Canadian property and casualty insurance compensation corporation

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Federal government should consider emergency back-stop mechanism for catastrophic earthquake: conference board

The Conference Board of Canada is echoing a recent recommendation by a former federal superintendent of financial institutions for Ottawa to consider adopting a last-resort, emergency back-stop mechanism for a catastrophic earthquake given the long-reaching, adverse effects that the event …

It may be time to consider not only the unthinkable, but the uninsurable, when it comes to natural disasters. A large earthquake could be a solid candidate for such a scenario, demanding measures that give property and casualty insurers a fighting chance against insolvency.

News Catastrophes Climate Change Commercial Lines Earnings / Ratings Insurance Markets / Coverages Personal Lines Reinsurance

Fort Mac wildfire more than an “earnings event” for some insurers, domestic market posts $1 billion underwriting loss in H1: MSA

The Fort McMurray wildfire may have been an “earnings event” for the largest insurers in Canada’s property and casualty industry, but that was not the case for some smaller regional writers, notes the newly released MSA Quarterly Outlook Report for …

News Associations Catastrophes Commercial Lines Insurance Personal Lines

C.D. Howe Institute report calls for federal emergency backstop arrangement for earthquakes

A former federal Superintendent of Financial Institutions is calling for a last-resort federal emergency backstop arrangement for P&C insurers to minimize the systemic financial impact resulting from a “catastrophic and likely uninsurable natural disaster,” such as earthquake. “A federal emergency …

News Associations Catastrophes Commercial Lines Insurance Personal Lines

Catastrophic earthquake could threaten Canada’s p&c industry, government backstop needed for “unthinkable” events: IBC

A catastrophic earthquake could threaten Canada’s property and casualty industry, clearly illustrating the need to have in place a government backstop, Sylvie Paquette, chair of the Board of Directors for Insurance Bureau of Canada (IBC), said following IBC’s Annual General …

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