Canadian Underwriter

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Catastrophes


City Hall - Toronto
News CatastrophesInsurancePersonal Lines

Toronto city council to consider accelerating basement flooding protection spending

December 12, 2016 by Canadian Underwriter

A proposal to advance the 2018 cashflow for Toronto’s basement flooding protection program into 2017 will be considered by City Council Tuesday. Toronto’s Basement Flooding Protection Program – which includes construction of surface storage ponds, an underground storm storage tank

News CatastrophesCommercial LinesInsurancePersonal Lines

Cost for Cape Breton flood damage could surpass $15 million: minister

December 9, 2016 The Canadian Press

HALIFAX – The estimated cost for damage caused by the Thanksgiving Day floods in Cape Breton could exceed $15 million, says the Nova Scotia government. Zach Churchill, minister responsible for the Emergency Management Office, said Thursday the total could run

Cropped shot of a young computer programmer looking through data
News CatastrophesClimate ChangeInsuranceTechnology

Insurance undergoing “a fundamental structural change”: KPMG speaker

December 8, 2016 by Angela Stelmakowich

The insurance industry is undergoing structural change with the emergence of platform-based business models and insurers need to ready themselves to be able to take part, Matthew Smith, insurance co-lead for the Global Strategy Group at KPMG, suggested during the

APTOPIX Severe Weather South
News CatastrophesInsuranceMarkets / Coverages

Southern U.S. drought relents but not over, despite recent rains

December 8, 2016 Jeff Martin - THE ASSOCIATED PRESS

ATLANTA – Recent showers and storms across much of the South have eased the severe drought in the region, but experts say it wasn’t enough to make up for months of dry conditions before the rain finally fell. More rain

New Zealand Earthquake
News CatastrophesInsuranceReinsurance

Tennessee and Israel wildfires, New Zealand quake among expensive catastrophes in November: Aon Benfield

December 7, 2016 by Canadian Underwriter

The November 13 earthquake affecting New Zealand “serves as a reminder ” of earthquake risk in Oceania, while wildfires — some set deliberately – in Israel, will cause economic losses of over half a billion, Impact Forecasting LLC suggested in

News CatastrophesClimate ChangeCommercial LinesInsurancePersonal Lines

U.K. 2015/2016 floods one of the century’s “most extreme and severe” flood episodes

December 6, 2016 by Canadian Underwriter

The winter floods of 2015 and 2016 in the United Kingdom were one of the “most extreme and severe hydrological events of the last century,” a new scientific review has confirmed. The hydrological appraisal, titled The winter floods of 2015/2016

Firefighters assess the scene where a deadly fire tore through a late-night electronic music party in a warehouse in Oakland, Calif., Saturday, Dec. 3, 2016. Officials described the scene inside the warehouse, which had been illegally converted into artist studios, as a death trap that made it impossible for many partygoers to escape the Friday night fire. (AP Photo/Josh Edelson)
News CatastrophesConstructionInsuranceMarkets / Coverages

Death toll grows to 36 at Oakland warehouse fire

December 5, 2016 Kristin J. Bender and Brian Melley - THE ASSOCIATED PRESS

OAKLAND, Calif. – The death toll in the Oakland warehouse fire has grown to 36 and authorities say they expect the number to rise when they resume work later Monday following a temporary work stoppage. A wall is leaning inward,

Rain drops falling from a black umbrella concept for bad weather, winter or protection
News CatastrophesClimate ChangeCommercial LinesInsurancePersonal Lines

Losses from Desmond floods in U.K. estimated at £604 million: PERILS

December 5, 2016 by Canadian Underwriter

The fourth and final insured property market loss estimate flowing from U.K. flooding in the wake of storm Desmond in late 2015 is £604 million, reports PERILS AG. Desmond and other low-pressure systems caused effects over a three-week period from

The remains of a business Wednesday, Nov. 30, 2016, after a wildfire hit Gatlinburg, Tennessee. Photo by Mark Humphrey, The Associated Press
News Catastrophes

Canadian couple among the dead in Tennessee wildfire

December 2, 2016 THE CANADIAN PRESS

GATLINBURG, Tenn. – A couple from Canada is among the victims of a wildfire that ravaged the Smoky Mountains resort city of Gatlinburg, Tennessee. Authorities say 71-year-old Jon Tegler and 70-year-old Janet Tegler are among 13 people who have died

Steel Mill by Harbour
News CatastrophesCommercial LinesInsurance

Ontario environment ministry ‘does not always require financial security’ from organizations at high risk of pollution: Auditor General

December 1, 2016 by Canadian Underwriter

Organizations undertaking activities with high risk of pollution in Ontario are often not required to provide financial security to ensure funds are available later for clean-up costs, the province’s auditor general warned in her annual report released Wednesday. Meanwhile, the

News CatastrophesCommercial LinesInsurancePersonal Lines

First above-normal Atlantic hurricane season since 2012 produced five landfalling U.S. storms: NOAA

December 1, 2016 by Canadian Underwriter

The first above-normal Atlantic hurricane season since 2012 has produced five landfalling storms in the United States, the National Oceanic and Atmospheric Administration (NOAA) said on Wednesday. The Atlantic, eastern Pacific and central Pacific 2016 hurricane seasons ended on Nov.

bonds-screenshot-web
Feature CatastrophesInsuranceMarkets / Coverages

Protective Cover

December 1, 2016 Sean van Zyl, Freelance Writer

The role of capital markets in alternative risk transfer within the property and casualty insurance industry is not new. However, the development of sophisticated financial instruments continues to expand, with resilience bonds being the latest arrival in the catastrophic risk market.