Topic
Catastrophes
New IBC flood model shows 1.8 million Canadian households at ‘very high risk’
February 2, 2016 Greg Meckbach, Associate EditorInsurance Bureau of Canada now has flood maps that lets the bureau “assess flood risk right down to the residential level for both fluvial and pluvial flooding,” an IBC official told insurance professionals Monday. RELX Group plc’s LexisNexis Risk Solutions…
Global earthquake numbers on par for 2015: U.S. Geological Survey
February 1, 2016 by Canadian UnderwriterGlobal earthquake numbers were on par with prior year averages, the U.S. Geological Survey (USGS) said on Monday. Globally, there were 14,588 earthquakes of magnitude 4.0 or greater in 2015, on par with prior year average of about 40 earthquakes…
Five of Canada’s six weather catastrophes in 2015 were out west: CatIQ
February 1, 2016 Greg Meckbach, Associate EditorCanada was hit with six severe-weather catastrophes – causing more than $25 million each in damage – in 2015, with all but one affecting the western part of the country, a catastrophic loss analyst told insurance professionals Monday. “2015 was…
Munich Re, Metabiota enter into long-term cooperation agreement for risk transfer solutions for epidemic risks
February 1, 2016 by Canadian UnderwriterReinsurer Munich Re announced on Monday that it has entered into a long-term cooperation agreement with Metabiota, a San Francisco-based company that has pioneered the use of real-time data collection and comprehensive risk analytics for epidemics. Metabiota uses a staff…
Northeast U.S. winter storm fourth most powerful since 1950: NOAA
January 29, 2016 by Canadian UnderwriterThe January 22-24 blizzard is among the most powerful winter storms in the United States – ranked 4th – to impact the Northeast U.S. since 1950, according to the National Oceanic and Atmospheric Administration (NOAA). The storm, which dumped heavy…
Multi-year trend of reduced U.S. natural hazard activity continues, despite record-setting events in 2015: CoreLogic
January 29, 2016 by Canadian UnderwriterThere was a continued trend of fewer natural hazard events overall in the United States for 2015, resulting in decreased damage and loss totals for the year, according to the annual Natural Hazard Risk Summary and Analysis, released by CoreLogic,…
Moderated cat bond activity, mixed pricing levels at year-end 2015: GC Securities
January 27, 2016 by Canadian UnderwriterAlthough 144A property and casualty (P&C) cat bond primary issuance levels were charted as “uncharacteristically low” in the fourth quarter of 2015, totals at year-end were only slightly lower than the all-time high levels seen in 2014, according to GC…
PEI municipalities developing new subdivisions required to use new climate change tool
January 26, 2016 by Canadian UnderwriterAll municipalities in Prince Edward Island (PEI) developing new subdivisions will now be required to use a specific web-based tool for incorporating climate change as part of their design and site evaluation processes. The climate change tool was created by…
Valley and Butte wildfires caused an estimated US$1 billion in insurance losses: California Department of Insurance
January 26, 2016 by Canadian UnderwriterTwo of the most destructive fires in California’s history, the Valley and Butte Fires, caused an estimated US$1 billion in insurance losses, the California Department of Insurance (CDI) said on Monday. The two wildfires ravaged nearly 150,000 acres in northern…
Second National Wildfire Community Preparedness Day in Canada launched
January 25, 2016 by Canadian UnderwriterBuilding upon the success of the inaugural event in 2015, the second National Wildfire Community Preparedness Day in Canada will be held on May 7, 2016. The announcement was made on Monday by Partners in Protection/FireSmart Canada, in collaboration with…
Sunrise Propane and its directors fined $5.3M in 2008 deadly propane explosion
January 25, 2016 Paola Loriggio - THE CANADIAN PRESSTORONTO – A fiery explosion at a Toronto propane plant that forced thousands out of their homes in the dead of night and claimed the life of an employee caused “unprecedented” devastation, an Ontario judge ruled in imposing $5.3 million…
Energy producers “have struggled” to get insurance covering Gulf of Mexico windstorm: Willis Towers Watson
January 25, 2016 by Canadian UnderwriterEight years after Hurricane Ike damaged most homes in Galveston, Texas, the insurance market’s capacity to cover windstorm for energy firms in the Gulf of Mexico is less than 4% of the actual exposure, while the “vast majority of energy…