Claims
City council in Sturgeon County, Alta. voted unanimously to declare a “state of agricultural disaster” due to a recent drought and the impact on the livelihood of local farmers. “Our agricultural community is a solid part of Sturgeon County and we will do what we can to support them,” Mayor Tom Flynn said in a […]
By Canadian Underwriter | July 20, 2015
2 min read
The number of wildfires in British Columbia was at 159 on Friday, down from 166 on Thursday and 197 a week ago, the Ministry of Forests, Lands and Natural Resource Operations said in a press release on Friday. “With the onset of cool and wet weather, and a positive outlook for the containment of current […]
The federal government announced on Friday four new projects to help improve Canada’s ability to respond to natural disasters, such as flooding, and address public health emergencies. James Bezan, parliamentary secretary to the Minister of National Defence and Lawrence Toet, the MP for Elmwood-Transcona, made the announcement on behalf of Associate Minister of National Defence, […]
By Canadian Underwriter | July 17, 2015
An increase in the use of insurance-linked securities (ILS) will “create substantial winners and losers” in the industry, Willis Capital Markets & Advisory suggested in a report released Thursday, adding that “strong investor demand” in catastrophe bonds resulted in an increase, by $100 million, of an issuance in May on behalf of The Travelers Indemnity […]
The hail and windstorms that swept across parts of Alberta, Saskatchewan and Manitoba on June 12 caused more than $45 million in insured damage, according to the preliminary estimate by Catastrophe Indices and Quantification Inc. (CatIQ). The Insurance Bureau of Canada (IBC) said in a statement on Thursday that the storms brought wind gusting as […]
By Canadian Underwriter | July 16, 2015
If the series of earthquakes that destroyed the Missouri community of New Madrid more than 200 years ago were to recur today, insured losses could be in the order of US$150 billion, Swiss Reinsurance Company warned Wednesday in a report. By comparison, Hurricane Katrina caused $78 billion in insured losses while the Tohoko quake that […]
5 min read
The Allstate Corporation announced on Thursday estimated catastrophe losses for the month of June of US$346 million, pre-tax (US$225 million after-tax). Catastrophe losses occurring in June comprised 19 events at an estimated cost of US$310 million, pre-tax, plus increased reserve reestimates of prior reported catastrophe losses, the Northbrook, Ill.-based insurer said in a statement. The […]
1 min read
The government of British Columbia announced on Wednesday a Level 4 drought rating for the province’s South Coast and Lower Fraser areas due to ongoing low stream flows. At Level 4 (Red), conditions are extremely dry and water supply is considered “insufficient to meet socio-economic and ecosystem needs.” Further declines in stream, lake and aquifer […]
PITTSBURGH – The Justice Department shut down an online “criminal bazaar” where computer hackers bought and sold stolen databases, malicious software and other products that could cripple or steal information from computers and cellphones, authorities said Wednesday. Roughly 70 alleged cybercriminals in the United States and 19 other countries were targeted in the 18-month probe […]
3 min read
Catastrophe modelling firm AIR Worldwide said that insured losses in China from typhoon Chan-hom are unlikely to exceed CNY (Chinese Yuan Renminbi) 2.2 billion, or about US$354.4 million. Typhoon Chan-hom made landfall in the coastal city of Zhoushan, China – about 130 kilometres south-southeast of Shanghai – on July 11 as a Category 2 storm, […]
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