Claims
Thunder Bay has declared a state of emergency after a rainstorm on May 26-27 unleashed 91 mm on the city in 18 hours, flooding the city’s sewage treatment facility. Seventy-one millimetres fell in the city over a little less than six hours, noted André Cantin, a spokesman for Environment Canada. A Thunder Bay flood update […]
By Canadian Underwriter | May 30, 2012
1 min read
Risk modeling firm EQECAT has increased its estimate of damages from Italy’s May 20 Magnitude 6.0 earthquake to between $375 million and $875 million because of recent aftershocks that hit the Emilia-Romagna region May 29. The two aftershocks, which affected an area similar to the main earthquake, occurred about 30 km northwest of the city […]
2 min read
Canada will be on the front lines of temperature changes associated with global warming, with much warmer winters and warmer summers, according to a new research report commissioned by the Insurance Bureau of Canada (IBC). Key findings of the report, authored by climate scientist Dr. Gordon McBean, will be released June 4. It examines future […]
Environment Canada has confirmed that a “very rare” F1 tornado packing speeds of 150 km-h tore through St.-Benoit-de-Mirabel on May 28, destroying a 200-year-old historical church and causing more then $1 million in damage. Environment Canada noted this is the second tornado in fewer than two years to have hit the St.-Benoit-de-Mirabel, a town located […]
By Canadian Underwriter | May 28, 2012
A coroner’s jury exploring a deadly fire at an Orillia, Ontario retirement home three years ago is recommending that the province make automatic sprinklers mandatory in care occupancies. The recommendation to install the sprinklers retroactively in so-called B3 facilities is one of 39 penned in the wake of the Muskoka Heights Retirement Home fire on […]
Cunningham Lindsey Canada Claims Services Ltd. has deployed a catastrophe (CAT) response team to Thunder Bay, Ontario to assist with the handling of flood claims affecting hundreds of homes and commercial buildings. Up to 20 mm of rain fell in a 24-period as of May 27, swelling riverbanks, and another 30 mm or rain was […]
Recent global catastrophe events have led to a re-examination of time and geographic limits in reinsurance contracts that define the “occurrence” of a single catastrophic event. Don Morrison, vice president of the Canadian office of the global reinsurance broker Guy Carpenter, made the observation in Toronto at the May 2012 Friday Forum, hosted by the […]
By Canadian Underwriter | May 25, 2012
3 min read
Mid-sized Canadian insurance companies seeking greater scale would do well to contemplate mergers and acquisitions (M&A) opportunities, states a PricewaterhouseCoopers (PwC) client newsletter. The battle for channels and scale to leverage efficiencies is such that “the only way to aggressively grow the top line in this market is via acquisitions,” advises Allan Buitendag, leader of […]
Forest fires in and around the northeastern Ontario communities of Kirkland Lake and Timmins remain priority fires following the recent long weekend that saw 54 new blazes confirmed. Three hundred people in the Kirkland Lake area have been evacuated. Fire activity slowed on May 22, with 11 new fires confirmed, notes a May 23 update […]
By Canadian Underwriter | May 24, 2012
Questionable manoeuvring of recreational vehicles (RVs) has prompted the Calgary Parking Authority (CPA) to remind everyone that there is a right way to put things in park. Spring and summer traditionally brings with it a number of complaints about how RVs are being parked in residential neighbourhoods, notes a CPA statement. The authority can now […]
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