Topic
Catastrophes
SCOR cat bond covers U.S. named storms, earthquake until end of 2019
January 19, 2016 by Canadian UnderwriterSCOR SE has sponsored a catastrophe bond whose coverage includes earthquakes in Canada, as well as named storms in the United States. The Atlas IX Series 2016-1 will give the Paris-based reinsurer “multi-year risk transfer capacity of US$300 million to…
Nuclear Threat Initiative gives Canada high score on cyber security but much of world’s weapons-grade material ‘still to vulnerable to theft’
January 19, 2016 by Canadian UnderwriterMuch of the world’s enriched uranium and plutonium is “too vulnerable to theft” and a cyber attack on a nuclear facility could “facilitate” either theft of nuclear material or sabotage, the Nuclear Threat Initiative warned in a recent report. “Nearly…
Nepal formally begins much delayed earthquake reconstruction
January 19, 2016 Binaj Gurubacharya - THE ASSOCIATED PRESSBUNGMATI, Nepal – Nepal officially launched the much-delayed reconstruction of about 1 million homes and buildings Saturday nearly nine months after they were damaged by devastating earthquake which killed 9,000 people. Prime Minister Khadga Prasad Oli unveiled plans to rebuild…
China new frontier for mutuals; insurers to focus on whole population, not just high net worth market
January 19, 2016 by Canadian UnderwriterThe International Cooperative and Mutual Insurance Federation (ICMIF) is looking to make use of a recent Chinese law allowing mutual insurers to set up shop in the country, a move ICMIF maintains can enhance protections against losses from, among other…
Nova Scotia, Prince Edward Island digging out after intense winter blast
January 18, 2016 by Canadian UnderwriterHALIFAX – Crews are cleaning up Sunday after an intense winter storm dumped more than 40 centimetres of snow and ice pellets on parts of Nova Scotia. Environment Canada says Antigonish Harbour was one of the hardest hit areas of…
Scientists agree fracking can cause earthquakes, but how is still a mystery
January 15, 2016 Bob Weber - THE CANADIAN PRESSA record-breaking earthquake this week in the middle of an Alberta oilfield heavily subject to hydraulic fracking is one of a growing number of such events across the continent, scientists say. But while the amount of research on “induced seismic…
Initial U.K. loss estimate is 717 million for flooding following December storm: PERILS
January 15, 2016 by Canadian UnderwriterThe United Kingdom losses for Desmond – the December storm that brought record-breaking rainfall and subsequent flooding to parts of the U.K. – have been estimated at £717 million, PERILS AG reported Friday. Representing the first of four loss estimates…
Manitoba icebreaker fleet retrofitted in preparation of ice-jam mitigation
January 14, 2016 by Canadian UnderwriterManitoba Infrastructure and Transportation Minister Steve Ashton has announced that Amphibex icebreaking machines have been retrofitted with a “made-in-Manitoba solution” to reinforce the front pedestal assembly supporting the critical hydraulic boom arms to better attack Red River ice when the…
Infrastructure monies to be earmarked for disaster preparation, Goodale says
January 14, 2016 Jim Bronskill - THE CANADIAN PRESSOTTAWA – The federal public safety minister says the government will open its wallet to help Canadians prepare for natural catastrophes spawned by extreme weather linked to climate change. Devoting a portion of planned infrastructure spending to disaster readiness will…
Energy prices cited as top concern in Canada: World Economic Forum
January 14, 2016 by Canadian UnderwriterThe failure of climate change mitigation and adaptation has been cited as the number one global risk with the greatest potential impact in 2016, according to the World Economic Forum (WEF). In Canada, energy prices were cited as the top…
Ontario motorists issued “Winter Ready” reminder
January 13, 2016 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC), along with the Ontario Road Builders’ Association (ORBA), the Infrastructure Health and Safety Association (IHSA) and Canadian Tire, have launched a new Winter Ready campaign. The campaign, online at www.winterready.ca and under the Twitter…
Institute for Catastrophic Loss Reduction to host workshop on IBC’s new flood maps
January 13, 2016 by Canadian UnderwriterThe Institute for Catastrophic Loss Reduction (ICLR) announced on Wednesday that its next Friday Forum series will focus on the Insurance Bureau of Canada’s (IBC) new flood maps. The workshop will be held from 10 a.m. to 11:30 a.m. on…