Typhoons in September cost global economy more than US$4 billion: Aon
October 6, 2016 by Canadian UnderwriterTropical cyclones throughout the world in September have cost the global economy more than US$4 billion, according to the latest edition of Aon Benfield’s Global Catastrophe Recap report, released on Thursday. The Global Catastrophe Recap, from Impact Forecasting, Aon Benfield’s…
Cat bond issuance so far in 2016 down 15% compared to same period in 2015, Fort Mac reviving talk about unmodelled risks: PCS
October 5, 2016 by Canadian UnderwriterYear-to-date Cat bond issuance was down more than 15% compared to the prior-year period as a result of a usually light third quarter and a less usual quiet second quarter, notes a new report from Property Claim Services (PCS). The…
IBC invites Quebecers to try out earthquake simulator
October 4, 2016 by Canadian UnderwriterAs part of an earthquake preparedness campaign, the Insurance Bureau of Canada (IBC) is touring Quebec and will be inviting residents of participating cities to experience a unique sensation inside the ‘Quake Cottage,’ a mobile earthquake simulator. Starting Oct. 6,…
Slow-moving Hurricane Matthew expected to make landfall in Haiti on Tuesday as Category 4 storm
October 4, 2016 by Canadian UnderwriterSlow-moving Hurricane Matthew is forecast to make landfall on Haiti’s Tiburon Peninsula around midday on Tuesday as a Category 4 storm, according to the National Hurricane Center (NHC). As one of the most powerful North Atlantic hurricanes in recent history…
Organizations starting to show greater openness to enlisting experts to help with cyber security: NICC speaker
October 1, 2016 Angela Stelmakowich, EditorVANCOUVER – Cyber attackers are becoming increasingly sophisticated – employing better techniques and targeting information that could prove particularly damaging – but that may be balanced by a greater openness to use expertise and not go it alone, it was…
New reinsurer view of Canada may be forming, likely to influence pricing
September 30, 2016 Angela Stelmakowich, EditorVANCOUVER – The higher frequency of billion-dollar-plus natural catastrophe events in Canada contributes to the global reinsurance community viewing the country differently and pricing will need to change to reflect risk, Mark Cloutier, group CEO for Brit Insurance Ltd., said…
Need to shift from focus on task to focus on customer: NICC speaker
September 30, 2016 Angela Stelmakowich, EditorVANCOUVER – Attempts to become truly customer-centric will not be realized until insurers can shift away from an entrenched focus on task that erects barriers to more meaningful customer engagement, Barry Pokroy, leader of Farber Financial Group’s Circle & Square…
Fort McMurray wildfire shares characteristics of 2011 Thai floods and New Zealand quakes: Baker at NICC
September 30, 2016 Angela Stelmakowich, EditorVANCOUVER – The Fort McMurray wildfire, though not on the same scale, shared many characteristics of the 2011 Thai floods and New Zealand earthquakes, Joel Baker, president and CEO of the National Insurance Conference of Canada (NICC), said Thursday at…
Balance crucial for capital requirements on earthquake, OSFI superintendent Rudin says at NICC
September 30, 2016 Angela Stelmakowich, EditorVANCOUVER – Capital requirements could always be increased to cover an extreme event, such as a huge earthquake in British Columbia, but a balance must be struck, Jeremy Rudin, superintendent of the Office of the Superintendent of Financial Institutions (OSFI),…
B.C. earthquake warning technology ShakeAlarm goes global
September 28, 2016 by Canadian UnderwriterTwo Canadian companies have entered into a global preferred service provider agreement that will bring “affordable and reliable” British Columbia-developed earthquake early warning system (EEWS) technology to countries with high seismic risk that currently do not have proven systems in…
Password breach could have ripple effects well beyond Yahoo
September 27, 2016 Raphael Satter - THE ASSOCIATED PRESSLONDON – As investors and investigators weigh the damage of Yahoo’s massive breach to the internet icon, information security experts worry that the record-breaking haul of password data could be used to open locks up and down the web. While…
4.8 magnitude earthquake in Texas in 2012 triggered by wastewater injection, study confirms
September 26, 2016 by Canadian UnderwriterA 4.8 magnitude earthquake that “rattled residents” and damaged buildings in East Texas in 2012 was triggered by the injection of large volumes of wastewater from oil and gas activities into rocks deep beneath the surface, confirmed a new satellite…