Claims
The U.S. Department of Justice (DOJ) and the Environmental Protection Agency (EPA) have announced a US$177 million settlement with Enbridge Energy Limited Partnership and several related Enbridge companies to resolve claims stemming from its 2010 oil spills in Marshall, Mich., and Romeoville, Ill. The Canadian oil company has agreed to spend at least US$110 million […]
By Canadian Underwriter | July 21, 2016
5 min read
The overall direct economic impact of the Fort McMurray wildfire is expected to approach US$5 billion once all attributable losses are realized, according to Impact Forecasting, Aon Benfield’s catastrophe model development centre of excellence. “The first half of 2016 ended up as the costliest on an economic and insured loss basis since 2011,” said Steve […]
By Canadian Underwriter | July 20, 2016
3 min read
DAVIDSON, Sask. – Parts of south-central Saskatchewan have been hammered with hail, heavy rain and even a twister. During a public alert issued Tuesday night, Environment Canada said a tornado had been reported touching down in a rural area near Davidson, Sask., and pictures posted to social media showed downed trees. Ricky Forbes, a storm […]
2 min read
The month of June marked the 14th consecutive month of record heat and record high average sea surface temperature, the National Oceanic and Atmospheric Administration (NOAA) reported on Tuesday. June 2016 was 1.62 degrees Fahrenheit above the 20th century average, breaking last year’s record for the warmest June on record by 0.04 degrees F, according […]
The storms that hit Saskatchewan, Manitoba and Ontario on June 24 and 25 caused more than $34 million in insured damage, according to estimates from Catastrophe Indices and Quantification Inc. (CatIQ). A press release issued on Tuesday by the Insurance Bureau of Canada (IBC) noted that wind, flash floods and hail hit several areas, resulting […]
By Canadian Underwriter | July 19, 2016
Almost 13,000 Hydro Quebec customers were without electricity late Monday following a brief but powerful wind storm earlier in the day. The community of Roxton Falls east of Montreal appeared to bear the brunt of the storm, with trees and utility poles blown down and at least one roof ripped off. Robert Michaud of Environment […]
By The Canadian Press | July 19, 2016
1 min read
Pembroke, Bermuda-based AXIS Capital Holdings Limited announced on Monday its preliminary estimate of second quarter 2016 catastrophe and weather-related losses, including major losses from the Fort McMurray wildfire. AXIS Capital’s preliminary estimate of Q2 2016 cat and weather-related pre-tax losses was US$104 million, net of estimated recoveries from reinsurance and including the impact of estimated […]
CALGARY – “Hailstorm Alley” can be a very unforgiving place. The area – which runs from High River, just south of Calgary and north to central Alberta – hosts more than 40 hail storms every summer causing hundreds of millions of dollars in damage. The last major storm in Airdrie in 2014 resulted in $568 […]
By Jason Contant | July 18, 2016
Many mid-sized firms may lack adequate insurance, continuity planning, risk management and civil infrastructure support to prepare for and recover from large-scale natural disasters, suggests a new report from Assurex Global, a privately-held commercial insurance, risk management and employee benefits brokerage group based in Colombus, Ohio. Even as middle market businesses in all parts of […]
By Canadian Underwriter | July 18, 2016
4 min read
Estimated losses from the Fort McMurray wildfires have hit another two companies operating in the reinsurance industry, with Bermuda-based Argo Group International Holdings Ltd. and Blue Capital Reinsurance Holdings Ltd. reporting late last week the event will have an impact in 2016 Q2. Argo Group International Holdings, an international underwriter of specialty insurance and reinsurance […]
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