SHERBROOKE, Que. – The lawyer for one of three men charged with criminal negligence in the Lac-Megantic rail disaster that killed 47 people began his closing arguments today. Gaetan Bourassa says the trial is for his client, Jean Demaitre, and…
After a year of massive North Atlantic hurricane losses, Canadian P&C insurers may have dodged a bullet with this year’s renewal season. Reinsurers licensed in Canada “were the main beneficiaries of the relatively quiet Canadian CAT year,” wrote Joel Baker,…
Despite a “relatively benign” year in Canada for catastrophes in 2017, the industry-wide combined ratio in Canada was still fairly high at 96.8% during the first nine months of last year, with auto results partly to blame, MSA Research reported…
Most people in the industry anticipate a hardening of the market in 2018, the aftermath of an historic year of natural catastrophes. Some of the first signs of rising rates in the Canadian P&C industry are already starting to emerge.…
Across all markets, including Canada, pricing levels are generally at historic lows, which in many cases are well below technical pricing recommendations. Globally, recent natural catastrophes have highlighted the increasing frequency and potential severity of major events, potentially leading to…
New CEO for Manitoba Public Insurance The Government of Manitoba has announced that Benjamin Graham will become the new president and CEO of Manitoba Public Insurance (MPI), effective Feb. 1, 2018. Manitoba Premier Brian Pallister made the announcement in a…
Insured losses from natural catastrophes in 2017, at more than US$130 billion, were more than double the average of the previous 10 years, and more than US$90 billion in losses is probably from three hurricanes alone, Swiss Re said Wednesday.…
FORT MCMURRAY, Alta. – Firefighter Mark Stephenson says he can’t drive through Fort McMurray without being brought back to May 2016. That’s when, in the thick of battling a ferocious wildfire that destroyed 10 per cent of the northern Alberta…
The wildfire insurance losses incurred in Fort McMurray, Alberta in 2016 are the costliest in Canadian history. The fire involved residential property, businesses, municipal property and landscape over an area of 590,000 hectares. The Insurance Bureau of Canada Costs estimated…
Recent record wildfire losses in California serve as a reminder to Canadians that certain buildings separated from the woods can still burn down, a Canadian disaster prevention research executive suggests. Losses from the California wildfires, in excess of $10 billion,…
A “weak safety culture” was partly to blame for the fatal sinking of the 790-foot cargo vessel El Faro, the United States National Transportation Safety Board announced Tuesday. Safety management systems are also a major issue in Canada’s maritime sector,…
Ontario’s emergency planning for risks such as severe weather, terrorism and cyber-attacks is in dire need of an update, the province’s auditor general concluded in a report released Wednesday. The province’s severe weather plan has not been updated in 12…