Fort McMurray wildfire could hurt 2016 Q2 results for some Canadian p&c insurers, companies offering help
May 9, 2016 by Angela StelmakowichCredit rating agency Moody’s does not anticipate the massive wildfire in and around Fort McMurray will be a credit event for Canada’s property and casualty industry, but is likely to have an impact on 2016 Q2 results for property insurers.…
Alberta, TransAlta reach agreement to protect Calgary and other Bow River communities from flood and drought
April 28, 2016 by Canadian UnderwriterThe province of Alberta has entered into a five-year agreement with power generation and wholesale marketing company TransAlta that will provide flood protection to Calgary, reduce the impacts of drought and help communities adapt to a changing climate. The five-year…
The Boiler Inspection and Insurance Company of Canada introduces coverage for invisible risks to microelectronics
April 27, 2016 by Canadian UnderwriterThe Boiler Inspection and Insurance Company of Canada (HSB BI&I), part of Munich Re, announced on Wednesday the introduction of TechAdvantage – a product the company is calling the “first equipment breakdown insurance product covering undetectable physical damage to microelectronics.”…
Canada’s FirstOnSite Restoration to join forces with U.S.-based Interstate Restoration
April 22, 2016 by Canadian UnderwriterFirstOnSite Restoration G.P. Inc. (the general partner of FirstOnSite Restoration L.P.), Canada’s largest independent disaster restoration services provider, announced on Thursday that it has reached a definitive asset purchase agreement with U.S.-based Interstate Restoration LLC. Under the agreement, subject to…
Two Alberta men charged in connection with arson of their own business
April 13, 2016 by Canadian UnderwriterThe Calgary Police Service (CPS) Arson Unit announced on Tuesday that a father and son have been charged in connection with the arson of their own business. At approximately 2:25 a.m., on Thursday, Sept. 6, 2015, an alarm was triggered…
Significant UK cyberattack could cost billions of pounds in economic losses, study finds
April 12, 2016 by Canadian UnderwriterA significant cyberattack across the United Kingdom’s critical national infrastructure could have “far-reaching and significant economic impacts” for Britain, according to a study carried out by the Cambridge Centre for Risk Studies. The report, titled Integrated Infrastructure: Cyber Resiliency in…
U.S. judge OKs $20B settlement from 2010 BP oil spill
April 5, 2016 Kevin McGill - THE ASSOCIATED PRESSNEW ORLEANS – A federal judge in New Orleans granted final approval Monday to an estimated $20 billion settlement over the 2010 BP oil spill in the Gulf of Mexico, resolving years of litigation over the worst offshore spill in…
Second U.S. hospital in as many months becomes victim of malware attack
March 31, 2016 by Canadian UnderwriterJust over one month after the president and CEO of a hospital in Los Angeles admitted to paying about US$17,000 to hackers following a ransomware attack, another hospital in the United States has become victim of a malware attack. On…
Future Thinkers
March 22, 2016 byAdjusters ready to take on new claims environment. Change, it seems, is the only constant.
British Columbia proposes amendments to spill preparedness and response legislation
March 1, 2016 by Canadian UnderwriterBritish Columbia’s Ministry of Environment announced on Monday amendments to the Environmental Management Act (EMA), which, if passed, will establish a “world-leading” spill preparedness and response regime to address environmental emergencies in the province. The proposed spills regime will ensure…
IoT poses one of insurance industry’s biggest underwriting challenges: Rosenbaum
February 3, 2016 Angela Stelmakowich, EditorOne of the insurance industry’s biggest challenges on the underwriting side is “how to effectively and profitably transfer cyber risk with respect to machine-to-machine technology,” so-called Internet of Things, Brian Rosenbaum, national director of the Legal and Research Practice at…
Firefighting funds depleted: Record number of wildfires in Canadian parks
January 11, 2016 Bob Weber - THE CANADIAN PRESSWildfires scorched a record amount of Canada’s national parks last year – the latest in a number of long, hot summers that have almost entirely depleted Parks Canada’s firefighting reserve. “We had a very busy fire year,” said director of…