Catastrophes likely to have “muted” effect on Canadian reinsurance pricing
December 4, 2017 Jason Contant, Online EditorReinsurance rates in Canada will likely not decrease and there may be some “upward movement in certain regions” following the historically massive catastrophes in the third quarter, MSA Research president and CEO Joel Baker suggested Monday. The catastrophes – including…
More Windsor residents eligible for Ontario government flood relief
November 20, 2017 Greg Meckbach, Associate EditorNearly three months after torrential downpours gave rise to more than $100 million in insured losses in and near Windsor, the Ontario government announced Monday it has expanded the number of property owners eligible for disaster relief. “Expanding the original…
N.S. at risk of becoming an island if action isn’t taken, municipal leaders warn
November 16, 2017 The Canadian Press (CPSTF)AMHERST, N.S. – Nova Scotia is at risk of becoming an island within decades if action is not taken to fix the 275-year-old dikes that prevent flooding of the isthmus connecting the province to the rest of Canada, officials warn.…
Will feds get involved in flood coverage for high-risk homes?
November 16, 2017 Greg Meckbach, Associate EditorDespite calls from the industry for public sector involvement in covering flood risk to high-risk residential properties, the federal government has not committed to any programs that would lead to public sector involvement in flood coverage. Canadian Underwriter asked Public…
Powerful earthquake on Iran-Iraq border kills over 350
November 13, 2017 Nasser Karimi and Amir Vahdat - THE ASSOCIATED PRESSTEHRAN, Iran – A powerful 7.3 magnitude earthquake near the Iraq-Iran border killed over 350 people across both countries, sent residents fleeing their homes into the night and was felt as far away as the Mediterranean coast, authorities said Monday.…
Hurricanes Harvey, Irma & Maria make it “critical” to address shortcomings of NFIP: A.M. Best
November 11, 2017 by Canadian UnderwriterThe United States National Flood Insurance Program – which expires next month – “remains essential and has a purpose,” A.M. Best Company Inc. said in a recent report. But without billions in relief provided in a law passed Oct. 26,…
Sea level maps show Canada’s coastal communities in race against time
November 10, 2017 Mia Rabson - THE CANADIAN PRESSOTTAWA – From the slow-paced, tree-lined streets of downtown Charlottetown to the modern, western architecture of metro Vancouver, Canada’s urban waterfronts are a beacon for condo developers, tourists and everyone in between. But even in best-case scenarios for global warming,…
Intact’s combined ratio improves 5.2 points but personal auto has $31M in unfavourable prior-year development
November 8, 2017 by Canadian UnderwriterIntact Financial Corp.’s personal auto results were “disappointing” during the three months ending Sept. 30, chief executive officer Charles Brindamour said Tuesday in press release, but the Toronto-based insurer reported that across all lines, underwriting income more than doubled from…
Insured losses from Cyclone Debbie reach AUS$1.5 billion, 85% of claims closed
November 7, 2017 by Canadian UnderwriterInsurers have paid AUS$1 billion in claims related to Cyclone Debbie, with more than 85% of claims now closed, the Insurance Council of Australia (ICA) reported on Monday. Cyclone Debbie now ranks as the second-most expensive cyclone in Australian history,…
California asks US for $7.4 billion for wildfire rebuilding
November 6, 2017 Olga R. Rodriguez - THE ASSOCIATED PRESSSAN FRANCISCO – California Gov. Jerry Brown and lawmakers asked the U.S. government Friday for $7.4 billion to help rebuild after a cluster of fires tore through the heart of wine country, killing more than 40 people and leaving thousands…
Property Loss Update: A review of recent cases, Part 1
November 3, 2017 Glenn GibsonThere have been a number of very important cases in recent months involving coverage issues, which are worthy of note. The Supreme Court of Canada has now become involved in trying to clarify the process that should be followed in…
Hurricanes look to be increasing, drivers of higher related losses less prominent in Canada than in U.S.: AGCS
October 30, 2017 by Angela StelmakowichLower population increase and development in coastal areas of Canada compared to the United States will likely help ensure losses are less likely to increase, suggests Andrew Higgins, technical manager – Americas for Allianz Risk Consulting, LLC. “Certainly, sea level…