Topic
Catastrophes
Disasters at ports can cause ‘major accumulated losses across multiple lines of business,’ Swiss Re warns
March 30, 2016 by Canadian UnderwriterFor the second year in a row, Canada had “few natural disasters” in 2015, while the Aug. 12 explosions arising from sodium cyanide in the Chinese port of Tianjin shows that insurers need “more risk mapping in aggregation points,” Swiss…
IBC, Tesera Systems announce transfer agreement for bureau’s Municipal Risk Assessment Tool
March 30, 2016 by Canadian UnderwriterInsurance Bureau of Canada (IBC) has announced the intellectual property rights for its municipal risk assessment tool (MRAT) – a made-in-Canada solution to help communities be more resilient and adaptable to climate change – is being transferred to Tesera Systems…
Final property market loss for windstorm Mike-Niklas estimated at 816 million euros
March 29, 2016 by Canadian UnderwriterWindstorm Mike-Niklas, which affected parts of western and central Europe from March 29 to April 1, caused an estimated property market loss of 816 million euros, PERILS AG said on Tuesday. The fourth and final loss estimate for the windstorm,…
Fracking, not water disposal, behind earthquakes: study
March 29, 2016 Bob Weber - THE CANADIAN PRESSEDMONTON – New research suggests that hydraulic fracking of oil and gas wells is behind earthquakes caused by humans in Western Canada. A study, published Tuesday by a group of top Canadian researchers, says problems in Alberta and British Columbia…
Ocean temperatures can predict U.S. heat waves up to 50 days in advance: study
March 29, 2016 by Canadian UnderwriterThe formation of a distinct pattern of sea surface temperatures in the middle of the North Pacific Ocean can predict an increased chance of summertime heat waves in the eastern half of the United States up to 50 days in…
Induced earthquakes raise chances of damaging shaking in 2016: USGS
March 29, 2016 by Canadian UnderwriterNew maps identifying potential ground-shaking hazards from both human-induced and natural earthquakes show there is potential for damaging shaking from induced seismicity for about 7 million who people live and work in areas of central and eastern United States (CEUS),…
N.B. public safety department issues warning about ice jams, associated flooding
March 28, 2016 by Canadian UnderwriterNew Brunswick’s Department of Public Safety is warning about the potential for ice jams and associated flooding along the St. John River and other river systems in the province. The Department of Public Safety said in a bulletin on Monday…
Majority of British Columbians oppose fracking, split on liquefied natural gas development: study
March 28, 2016 by Canadian UnderwriterLess than half of British Columbians are supportive of the provincial government’s push for liquefied natural gas (LNG), and only 23% support the process of hydraulic fracturing, according to a poll released on Thursday by Insights West. Results are based…
Crews fighting Kansas wildfires get assist from snow, rain
March 28, 2016 The Associated PressKANSAS CITY, Mo. – Firefighters grappling with the biggest wildfire in Kansas history got a welcomed Easter assist from pre-dawn snowfall over the hardest-hit area, though the looming prospect of flame-fanning winds threatened to undermine the effort. The National Weather…
Brussels bombings show trend to target public transportation infrastructure: RMS
March 28, 2016 by Canadian UnderwriterThe terrorism bomb blasts last week in Brussels “are a somber reminder of the difficulty of preventing attacks against transportation infrastructure such as airports and metro or bus stations,” notes catastrophe risk modelling company Risk Management Solutions (RMS). “As security…
Province of British Columbia announces $16.6 million in funding for flood mitigation project in Richmond
March 26, 2016 by Canadian UnderwriterThe province of British Columbia has announced $16.6 million in funding toward a flood mitigation project in Richmond that will upgrade multiple pump stations. Announced as part of public safety funding in the 2016 provincial budget, the $24.95-million project also…
Combined ratio for Lloyd’s at 90% for 2015, up from 88.4% in 2014
March 24, 2016 by Canadian UnderwriterLloyd’s of London, the world’s specialist market for insurance and reinsurance, announced on Wednesday a combined ratio of 90% for 2015, up from 88.4% in 2014. Lloyd’s also reported a pre-tax profit of 2.1 billion pounds for 2015, down from…