Following Canada’s costliest natural disaster, Fort McMurray may be more resilient in the short- and medium-term, but there needs to be an avoidance of “event amnesia,” a speaker suggested earlier this week at the National Insurance Conference of Canada (NICC).…
Hurricanes Irma and Maria as well as three powerful earthquakes in Mexico resulted in tens of billions of dollars (U.S.) in damage last month, according to Impact Forecasting’s latest monthly Global Catastrophe Recap report. Impact Forecasting, Aon Benfield’s cat model…
The insurance policy renewal process is both inefficient and cumbersome and needs to be fixed, speakers suggested on Monday at the National Insurance Conference of Canada (NICC) in Quebec City. “It’s a total disaster; it’s not working at all,” charged…
Flood-related cover for residential policyholders is far advanced from what it was when the devastating floods hit southern Alberta in 2013, but it is now time to refine those offerings and address outstanding issues, says Gord Enders, president of Direct-Line…
The United States House of Representatives has passed a bill that modifies requirements for purchasing flood insurance and provides tax incentives for individuals and businesses affected by recent hurricanes in the country. Introduced in the House on Sept. 25, the…
Global cyber premium volume is set to increase six- to eightfold within a decade, according to a new report from Fitch Ratings. Released on Wednesday, the report Cyber Insurance – Risks and Opportunities (Global Non-Life Insurer Underwriting Exposures Examined) found…
The “two most significant wildfires in British Columbia this summer” caused more than $127 million in insured damage, the Insurance Bureau of Canada (IBC) said, quoting Catastrophe Indices and Quantification Inc. (CatIQ). The wildfires around Williams Lake caused close to…
Research out of the University of Waterloo recommends a Canadian standard for new flood-resilient residential communities, one that employs almost two dozen best practices, be developed to bolster protection and reduce water-related losses. Requiring that new homes not be built…
Floods in late August in Windsor, Ont. resulted in more than $124 million in losses to the industry, Insurance Bureau of Canada suggested Monday. “From August 28 – 29, a slow-moving area of low pressure produced significant rainfall over areas…
Policy makers “need to look more closely” at government programs intended to help people recover from natural disasters, and these programs “may evolve” in the coming years, Ontario Municipal Affairs Minister Bill Mauro said Thursday. During question period at Queen’s…
Nine days after Hurricane Irma made landfall in Florida, Hurricane Jose is expected to cause “rough surf conditions” along the Atlantic Coast of Nova Scotia and heavy rain south of Boston, while Hurricane Maria is expected to cause “life-threatening flash…
Global marine underwriting premiums for 2016 fell to US$27.5, a 9% reduction from 2015, the International Union of Marine Insurance (IUMI) reported on Monday. The association presented its annual statistical report on the marine insurance market at the IUMI 2017…