Tag: canada insurance industry

Flash floods in Canada put pressure on insurance industry

S.Vagus
Canada flood insurance industry

Insurance industry sees spat of floods in Canada Toronto, Canada’s largest city and the provincial capital of Ontario, has fallen victim to devastating flash floods that could have a prominent impact on the insurance industry. Catastrophe modeling firm AIR Worldwide has released a new report concerning the flash floods and the impact that have had on the city. The report notes that in a matter of hours, powerful storms produced more than 4 inches of rainfall on July 8th, leading to unexpected flooding in many parts of the city. Flood…

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Insurance news from Canada shows Insurers among “best corporate citizens”

Julie Campbell
Insurance News - corporate citizens

Several companies were ranked among the leaders on a list of the top corporate citizens in the country. The official insurance news list of the fifty companies that made the 2013 Best Corporate Citizens in Canada has now been released by Corporate Knights magazine, which looks at a number of different factors as it establishes its ranks every year. This year, the ranks included a number of insurers for their high performances in the various areas. In order to make this insurance news 12 different sustainability metrics are scored on…

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Insurance industry feeling pressure of more frequent natural disasters

Nordstrom
layoff employment Insurance Industry - Alberta, Canada

Severe natural disasters are causing problems for the insurance industry Severe natural disasters have been being reported in greater frequency around the world. Recent storms in the U.S. have put major strain on the insurance industry, but this is not a trend unique to the country. The Insurance Bureau of Canada has taken note of the increasing severity of weather-related disasters and has announced that it believes such disasters will become significantly more frequent in the coming years. Whether the insurance industry is capable of withstanding a high frequency of…

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Insurance market in Canada deemed stable for this year

Canadian insurance market

At the same time, a Marsh outlook report predicts possible rate increases in the third or fourth quarter. According to a new outlook report issued by Marsh, the Canadian insurance market should continue to remain stable throughout 2013, though the second half of the year may bring about some modest increases in the rates. Overall, the industry in Canada performed better than other markets last year, said the report. This data was provided in the Marsh document called the Canada Insurance Market Report 2013, which offered a breakdown of the…

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Canada introduces new insurance regulations framework

S.Vagus
Toronto Ontario Canada Auto Insurance News

New framework will guide the development of insurance regulations Canada lawmakers have revealed a new framework that will dictate changes being made to the country’s insurance regulations. The initiative is part of a global financial services overhaul of which Canada is a significant part. The global endeavor aims to impose stricter capital and liquidity regulations on banks and will have an impact on the insurance industry as well. By announcing the new regulatory framework, Canada officials are offering insurance industry officials with the opportunity to provide insight that could shape…

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