Canadian Underwriter

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Catastrophes


News CatastrophesInsuranceMergers and Aqcuisitions

Verisk Analytics company develops technique for analyzing future U.S. coastal floods

September 22, 2015 by Canadian Underwriter

Atmospheric and Environmental Research (AER), an environmental research and development company and a Verisk Analytics business, announced on Monday that it has led the development of an “innovative, broadly applicable methodology” for analyzing future coastal floods in the United States.

News CatastrophesInsuranceMergers and Aqcuisitions

California governor requests presidential major disaster declarations

September 22, 2015 by Canadian Underwriter

California governor Jerry Brown has requested presidential disaster declarations for the state following the Valley Fire and Butte Fire, which have claimed the lives of at least three people, destroyed thousands of homes and structures, and scorched more than 145,000

News CatastrophesInsuranceMergers and Aqcuisitions

Insured losses from Chilean earthquake estimated at between US$600-900 million: AIR Worldwide

September 21, 2015 by Canadian Underwriter

Catastrophe modelling firm AIR Worldwide estimated on Monday that insured losses from the magnitude 8.3 earthquake that struck Chile’s central coast near Illapel on Sept. 16 will be between US$600 million and US$900 million. Authorities have stated that at least

News CatastrophesInsuranceMergers and Aqcuisitions

B.C. forestry minister announces 2016 FireSmart Grant Program

September 21, 2015 by Canadian Underwriter

Steve Thomson, British Columbia’s Minister of Forests, Lands and Natural Resource Operations, announced on Friday that his ministry is working with the Union of British Columbia Municipalities to introduce the 2016 FireSmart Grant Program. Under the program, fifty grants of

News CatastrophesClimate ChangeInsuranceMergers and Aqcuisitions

U.S. study explores ways to build resilience to wildfire, recommends developing a sustainable strategy: Swiss Re

September 18, 2015 by Canadian Underwriter

Most states in the United States lack a sustainable financial strategy to respond to the changing climate landscape, including wildfires, notes a study released Thursday by Swiss Re and Johns Hopkins School of Advanced International Studies (SAIS). “Although individual decision-makers

News CatastrophesClimate ChangeInsuranceMergers and Aqcuisitions

Chile quake’s estimated losses high, damage to several coastal towns

September 18, 2015 by Canadian Underwriter

The U.S. Geologic Society is reported to have made a loss estimate from the 8.3-magnitude earthquake in Chile on Sept. 16 – emphasizing it is early on and the range is far from concrete – of as much as US$1

News CatastrophesInsurance

Magnitude 8.3 earthquake hits Chile, prompts tsunami warning

September 17, 2015 Luis Andres Henao - THE ASSOCIATED PRESS

ILLAPEL, Chile – Thousands of residents of this small city in northern Chile were sleeping outside Thursday after a powerful earthquake destroyed their homes, forced more than 1 million to evacuate and killed at least eight people in the quake-prone

News CatastrophesClimate ChangeInsuranceMergers and Aqcuisitions

Sea level rise may challenge some local governments in U.S., spur higher insurance rates for citizens: Fitch Ratings

September 17, 2015 by Canadian Underwriter

The rise in sea levels in the long term – made worse by event risks such as hurricanes and storm surges – may pressure the operations, capital funding requirements and indebtedness of some local governments in the United States, Fitch

News CatastrophesClimate ChangeInsurance

Rain barrels an old-fashioned solution to modern water damage problem: IBC

September 16, 2015 by Canadian Underwriter

Old is new again when it comes to rain barrels and how they can be used to help combat the modern problem of increasing water damage, suggests Insurance Bureau of Canada (IBC). Insurance claims for water damage have soared in

News CatastrophesInsurance

Record rainfall causes flooding in Los Angeles area

September 16, 2015 Christopher Weber - THE ASSOCIATED PRESS

LOS ANGELES – A record-breaking storm slammed parched Southern California on Tuesday, cutting off power to thousands, jamming traffic during the morning commute and stranding some people in surging waterways. Downtown Los Angeles saw a staggering 2.39 inches (6.07centimetres), breaking

News CatastrophesInsurance

Flash floods kill 16 in southwest U.S.

September 16, 2015 Kimberly Pierceall And Brady McCombs - THE ASSOCIATED PRESS

HILDALE, Utah – A van and SUV carrying three women and 13 children sat near the widening stream, waiting for the water to recede so they could cross back to their homes in a small, polygamous town on the Utah-Arizona

News CatastrophesInsurance

Cyber insurance market could increase to at least $7.5 billion by 2020, cyber resilient approach urged: PwC

September 16, 2015 by Canadian Underwriter

The global demand for cyber insurance presents a huge commercial opportunity for insurers and reinsurers – estimated to be at least US$7.5 billion by the end of the decade – but with that opportunity comes risks that could be potentially