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Downward pressure on reinsurance pricing on the rise since last June

June 3, 2014 by Canadian Underwriter

Continued competitive pressure from alternative markets, strong reinsurer balance sheets and low loss experiences have combined to increase downward pressure on reinsurance pricing since the June 1, 2013 renewal, reports Guy Carpenter & Company, LLC. In its June 2014 renewal

Jim Mandeville, Senior Project Manager, Large Loss North America, FirstOnSite Restoration
Feature CatastrophesPersonal Lines

Restorative Process

June 1, 2014 Jim Mandeville, Senior Project Manager, Large Loss North America, FirstOnSite Restoration

A look back on the worst flood in the history of Alberta shows that even now, some homeowners, businesses and schools are still in the process of rebuilding. Restoration efforts at a town house complex in High River shows that restoration efforts can be complicated, making mitigation and prevention all the more important in the wake of increasingly common extreme weather.

News CatastrophesInsurance

Earthquake strikes southwestern China near the border with Myanmar, injuring at least 33

May 30, 2014 THE ASSOCIATED PRESS

BEIJING – A moderately strong earthquake struck southwestern China near the border with Myanmar on Friday, injuring at least 33 people. Residents fled buildings and students evacuated schools that had already been damaged by a quake in the same area

News CatastrophesInsurance

Proposed changes to nuclear liability would bring Canada in line with international standards

May 29, 2014 Angela Stelmakowich, Editor

It is hoped the latest round of proposed changes to federal nuclear installation requirements – including the call to increase absolute liability for operators to $1 billion and to ratify Canada as a party to a convention on supplementary compensation

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Evacuation alert issued, as flood warnings, watches, posted on some B.C. rivers

May 28, 2014 The Canadian Press

VANCOUVER – The first evacuation alert of the spring has been posted in south-central B.C. as run-off swells area rivers, creating the potential for flooding. Residents living near Second Creek Canyon just north of Clearwater, about 120 kilometres north of

News CatastrophesInsurance

U.S. researchers to study probability, hazards of fire risks in coal mines

May 27, 2014 by Canadian Underwriter

Two teams of researchers at West Virginia University (WVU) are looking to enhance the coal mine safety by creating a knowledge base and computational model capable of quantifying the probability and associated hazards of spontaneous ignition, fire and explosion. Recent

News CatastrophesInsurance

Dramatic increase in oil rail shipments to U.S. West Coast; fears of a potential disaster abound

May 26, 2014 Gosia Wozniacka, THE ASSOCIATED PRESS

VANCOUVER, Wash. – Residents along the scenic Columbia River are hoping to persuade regulators to reject plans for what would be the Pacific Northwest’s largest crude oil train terminal – the proposed destination for at least four trains a day,

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ICLR to host wildfire, hurricane webinars this June

May 26, 2014 by Canadian Underwriter

The Institute for Catastrophic Loss Reduction will be holding two webinars in June, related to wildfires and the Atlantic hurricane season. The first event will be on June 6 from 11 a.m. to 12:30 p.m. ET and will feature Kerry

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Property & casualty loss reserves strong as of year-end 2013: Conning

May 21, 2014 by Canadian Underwriter

The loss reserve position of the U.S. property-casualty industry is slightly improved as of year-end 2013, assuming a continuation of current claims settlement patterns, notes a new study released this week by Conning. “Our view of the property-casualty insurance industry

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Damage caused by Balkans’ epic floods may exceed damage from wars in the 90s

May 21, 2014 Aida Cerkez and Jovana Gec, THE ASSOCIATED PRESS

SARAJEVO – Floodwaters receded Wednesday in Bosnia and Serbia, just enough to reveal the next shock: recovery from the historic flood will cost billions of euros that neither of the countries has. EU and NATO officials are visiting Bosnia Wednesday

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Owner of railroad involved in deadly Quebec crash plans to ship oil again after track fixes

May 16, 2014 David Sharp, THE ASSOCIATED PRESS

PORTLAND, Maine – The company purchasing the assets of a railroad responsible for a fiery oil train derailment that claimed 47 lives in Quebec plans to resume oil shipments after track safety improvements are made, the firm’s top executive said

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Aviva plc’s 2014 Q1 financial results ‘reassuringly calm and stable’

May 15, 2014 by Canadian Underwriter

Aviva plc posted results in the first quarter of 2014 that were “reassuringly calm and stable, in marked contrast to the weather and regulatory developments,” the company reported Thursday. Overall, operating capital generation (OCG) in 2014 Q1 was £0.4 billion