Flooding in Canada (Part 1): Edmonton and Toronto: Flood of Information
October 1, 2007 Dan Sandink, Research Coordinator, Institute for Catastrophic Loss ReductionEdmonton residents are more likely than Toronto residents to mitigate future flood risk; not surprisingly, Edmonton has a more comprehensive basement flooding education program
Back and Forth is Costly
September 30, 2007 Donna FordFlood of assessment requests and counter requests into Accident Benefit Claims incurs enormous costs.
What’s New: In Brief (September 18, 2007)
September 18, 2007 by Canadian UnderwriterDalhousie University in Halifax was home to a sea of nervous faces at the RIMS Canada conference Sept. 18, as students tested their skills playing Risk, a classic game of strategy, for their chance to win a $5,000 bursary from…
Humberto hits Texas, incurs damages less than $500 million
September 14, 2007 by Canadian UnderwriterHurricane Humberto, who made landfall on southeast Texas earlier this week, likely caused damages that will not exceed US$500 million [approximately Cdn$515.37 million], reports Risk Management Solutions (RMS).The figure includes wind damage to residential, commercial and industrial properties and business…
Reinsurance rates in Canada decreasing
September 5, 2007 by Canadian UnderwriterIn its annual review of the worldwide catastrophe insurance market, Guy Carpenter & Company, LLC researchers noted 2007 reinsurance rates decreased 2%, compared to a 32% increase in 2006.The hurricanes of 2005 had no obvious impact on Canadian markets, however,…
Alberta storms cause more than $42 million in insured damages
August 1, 2007 byStorms and flash floods in Alberta on June 5 are expected to exceed $42 million in insured damages, according to the Insurance Bureau of Canada (IBC). “In Calgary alone, there have been 3,094 insurance claims so far as a result…
Leading the Way
August 1, 2007 Perry Brazeau, Senior Vice President, Manager, Canada Division, FM GlobalGood risk managers will find ways to link their risk management efforts with organizational competitiveness
Commercial Claims: Canary in a Coal Mine?
August 1, 2007 David Gambrill, EditorCanada’s claims reality in 2007 is starting to catch up with the recent abundance of capital and concomitant rate decreases. Could this mean that the current ‘soft-market’ period may be reaching its apex, and the pendulum may start veering towards…
What’s New: In Brief (July 25, 2007)
July 25, 2007 by Canadian UnderwriterInsured flooding losses in the United Kingdom this summer may yet reach more than 2 billion (Cdn$4.27 billion), less than half of what the regions March 1947 floods would have cost insurers had they happened today 4.5 billion to 6…
Alberta June 2007 storm, flood damage expected to top Cdn$42 million
July 1, 2007 by Canadian UnderwriterJune 2007 storms and flash floods in Alberta are expected to exceed Cdn$42 million in insured damages, says the Insurance Bureau of Canada (IBC). “In Calgary alone, there have been 3,094 insurance claims so far as a result of the…
Reinsurance: Extreme Makeover
July 1, 2007 David Wilmot, Past Senior Vice President“Fast-money” seeking big returns – money that ultimately lands outside the reinsurance industry – is undermining the long-term viability of the reinsurance market
The New Normal: Billion-Dollar Bruisers
July 1, 2007 Glenn McGillivrayWho’d have thunk it? Earthquakes, hurricanes and floods are not the only perils causing billion-dollar mega-losses.