Crop insurance claims rapidly rise in Canada

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The flooding of farms in Saskatchewan and Manitoba is leading to massive losses of wheat and canola. The Canadian province of Saskatchewan is the largest producer of canola and wheat in the world, but it is currently seeing a massive number of crop insurance claims after its farms have experienced widespread flooding. The province is expecting that the claims will continue as many crops have already been seeded and flooded. According to the Saskatchewan Crop Insurance Corp chief executive officer, Shawn Jaques, “It’s a very large area that’s impacted, so…

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Auto insurance underwriting losses increase by 77 percent

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In Manitoba, the treacherous winter lead to a notably larger number of vehicle collisions. The compulsory auto insurance carrier in Manitoba, Canada, has now reported that it had experienced underwriting losses of almost $220 million (CAD) within the fiscal year that came to a close at the end of February. Moreover, the total number of claims that were filed with the insurer rose by 15 percent over the previous year. The Manitoba Public Insurance Corporation (MPI) has now released its annual report, in which it produce the figures associated with…

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Severe weather is forcing the insurance industry to look twice at strategies

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Following three solid years of dramatic catastrophes from storms and droughts, insurers may need to re-think underwriting. Climate change and severe weather are beginning to change the size, frequency, and nature of claims that are being faced by the insurance industry over the last four to five years, and it is reaching the point that insurers are starting to be advised by national groups to begin rethinking their underwriting strategies. The insured losses are on the rise from claims resulting from storms, flooding, and drought have been. According to the…

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Insurance company report shows business growth and severe weather boosted claims

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Toronto Dominion Bank has recently released its financial results for the last quarter. Within the financial results report that Toronto Dominion (TD) Bank has recently released for the quarter that came to an end with the close of April, the revenues from its insurance company were also revealed. This included its revenues from home, auto, health, life, and travel insurance products. The total revenues showed that the insurance company brought in $936 million, which was an increase of 3.65 percent over the same period last year, which saw revenues of…

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Mortgage insurance availability tightens in Canada

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The country’s housing agency has now restricted access even further to help to ease the price dropping trend. The housing agency in Canada has now taken yet another step to tighten the mortgage insurance availability in the country in an effort to lower the risks that are associated with the striking drop in prices. From May 30 and onward, new regulations will be put into place regarding eligibility for the coverage. The Canada Mortgage & Housing Corporation (CMHC) has released a statement from Ottawa, the country’s capital, that showed that…

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Insurance industry steps into the Canada Pension Plan

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The Investment Board for that country’s largest pension fund manager has now made an important purchase. The recent news has now been announced, stating that the Canada Pension Plan Investment Board has agreed to make a $1.8 billion acquisition of Wilton Re Holdings Ltd. in order to take the largest pension fund manager in the nation into the life insurance industry. This reinsurer is being purchased by investors and represents the first foray of Canada Pension into this sector. Among the investors taking part in this acquisition in the insurance…

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Insurance news includes livestock price pilot

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A new coverage program has now been launched in Canada for hog and cattle producers. A new livestock price coverage program has now been launched in Canada and is now making insurance news headlines as it works to help cattle and hog producers in the western provinces to cope with pricing risks. The program was announced by the federal government and will run for the next four years. This insurance news was unveiled at the Canadian Bull Congress in Alberta, by the federal government and the western provinces. It is…

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