Claims
The government of British Columbia has announced new financial penalties for distracted driving effective June 1. The new penalties will be calculated using the base fine of $368 combined with escalating Insurance Company of British Columbia (ICBC) driver penalty point premiums, which start at $175 for the first offence and climb for any additional offence […]
By Canadian Underwriter | May 9, 2016
3 min read
Intact Financial Corporation’s (IFC) assessment of its insured damages from the Fort McMurray wildfire using satellite imagery and its exposure geocoding technology ranges from $1 to $1.20 per share, the insurer said on Monday. The assessment range, while early, is “after taking into account the effect of its reinsurance program and net of tax effects,” […]
4 min read
Credit 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. “We expect that once insurers tally final losses, the catastrophe will not be a major […]
By Angela Stelmakowich | May 9, 2016
7 min read
FORT MCMURRAY, Alta. – A wildfire has devastated the community of Fort McMurray. Here is a timeline of events: Sunday – A fire starts in a remote part of forest southwest of Fort McMurray. Investigators don’t know how it started, but have noted that most spring wildfires are caused by people. A dry, warm spring […]
By The Canadian Press | May 8, 2016
6 min read
FORT MCMURRAY, Alta. – Fire officials are bracing themselves for a long, long fight against the blaze that forced the evacuation of Fort McMurray and has eaten up more than 1,500 square kilometres of northern Alberta forest. “Unless we have a significant rain event of 100 millimetres of rain, we expect to be out fighting […]
By Steve Wilson | May 8, 2016
The devastating wildfire in and around Fort McMurray – an event that has been estimated could produce insured losses of as much as $9 billion, becoming the most cost disaster event ever in Canada – clearly illustrates the pressing need to work toward fire resilience. “The catastrophic wildfire around Fort McMurray reminds us of the […]
By Canadian Underwriter | May 6, 2016
5 min read
Operating and underwriting results for the first quarter of 2016 were strong, but Chubb Limited still saw reported net income decrease to US$439 million in the first quarter of 2016 compared to US$681 million in the same period of 2015. “Net income was adversely impacted by US$0.43 per share comprising Chubb integration and related expenses, […]
FORT MCMURRAY, Alta. – Crews fighting to save Fort McMurray from rampaging flames water bombed the city Thursday to try to keep away a wildfire so intense it has spawned its own weather. “It was creating its own high winds yesterday and even lightning was coming from the smoke clouds it created,” Chad Morrison of […]
By Steve Wilson | May 6, 2016
Network and endpoint security company Sophos Ltd. said that its research has revealed a growing trend among cyber criminals to target and even filter out specific countries when designing ransomware and other malicious cyberattacks. Research from SophosLabs, which includes information from millions of endpoints worldwide, found that cyber criminals are now crafting “customized spam to […]
By Canadian Underwriter | May 5, 2016
The global economy suffered the worst natural disaster losses in April in five years, according to Impact Forecasting’s Global Catastrophe Recap for the month. Between April 14 and 16, two major earthquakes struck Japan within 24 hours, causing massive devastation, leaving at least 66 people dead and more than 4,000 others injured, said the report […]
2 min read
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