Canadian Underwriter

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Catastrophes


News CatastrophesInsurancePersonal Lines

Red Deer cleaning up from windstorm after declaring state of emergency

June 22, 2017 The Canadian Press

RED DEER, Alta. – People in Red Deer were cleaning up Wednesday after a violent windstorm that knocked out power and prompted the central Alberta city to declare a local state of emergency. Homes were damaged Tuesday when wind gusts

News CatastrophesCommercial LinesInsurancePersonal Lines

Suspected tornado flattens businesses in Alabama

June 22, 2017 Kevin McGill - THE ASSOCIATED PRESS

NEW ORLEANS – A suspected tornado near Birmingham, Alabama, flattened businesses and injured one person Thursday, while the mayor of a coastal Louisiana town urged residents to evacuate ahead of a rising tide – two lingering effects of a weakening

News CatastrophesClimate ChangeConstructionInsuranceLegislation / RegulationMarkets / Coverages

Alberta advisory group recommends penalties for heavy oilsands emitters if cap hit

June 19, 2017 Ian Bickis - THE CANADIAN PRESS

CALGARY – Oilsands producers could face steep fines and suspended projects if industry comes close to hitting a mandated 100-megatonne limit under recommendations proposed by Alberta’s Oil Sands Advisory Group. But the non-binding report sets out a series of policies

News CatastrophesConstructionInsurancePersonal Lines

High River finishes rebuilding but abandoned neighbourhood reminder of flood

June 19, 2017 Bill Graveland - THE CANADIAN PRESS

HIGH RIVER, Alta. – Even as High River finishes rebuilding, an abandoned neighbourhood full of million-dollar homes is a stark reminder of devastating flooding four years ago. Floods in parts of southern Alberta in June 2013 caused billions of dollars

News CatastrophesClimate ChangeCommercial LinesInsurancePersonal Lines

Cyclones Debbie, Cook in New Zealand combine to produce insured losses of NZ$84 million so far

June 19, 2017 by Canadian Underwriter

The two cyclones that pounded New Zealand in April have spurred insured costs of NZ$84 million to date, setting the stage for what could become one of the most damaging year in recent years and leading to wrong-headed government actions

News CatastrophesConstructionInsuranceLegislation / RegulationMarkets / CoveragesPersonal Lines

Canadian building standards meant to guard against fires like London blaze

June 16, 2017 Michelle McQuigge - THE CANADIAN PRESS

TORONTO – Canadian building standards should theoretically prevent the sort of blaze that engulfed a London apartment tower earlier this week, but at least one expert says flouting those regulations can put people in serious danger. Exterior panelling known as

News CatastrophesInsurancePersonal Lines

Number of lightning-related homeowners insurance claims in the U.S. up in 2016, but average cost for insurers down: I.I.I.

June 16, 2017 by Canadian Underwriter

The number of homeowners insurance claims from lightning strikes and electrical surges in the United States rose in 2016, compared with 2015, but the average cost that insurers paid on those claims fell, according to a new analysis by the

News CatastrophesInsuranceMarkets / CoveragesPersonal Lines

Cladding may have helped spread London high rise fire, experts say

June 15, 2017 Gregory Katz - THE ASSOCIATED PRESS

LONDON – The official cause may not be known for months. The death toll is unclear – and rising. No one has said exactly where the fire started. But experts suspect recent renovations at the Grenfell Tower, including newly installed

News CatastrophesCommercial LinesInsurance

Flames destroy production facility at Blackwell Dairy in Kamloops, B.C.

June 15, 2017 The Canadian Press (CPSTF)

KAMLOOPS, B.C. – Fire has heavily damaged a dairy operation in Kamloops, British Columbia, that processes milk from farmers across the North Thompson and Shuswap Okanagan. Fire officials say the main production facility at Blackwell Dairy was destroyed in the

News CatastrophesInsuranceMarkets / Coverages

Six killed, 74 injured in massive London, U.K. high rise blaze

June 14, 2017 Gregory Katz and Danica Kirka - THE ASSOCIATED PRESS

LONDON – A deadly overnight fire raced through a 24-story apartment tower in London on Wednesday, killing at least six people and injuring 74 others. One desperate woman threw a baby out of a high window and a man on

News CatastrophesCommercial LinesInsurancePersonal LinesReinsuranceTechnology

Allianz Risk Transfer, Nephila Capital successfully pilot blockchain for Cat swap

June 14, 2017 by Canadian Underwriter

Allianz Risk Transfer AG (ART) and Nephila Capital Limited report successfully piloting the use of blockchain smart contract technology for transacting a natural catastrophe swap, an approach they suggest offers benefits for this and other types of insurance transactions. The

News CatastrophesInsurancePersonal LinesTechnology

National Flood Insurance Program contributes to ‘development in flood prone areas,’ NWF executive testifies

June 12, 2017 by Canadian Underwriter

Private insurance companies in the United States are “clamouring” to write flood risk for properties while the nation’s National Flood Insurance Program encourages development in floodprone areas and needs to be “significantly reformed,” speakers recently told a committee of the