, 2020 by Greg Meckbach

Despite double-digit price increases in several commercial lines, premiums will need to rise further, a Bermuda insurer CEO said Thursday. “More rate action is needed and likely it will take beyond 2021 in some lines to get to rate adequacy,”