Quality of construction workmanship a major factor in water losses: RSA Canada CEO
October 27, 2017 Greg Meckbach, Associate EditorAging infrastructure and deteriorating construction standards are among the “major factors” leading to the challenges Canadian property insurers face when dealing with water losses, brokers heard Thursday during the CEO Panel at the Insurance Brokers Association of Ontario convention. “The…
Hurricane recent events, history illustrate need to beef up preparedness: AGCS
October 27, 2017 by Angela StelmakowichThe preparedness of U.S. businesses is still wanting despite lessons learned from Hurricane Sandy and the high hurricane activity, devastation and losses so far this Atlantic hurricane season, suggests Allianz Global Corporate & Specialty (AGCS). “In light of lessons learned…
Analyzing near misses can help with capacity management, capital calibration: RMS, Lloyd’s
October 23, 2017 by Canadian UnderwriterInsurers and reinsurers can benefit by considering how near misses – such as an incident three months ago when an Air Canada Airbus A320 nearly landed on a taxiway with four passenger jets – might have become major disasters, Risk…
Federal, Manitoba governments agree to pay $90 million to First Nations following 2011 flood
October 20, 2017 by Canadian UnderwriterThe governments of Manitoba and Canada have agreed to pay more than $90 million to certain First Nations who were affected by flooding in 2011. McKenzie Lake Lawyers LLP said in a statement released earlier this week that while not…
ILS market ready to deal with “wake-up call” of Q3 nat cats: Willis Towers Watson Securities
October 20, 2017 by Canadian UnderwriterInsurance-linked securities (ILS) investors are responding to the recent uptick in natural disasters by making payments to ceding companies, while at the same time continuing to raise more money and preparing to make new investments, Willis Towers Watson (WTW) Securities…
Record number of registrants in 2017 Great British Columbia ShakeOut earthquake drill: IBC
October 20, 2017 by Canadian UnderwriterAwareness of earthquake risk in British Columbia looks to be on the rise if registrants for the 2017 Great British Columbia ShakeOut, which reached record numbers this year, is any indicator. A record 886,000 British Columbians participated Thursday, joining millions…
Some reinsurance programs ‘have been called upon four or five times’ in 2017: CMS
October 18, 2017 by Canadian UnderwriterWith analysts estimating catastrophe losses exceeding $100 billion to the property & casualty insurance industry in 2017, a law firm suggested Wednesday there is a risk disputes over reinstatement of reinsurance coverage and erosion limits, between North American insurers and…
Integrating disaster risk, resilience into broader systems key to unlocking climate adaptation abilities
October 13, 2017 by Angela StelmakowichA systemic disconnect between material natural disaster risk, asset valuation and infrastructure investment demands that disaster risk and resilience be integrated into broader financial, accounting and reporting systems, David Greenall, senior director of sustainable business solutions for PwC Canada, told…
Manitoba expands flood mapping for three priority watersheds
October 13, 2017 by Canadian UnderwriterThe province of Manitoba will add vital information to its flood mapping inventory for three of its priority watersheds, the provincial and federal governments announced on Thursday. Manitoba Infrastructure Minister Ron Schuler announced the expanded flood mapping inventory for watersheds…
Spurt of vegetation growth contributes to California wildfires: Munich Re
October 12, 2017 by Canadian UnderwriterWith deadly wildfires destroying more than 3,500 properties north of San Francisco, Munich Re is warning that “prime wildfire conditions” may continue in California this winter. “Over the past decade, the United States has seen an uptick in the frequency…
Flood mitigation work between insurance industry and federal government continues, NICC hears
October 8, 2017 Jason Contant, Online EditorWhile the federal government understands the problem surrounding flood mitigation in Canada, “we’re not there yet” and the insurance industry and government are still working on a solution, a speaker said on Oct. 3 at the National Insurance Conference of…
Move critical infrastructure protection burden ‘on to the back’ of reinsurers: engineering conference speaker
October 6, 2017 Greg Meckbach, Associate EditorA lack of insurance coverage for critical infrastructure is one reason for the growing gap between insured and economic losses and 2017 “is going to be the costliest year in world insurance history,” a speaker said Thursday at the 44th…