Claims
Canadian communities need to adapt to avoid the projected increasing costs due to climate change, according to a study released on Wednesday by the Insurance Bureau of Canada (IBC). The Economic Impacts of the Weather Effects of Climate Change, released on Wednesday, estimates some of the future costs to the communities of Halifax, N.S., and […]
By Canadian Underwriter | December 10, 2015
3 min read
Most insurers in the United States have numerous pieces in place to launch effectively into action when catastrophes strike, most notably the near universal use of a catastrophe plan manual, according to a new report from Property Claims Services (PCS), a Verisk Analytics business. The PCS Personal Lines Catastrophe Claims Planning and Response Report, a […]
2 min read
YELLOWKNIFE – In a dramatic example of how climate change is altering the Arctic landscape, a small northern lake has fallen off a cliff after bursting through the melting earthen rampart that restrained it. A video released Wednesday by the government of the Northwest Territories shows how the lake, undermined by melting permafrost, collapsed into […]
By The Canadian Press | December 9, 2015
Financial instruments structured in a similar manner to catastrophe bonds could provide a reduction in insurance costs by recognizing the value of community resilience projects such as flood barriers, a paper released Tuesday suggests. re:focus partners LLC – in conjunction with Swiss Re, Risk Management Solutions (RMS) Inc. and The Rockefeller Foundation – published a […]
By Canadian Underwriter | December 9, 2015
4 min read
The government of Canada announced on Tuesday that it is contributing $35 million to reduce short-lived climate pollutants (SLCPs). The announcement was made at the High Level Assembly for the Climate and Clean Air Coalition at the United Nations’ 21st Conference of the Parties (COP21) in Paris, Environment and Climate Change Canada (ECCC) said in […]
The average large business interruption (BI) property insurance claim is now in excess of US$2.4 million, 36% higher than the corresponding average property damage claim of just over US$1.7 million, according to a new report from Allianz Global Corporate & Specialty (AGCS), Allianz’s specialist insurer for business and industrial risks. Released on Wednesday, the report, […]
A proposal to set an upset limit on the liability of contractors performing actuarial services and general benefits consulting for the City of Toronto is on the agenda of this week’s council meeting. Historically, the City has included a requirement for “unlimited indemnification” from its contractors, “as have many other levels of government,” Toronto Treasurer […]
By Canadian Underwriter | December 8, 2015
The province of British Columbia announced on Tuesday that it has decommissioned two dams and partially decommissioned another, “eliminating some of the biggest flood risks in the Britannia Creek watershed.” Crews have removed 10-metre-wide sections from both the Utopia Lake and Park Lane Dams, allowing the creek to flow freely along its natural creek bed, […]
1 min read
PORTLAND, Ore. – Heavy rains turned streets in the Portland area into creeks, interrupted bus and light rail service and forced the evacuation of at least one neighbourhood. Monday’s flooding caused the closure of numerous roads, and heavy rains triggered landslides. The rain also caused Portland’s sewer system to overflow into the Willamette River. Officials […]
A storm system that impacted the Pacific Northwest in the United States on Nov. 16 to 18 also led to widespread damage in British Columbia, with total economic losses “well into the millions” in U.S. dollars, Impact Forecasting said in its Global Catastrophe Recap report, released on Tuesday. Impact Forecasting, Aon Benfield’s catastrophe model development […]
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