Claims
The world's insurance industry is inherently susceptible to climate change-related risks. However, being so deeply integrated in society means insurers are well-positioned to promote global resilience to climate change through implementing related risk management and mitigation processes, as well as through continued international collaboration.
By Thomas Coleman, Chief Research Officer; and Alex LaPlante, Research Associate, Global Risk Institute | August 1, 2016
7 min read
Recovery from the Fort McMurray fire is continuing and will likely do so for some time. But how can stakeholders work together to parlay unprecedented damage and loss into a living, sustainable approach to help better manage wildfire risks? Lessons learned - both old and new - coupled with clear requirements and buy-in from all concerned, could help with realizing concrete benefits in future.
By Angela Stelmakowich, Editor | August 1, 2016
14 min read
OTTAWA – The Alberta wildfires torched the Canadian economy in May, driving the country into its worst one-month performance since the darkest days of the Great Recession. On Friday, Statistics Canada’s latest reading for real gross domestic product showed a contraction for the month of 0.6 per cent, a number that revealed the extent of […]
By Jason Contant | July 31, 2016
3 min read
Flood Risk Canada, Inc. (FRC) has announced that it will be launching a new flood risk monitoring and prevention tool called “flood sensory system.” Deployed in floodways, the system monitors and alerts on the current water level activity, wind speed and velocity action in a specific location, Oakville, Ont.-based FRC explained in a press release […]
By Canadian Underwriter | July 29, 2016
2 min read
Co-operators General Insurance Company, part of The Co-operators Group, took a hit from the devastating Fort McMurray wildfire, reporting a consolidated net loss of $39.1 million for 2016 Q2 compared to a net income of $58.2 million for 2015 Q2. The impact of the wildfire was before-tax losses of $104.0 million, net of reinsurance and […]
The Insurance Bureau of Canada (IBC) reported on Thursday that a severe storm that swept across the Prairies late last month has resulted in more than an estimated $50 million in insured damage. The figure is based on an estimate from Catastrophe Indices and Quantification Inc. (CatIQ), which delivers detailed analytical and meteorological information on […]
By Canadian Underwriter | July 28, 2016
Higher natural catastrophe losses globally were among the factors contributing to Chubb Limited reporting US$726 million in net income for the three months ended June 30, 2016 compared to US$942 million for the prior-year quarter. Chubb’s net income was also down when comparing the first half of 2016 to the first half of 2015, with […]
4 min read
Global reinsurer SCOR announced on Wednesday that its Global P&C segment recorded “strong technical profitability with a robust net combined ratio of 93.8% despite a high number of events in all perils and regions in the second quarter of 2016 and with reserve releases of 40 million [euros] accounting for 1.6 [points] of the H1 […]
Despite “significantly increasing investment in compliance and being continuously under the scrutiny of regulators,” economic crime in the global financial services sector has increased slightly, showing new thinking is needed to make investment in compliance deliver more value and tackle economic crime, PricewaterhouseCoopers (PwC) said in a new report. PwC’s Global Economic Crime Survey 2016, […]
By Canadian Underwriter | July 27, 2016
MELFORT, Sask. – Husky Energy knew something might be wrong with one of its oil pipelines about 14 hours before it told the Saskatchewan government of a leak which has since forced communities along the North Saskatchewan River to seek alternative drinking water. In an update posted to its website Tuesday, the company said its […]
By The Canadian Press | July 27, 2016
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