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Reinsurers showed ‘strong underwriting profitability’ in 2013: A.M. Best

April 4, 2014 by Canadian Underwriter

Ratings firm A.M. Best Company released Friday a special report on global reinsurance, reporting an improvement in loss ratios in both the Lloyd’s and United States and Bermuda markets and “relatively healthy” investment income in the sector. “An A.M. Best

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Chile quakes cause huge evacuations, leave damaged homes, high prices and long lines

April 3, 2014 Luis Hidalgo and Luis Andres Henao, THE ASSOCIATED PRESS

IQUIQUE, Chile – Coastal residents of Chile’s far north spent a second sleepless night outside their homes as major aftershocks continued Thursday following a magnitude-8.2 earthquake that damaged several thousand homes and caused six deaths. No new major damage or

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Payouts for New Zealand’s Canterbury earthquake more than $11 billion to date

April 2, 2014 by Canadian Underwriter

The payouts by insurance companies in New Zealand in the wake of the 2011 Canterbury earthquake crossed the $11 billion mark as of the end of February. Insurance companies have paid out $11.103 billion in commercial and residential Canterbury earthquake

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ICLR talk to discuss forest fire risk management

April 2, 2014 by Canadian Underwriter

The Institute for Catastrophic Loss Reduction will be holding a workshop focused on forest fires from a risk management perspective. The April 11 event, part of ICLR’s ongoing Friday Forum series, will host David Martell a professor in the Faculty

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Magnitude 8.2 quake kills only 6 in Chile; seismologists say bigger quake likely someday

April 2, 2014 Luis Andres Henao, THE ASSOCIATED PRESS

SANTIAGO, Chile – Authorities lifted tsunami warnings for Chile’s long coastline early Wednesday after a magnitude-8.2 earthquake struck the South American nation’s northern coast. Six people were crushed to death or suffered fatal heart attacks, a remarkably low toll for

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Focus northern emergency response on people who live there, not tourists: report

March 31, 2014 Bob Weber, THE CANADIAN PRESS

A study done across the North is suggesting that emergency planners in the Arctic should start thinking about the people who live there and stop talking about tourists on cruise ships. “Everyone’s focused on what happens when the cruise ship

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Deadly Washington state mudslide highlights lack of national landslide tracking, maps

March 31, 2014 Phuong Le and Gosia Wozniacka, THE ASSOCIATED PRESS

SEATTLE – People living in the path of a deadly Washington state landslide had virtually no warning before a wall of mud, trees and other debris thundered down the mountain. Some of the homeowners didn’t even know the hillside could

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High warming of climate presents challenges for responses to risk: climate panel

March 31, 2014 by Canadian Underwriter

The Intergovernmental Panel on Climate Change (IPCC) reports there are opportunities for effective responses despite a changing climate that creates pervasive risks and challenges that will continue to be posed by high warming. In a report released Monday, IPCC notes

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Big quake from lesser known fault that shook Southern California could be catastrophic

March 30, 2014 - The Associated Press (APR)

 LA HABRA, Calif. – Experts say a bigger earthquake along the lesser-known fault that gave Southern California a moderate shake could do more damage to the region than the long-dreaded ”Big One” from the more famous San Andreas Fault. The

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50th anniversary of Great Alaskan Earthquake a reminder of current risk: IBC

March 28, 2014 by Canadian Underwriter

The 50th anniversary of the Great Alaskan Earthquake this week highlights the current risk faced in Canada and worldwide of a catastrophic earthquake, the Insurance Bureau of Canada said Friday. The three-minute earthquake triggered a tsunami, causing ground fissures and collapsing

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Emergency Management BC ‘not adequately prepared’ for catastrophic earthquake: report

March 27, 2014 by Canadian Underwriter

Emergency Management BC is not prepared should a catastrophic earthquake occur in British Columbia, a new report from the province’s auditor general has concluded.  Auditor General Russ Jones also found that neither the province nor EMBC has made preparing for

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MPs debate proposal to raise liability limits to $1 billion for nuclear operators, offshore oil and gas industry

March 27, 2014 by Canadian Underwriter

Federal politicians debated this week a proposed law that would increase the absolute liability for offshore oil and gas companies, as well as nuclear operators, to $1 billion. Bill C-22, the Energy Safety and Security Act, was tabled in January