Changing climate patterns, nat cats affecting electrical grid, Swiss Re and Johns Hopkins study finds
July 25, 2017 by Canadian UnderwriterChanging climate patterns are putting additional strain on both power generation and transmission, and presenting another risk factor for natural disaster mitigation and recovery in North America’s Pacific Northwest region, suggests a new study from Swiss Re and the Johns…
Shifting risk responsibilities to front line will help reduce vulnerabilities: PwC Canada
July 19, 2017 by Canadian UnderwriterCanadian businesses are more vulnerable to disruption than their global counterparts and need to make each line of service responsible for risk decisions, monitoring, oversight and assessment of vulnerabilities to bolster protection, suggest Canadian insights from a recent PwC report.…
State of emergency continues as wildfires affect interior B.C.
July 13, 2017 by Canadian UnderwriterMining and wood products are among the industries affected by wildfires in British Columbia’s interior, where a state of emergency is in place. Imperial Metals Corp. announced Wednesday that an open pit copper/gold mine 56 kilometres northeast of Williams Lake…
Bank of Canada raises interest rate to 0.75% from 0.5%
July 13, 2017 by Canadian UnderwriterThe Bank of Canada announced on Wednesday that it has raised its interest rate for the first time in seven years, to 0.75% from 0.5%. “Recent data have bolstered the Bank’s confidence in its outlook for above-potential growth and the…
Maintaining wetlands could slash riverine flooding-related damage, local pilot project has national applicability: study
July 12, 2017 by Angela StelmakowichJust leaving current wetlands in their natural state could cause riverine flooding-related flood damage to plummet as much as 38% and should provide the impetus for communities to view natural infrastructure as a climate adaptation solution, notes a study from…
Stilling quake risk in eastern Canada demands greater focus, awareness and effort: Swiss Re
July 11, 2017 by Angela StelmakowichRisk awareness is severely lacking and not enough attention is being paid to quake risk in eastern Canada, a region with “huge” loss-inflicting potential that a Swiss Re model projects could produce the country’s largest nat-Cat loss ever if the…
Specialist Lloyd’s broker now providing regional Canadian brokers with direct access to London liability insurance market
June 29, 2017 by Canadian UnderwriterServca, the independent international specialist Lloyd’s broker, announced on Thursday that is has expanded its global footprint into Canada. Servca now provides regional Canadian brokers with direct access to Lloyd’s of London specialist products, schemes and carriers, “catering for non-standard…
Canadian Council of Insurance Regulators releases 2017-2020 strategic plan
June 28, 2017 by Canadian UnderwriterThe Canadian Council of Insurance Regulators (CCIR) has published its strategic plan for 2017-2020, which focuses its efforts on cooperative supervisory activities, fair treatment of consumers, risks and coverages related to nat cats, and a cooperative approach to financial services…
Bill eliminating federal tax exemption for farming and fishing insurers passed into law
June 23, 2017 by Canadian UnderwriterThe federal government passed Thursday a law eliminating the tax exemption for insurers covering farming and fishing properties. Bill C-44 is omnibus legislation that implements, among other things, some provisions of the federal budget 2017-18, tabled March 22. In addition…
Proposal to eliminate farm insurers’ tax exemption before Senate
June 21, 2017 by Canadian UnderwriterAn omnibus bill that proposes to eliminate the tax exemption for insurers covering farming and fishing properties has been referred to a Senate committee. Currently, Section 149 of the federal Income Tax Act stipulates that an insurer is exempt from…
N.B. Auditor General finds climate change action items lack implementation plans and timelines
June 20, 2017 by Canadian UnderwriterGreenhouse gas (GHG) emissions in New Brunswick are not projected to decline much further under the status quo, and meeting 2030 and 2050 targets will require “significant action” from provincial and federal initiatives, the Auditor General of New Brunswick said…
Loader truck operator who tested positive for cocaine not fired due to addiction: Supreme Court of Canada
June 16, 2017 by Canadian UnderwriterA coal mining company that fired an employee who tested positive for cocaine after an accident did not violate the Alberta Human Rights Act, the Supreme Court of Canada ruled in a divided decision released Thursday. Court records indicate that…