Bank of England chief slams cryptocurrencies; urges action
March 2, 2018 Pan Pylas - THE ASSOCIATED PRESSLONDON – Bank of England Governor Mark Carney on Friday launched a withering attack on cryptocurrencies such as bitcoin and urged regulators around the world to monitor them in the same way as other financial assets. In a speech to…
Ontario flooding a “wakeup call” for homeowners to check their policies: IBC
February 27, 2018 by Greg MeckbachOngoing flooding issues in southern Ontario are a “wakeup call” that homeowners should be reviewing their water damage coverage, Insurance Bureau of Canada (IBC) cautions. Several communities, including Brantford, Chatham and London, experienced flooding due to mild temperatures and several…
Cataclysmic hailstorm could cause up to $13.5 billion in damage: ICLR report
February 14, 2018 by David GambrillIn a low-probability, worst case scenario, a single major hailstorm in Canada could result in insurance claims of up to $13.5 billion, according to a new research paper from the Institute for Catastrophic Loss Reduction (ICLR). “Of concern is that…
Insurers urged to play a role in rebuilding economies after disasters
February 9, 2018 by David GambrillInsurers should be giving more thought to planning how to rebuild economies in the aftermath of a crisis, a reinsurance executive urges. “To my mind, what is often seemingly forgotten is the piece of economic resilience,” says Alex Kaplan, head…
Disaster planning: How to get insurance funds to evacuees
February 5, 2018 by David GambrillInsurance professionals should be planning in advance how they will get emergency funds into the hands of their insured clients during a natural catastrophe, a senior Intact Insurance executive told the C4 2018 conference in Ottawa Friday. Finding alternative ways…
Is storm-ravaged Alberta insurable?
February 4, 2018 by David GambrillAlberta has experienced a disproportionate share of the extreme weather catastrophes in Canada over the past decade, causing insurers to question whether the province is a viable place to do business. The question was raised Friday at the C4 conference…
Natural disaster recovery: Who owns the risk?
January 31, 2018 by David GambrillCanadians are not fully aware of their exposure to natural catastrophe risks, triggering a conversation at the C4 2018 conference in Ottawa about who is responsible for shouldering the heavy load of mounting disaster recovery costs. Organized by Catastrophe Indices…
Risk management still a concern post-Lac Mégantic
January 22, 2018 by Greg MeckbachRisk management continues to be an issue for major Canadian railways, the Transportation Safety Board of Canada (TSB) said Wednesday in an investigation report into a freight train collision in Alberta. The report came just days before a jury acquitted…
Your commercial client’s biggest exposure in 2018
January 19, 2018 by Jason ContantBusiness interruption will be the top risk for companies in Canada this year, according to Allianz Global Corporate & Specialty’s (AGCS) Allianz Risk Barometer 2018. “Business interruption (BI) can be a consequence of many of the other risks identified in…
New Alberta judge engaged with insurance regulators on behalf of clients
January 15, 2018 by Jason ContantGrant S. Dunlop, Q.C., a partner at Ogilvie LLP, has been appointed a justice of the Court of Queen’s Bench of Alberta in Edmonton. Dunlop maintained a litigation practice that specialized in directors’ and officers’ liability, employment, construction, banking regulation,…
What Canada’s largest city is doing to help reduce flood insurance claims
January 10, 2018 by Greg MeckbachAs climate experts forecast more frequent extreme rain events, Toronto is working towards protecting properties by modernizing its storm drainage system. With its Basement Flooding Protection Program, Toronto’s city government brought in a new standard of accommodating a one-in-100-year storm…
Why Canadian insurers paid $1.33 billion for cat claims in a benign cat year
January 9, 2018 by David GambrillCanadian insured losses from catastrophic events in 2017 totaled $1.33 billion, CatIQ Inc. reports, the fifth time that’s happened over the past seven years. “It’s becoming increasingly common to have Canadian annual insured losses to be greater than $1 billion,”…