Claims
The Port of Tianjin explosions in China are set to become one of Asia’s largest insured man-made loss events, with potential losses of between US$1.6 billion and US$3.3 billion, global risk and reinsurance specialist Guy Carpenter & Company, LLC said in a new report released on Thursday. The Port of Tianjin Explosions report from Guy […]
By Canadian Underwriter | September 4, 2015
2 min read
An abandoned campfire was to blame for a short-lived wildfire in late August, the provincial Ministry of Forests, Lands and Natural Resource Operations reported on Wednesday. On the Aug. 29-30 weekend, the BC Wildfire Service responded to four new human-caused wildfires in the Cariboo Fire Centre. One of those wildfires was sparked by an abandoned […]
By Canadian Underwriter | September 3, 2015
While the government of British Columbia reviews the province’s distracted driving penalties, the Insurance Corporation of British Columbia (ICBC), police and the government are teaming up to launch a month-long campaign across the province. One in four deaths on B.C. roads involves distracted driving. It is the second leading cause of car crash fatalities in […]
3 min read
Total economic losses from severe thunderstorms and flooding rains in Alberta in early August are expected to exceed $125 million, while a strong storm system that battered parts of British Columbia was expected to exceed $100 million in economic losses, according to Aon Benfield’s Global Catastrophe Recap report for August. “A slow-moving storm system brought […]
Catastrophe bond activity for 2015 Q2 was lower than for the second quarters of both 2013 and 2014, but still represents among the best second quarters on record, notes a new Cat bond briefing and analysis from GC Securities. Cat bond activity for the second quarter of 2015 “shows healthy activity across the market and […]
A new definition of catastrophic impairment, for vehicle accident injuries, takes effect next year, the Financial Services Commission of Ontario suggested in a recent bulletin. The new definition of catastrophic impairment, in Ontario’s standard accident benefits schedule (SABS), “includes new and/or updated definitions and criteria for traumatic brain injuries for adults and children, amputations, ambulatory […]
Canadian Underwriter magazine and cybersecurity firm IDT911 have teamed up to offer a free live webinar on cyber risk. The Risks & Rewards of Cyber Coverage webinar will be held on Sept. 15 at 1 p.m. EDT. The presentation will be approximately 45 minutes, followed by a Q&A session. The webinar will also be archived […]
By Canadian Underwriter | September 2, 2015
Saskatchewan’s Minister responsible for the Water Security Agency (WSA), Herb Cox, announced on Tuesday new drainage regulations, the first phase of an agricultural water management strategy that recognizes the benefits of benefits and the importance of mitigating negative impacts. A press release from the Water Security Agency said that “this is the first significant change […]
Alberta has released its 2015-16 first quarter fiscal forecast, which reflects higher-than-anticipated costs for fighting wildfires and drought. The first quarter forecast shows an increase of $456 million for disaster assistance, including agricultural drought relief and wildfire fighting costs, over and above the $301 million allocated in the March 26 budget, Alberta Treasury Board and […]
By Canadian Underwriter | September 1, 2015
Insurance professionals have until Friday Sept. 4 to submit comments, to the federal government, on proposed changes to the minimum capital test (MCT) for property & casualty insurers. “The most significant proposed change to the 2015 MCT Guideline is the addition of further provisions for equity risk exposures,” law firm McMillan LLP commented on its […]
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