Claims
The solution for ever-increasing insured losses from overwhelmed municipal infrastructure that leads to sewer back-up is not for insurers to hike premiums and slash cover, but rather to employ innovative tools that help cities better plan for and guard against severe weather, Don Forgeron, president and CEO of the Insurance Bureau of Canada (IBC), suggested […]
By Canadian Underwriter | November 22, 2013
5 min read
CALGARY – Premier Alison Redford has announced new steps to prevent a repeat of the disastrous floods that struck southern Alberta last summer. Redford told a Calgary audience that reviews are set to begin on a diversion channel around High River and on a dry dam upstream of Calgary. The province will also give money […]
By The Canadian Press | November 21, 2013
1 min read
A group of non-profit and industry organizations have launched a new set of resources that identifies priorities for the insurance industry and cities to build resilience against climate change. “The Building Climate Resilience in Cities” resources were developed through a series of workshops in 2012 and 2013 in the United States and Canada, which included […]
By Canadian Underwriter | November 21, 2013
3 min read
LAC-MEGANTIC, Que. – Prime Minister Stephen Harper is committing up to $95 million in federal funds to help decontaminate Lac-Megantic’s water and soil. Harper says the money is part of a 50-50 cost-shared agreement with Quebec. “Our government is proud to be providing substantial additional assistance to Lac-Megantic to help its residents return to normalcy […]
The Supreme Court of Canada ruled Thursday against The Sovereign General Insurance Company, upholding a 2008 conviction in a Montreal court of 56 counts of consenting to and/or authorizing the issuance of insurance policies by a broker that was not registered to do so in Quebec. The lower court had ordered Sovereign General to pay […]
The Geneva Association has called on delegates now meeting in Warsaw for the United Nations Climate Change Conference of the Parties (COP19) to recognize the importance of country-wide disaster risk reduction measures and risk-conscious urban planning and building standards. “Investment in rebuilding in a more risk-conscious and risk-resilient way will be recouped many times over […]
A majority of Calgary-based businesses reported having had effective emergency plans prior to the major flooding that hit the city this past summer, but gaps remain, according to a poll from Ipsos Reid. The polling firm conducted 50 phone interviews in September with Calgary-based businesses that have 100 or more employees in Alberta and that […]
By Canadian Underwriter | November 20, 2013
2 min read
WASHINGTON – Efforts to delay implementation of changes in the federal flood insurance program have run into roadblocks on both sides of Capitol Hill. The leaders of the House Financial Services Committee say they are standing behind last year’s bipartisan legislation to put the flood insurance program on sounder financial footing even as the implementation […]
4 min read
OTTAWA – The federal government is forcing rail companies to tell municipalities when they transport dangerous goods through their communities. Transport Minister Lisa Raitt has issued what’s called a protective direction, in the hope it will mean better communication with rail companies and improved safety for municipalities. The directive comes months after the deadly July […]
By The Canadian Press | November 20, 2013
The potential insurance market loss from Typhoon Haiyan could be between $500 million and $700 million, Willis Re estimates. That’s based on what it says it detailed wind speed data from various sources that have allowed the firm to have a wind field map for the storm, which it combined with exposure and vulnerability information […]
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