Topic
Catastrophes
Precipitation contributes to major flooding on Mississippi River
January 4, 2016 by Canadian UnderwriterFlooding on the Mississippi River is “approaching or even exceeding” the flood levels reached in 2011, Verisk Analytics Inc.’s AIR Worldwide unit warned last week. The United States mid-western region “has endured repeated precipitation events in the last month, including…
Winter storms in northeast Canada and U.S. costliest global nat cat in 2015: Munich Re
January 4, 2016 by Canadian UnderwriterThe costliest global natural catastrophe for the insurance industry was a series of winter storms that struck the northeast United States and Canada, Munich Re said in its 2015 nat cat review, released on Monday. According to a press release…
Reinsurance pricing floor remains elusive: Willis Re
January 4, 2016 by Canadian UnderwriterReinsurance rates at Jan. 1, 2016 renewals have continued to decline across the majority of markets, with Willis Re reporting Monday that earlier forecasts for a “softening in the softening” in pricing have proved illusory. “Despite the signs of pricing…
Winnipeg business owners, residents say snow clearing crews causing damage
December 30, 2015 The Canadian PressWINNIPEG – A winter storm that hit Winnipeg just before Christmas took a big chunk out of the city’s budget due to snow clearing, but now it appears it may cost even more. Some residents and business owners have filed…
Storms sweep across U.S., killing 1; forecasters warn of tornadoes days before Christmas
December 23, 2015 Jeff Martin - THE ASSOCIATED PRESSATLANTA – Storms packing strong winds and heavy rain slammed the U.S. mid-section on Wednesday, and officials worried about Christmas yard decorations becoming projectiles. A tree blew over onto a house in Arkansas, killing an 18-year-old woman and trapping her…
$460 million settlement for victims of Lac-Mgantic disaster fully funded
December 23, 2015 The Canadian PressMONTREAL – Officials responsible for bankruptcy proceedings related to the Lac-Mégantic rail disaster say a $460-million settlement is fully funded and that cheques for the families of victims should start flowing in the new year. About $114 million will be…
Disaster assistance available for flood-affected residents in Chestermere, Rocky View County, Alberta
December 23, 2015 by Canadian UnderwriterSouthern Alberta residents affected by an intense rainstorm in July may be eligible for provincial disaster funding to help repair damages, the provincial government announced on Dec. 18. On July 12, nearly 300 residential property owners in Chestermere and Rocky…
Half of global executives support carbon pricing, EY survey finds
December 22, 2015 by Canadian UnderwriterNearly half (48%) of global executives responding to a recent Ernst & Young (EY) survey said that their company is in favour of carbon pricing. Another 45% were “neutral” on the topic, while 7% opposed carbon pricing. While 72% of…
More extreme weather is causing more blackouts; some US utilities unprepared and underfunded
December 22, 2015 Holbrook Mohr and Garance Burke - THE ASSOCIATED PRESSWAVELAND, Miss. – When Hurricane Katrina’s punishing storm surge plowed ashore, it swamped seven of Coast Electric Power Association’s substations, vital to powering thousands of Mississippi homes and businesses. The facilities have long since been repaired, but a decade after…
Construction waste landslide buries buildings in Shenzhen, China; 85 people missing
December 21, 2015 Paul Traynor - THE ASSOCIATED PRESSSHENZHEN, China – Rescuers searched Monday for 85 missing people a day after the collapse of a mountain of excavated soil and construction waste that had been piled up over two years in China’s manufacturing centre of Shenzhen. Authorities said…
Ontario providing $131 million in financial assistance from 2013 ice storm
December 21, 2015 by Canadian UnderwriterThe Ontario government has “offered final payments,” including $56.3 million to the City of Toronto, arising from an ice storm two years ago that left about 300,000 Toronto Hydro customers without power. “Ontario has now offered final payments to all…
Preliminary forecast for 2016 Atlantic hurricane season issued
December 18, 2015 by Canadian UnderwriterTropical Storm Risk (TSR), part of Aon Benfield Research’s academic and industry collaboration, is forecasting 13 named storms, five hurricanes and two major (Category 3+) hurricanes between the months of June and November in 2016. TSR’s Professor Mark Saunders and…