Claims
KAMLOOPS, B.C. – British Columbia’s wildfires have destroyed a record amount of forest, brush and grassland, surpassing the devastation of nearly 60 years ago. Kevin Skrepnek with the BC Wildfire Service said about 8,944 square kilometres have been scorched by fires, breaking the previous record of 8,550 square kilometres, set in 1958. With no rain […]
By Jason Contant | August 17, 2017
3 min read
Total global economic losses from disasters were US$44 billion in the first half of 2017, down significantly from US$117 billion in H1 2016, as a result of fewer and less intense events, according to preliminary sigma estimates from Swiss Re. The US$44 billion in global economic losses from natural catastrophes and man-made disasters in the […]
By Canadian Underwriter | August 17, 2017
PC Financial Insurance Broker Inc. - which places home and auto insurance in Ontario, Alberta and Atlantic Canada - will continue to be owned and operated by grocery and drug retailer Loblaw Companies Ltd., a PC Financial spokesperson told Canadian Underwriter Wednesday. President's Choice Bank, a Loblaw unit, announced Wednesday it has ended its 20-year relationship with the Canadian Imperial Bank of Commerce. "Everyday banking products, including savings, chequing and mortgage accounts, previously offered under the President's Choice Financial brand will continue to be provided by CIBC, under new branding…
New cyber-related obligations being proposed south of the border, if approved, could promote more rigorous cyber risk management practices in the U.S. insurance market, Fitch Ratings suggests. The CyberSecurity Working Group of the National Association of Insurance Commissioners (NAIC) has approved a new Insurance Data Security Model Law, notes a statement issued on Wednesday by […]
FREDERICTON – The New Brunswick government has lifted restrictions on forestry operations as the risk of forest fires fades. On Aug. 3, the government put a halt to harvesting, forwarding, site preparation or pre-commercial thinning between noon and 8 p.m. for all operations with two or more people, or operations using mechanical equipment. At the […]
By Jason Contant | August 16, 2017
1 min read
RIMS, the risk management society, is calling on its U.S. membership of risk management and insurance professionals to support its push for the reauthorization of the National Flood Insurance Program (NFIP). “The program’s expiration on September 30, 2017 would leave many businesses with significant lapses in flood coverage, difficulty in procuring affordable coverage and uncertain […]
By Canadian Underwriter | August 16, 2017
2 min read
The governments of British Columbia and Canada have announced that they are working under the federal-provincial AgriRecovery disaster framework to determine the type of assistance that may be required by the province’s agriculture sector to recover from the impact of wildfires. The announcement was made on Wednesday following the first meeting between Lawrence MacAulay, the federal Minister of Agriculture and Agri-Food, and B.C. Minister of Agriculture Lana Popham. Government officials are working together to quickly assess the “extraordinary costs” farmers are incurring and what additional assistance may be required to recover and return to production following the wildfires, noted a joint statement from B.C.’s Ministry of Agriculture and Agriculture and Agri-Food Canada.
CALGARY – In an industry that lives and dies by the weather, farmers like Dwight Foster are looking for all the help they can get to know what’s coming. “We use every tool in the toolbox we can get our hands on to try and figure out what’s going on,” said Foster, co-owner of North […]
By Jason Contant | August 15, 2017
With property catastrophe prices dropping during the 2017 renewals, combined with natural catastrophe losses exceeding US$50 billion last year, global reinsurers are at greater risk of having negative underwriting results and will tend to “shy away” from property catastrophe business, Standard & Poor’s Financial Services LLC suggested in a report released Monday. “The likelihood that […]
By Canadian Underwriter | August 15, 2017
Smoke from a growing number of forest fires in northwestern Ontario has prompted the evacuation of community members from a First Nation in the region. Ontario’s Ministry of Community Safety and Correctional Services says members of the Nibinamik First Nation requested the evacuation after declaring an emergency on Saturday. Deb MacLean, a fire information officer […]
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
