Topic
Catastrophes
U.S. National Flood Insurance Program should include ‘greater participation’ from private market: Marsh
December 11, 2015 by Canadian UnderwriterInsurers that contract with the United States National Flood Insurance Program should be allowed to write their own polices, and modern technologies should be used to evaluate property risk without having to rely on physical inspections, Marsh & McLennan Companies…
Two women die in heavy rains that drenched Oregon, Washington
December 10, 2015 Manuel Valdes and Lisa Baumann - THE ASSOCIATED PRESSFALL CITY, Wash. – While much of the Pacific Northwest on Wednesday got a respite from rains that have pummeled the region for days, mudslides and flooding rivers triggered multiple rescues and claimed the life of a woman after her…
Alberta to demolish 17 homes affected by 2013 flooding
December 10, 2015 by Canadian UnderwriterThe province of Alberta has decided to demolish 17 homes along the Elbow River that were damaged by the massive flooding in 2013. The Ministry of Municipal Affairs said in a statement on Wednesday that the province evaluated its options…
B.C. joins international alliance for zero-emission vehicles
December 10, 2015 by Canadian UnderwriterBritish Columbia has become the 14th jurisdiction to sign on to the International Zero-Emission Vehicle (ZEV) Alliance, whose members strive to make all new passenger vehicles in their jurisdictions ZEVs by no later than 2050. B.C. Environment Minister Mary Polak…
IBC study estimates future costs of specific severe weather events stemming from climate change
December 10, 2015 by Canadian UnderwriterCanadian communities need to adapt to avoid the projected increasing costs due to climate change, according to a study released on Wednesday by the Insurance Bureau of Canada (IBC). The Economic Impacts of the Weather Effects of Climate Change, released…
U.S. insurers’ catastrophe management preparation sound, with opportunities for improvement: PCS
December 10, 2015 by Canadian UnderwriterMost insurers in the United States have numerous pieces in place to launch effectively into action when catastrophes strike, most notably the near universal use of a catastrophe plan manual, according to a new report from Property Claims Services (PCS),…
Pushed by climate change: Lake in Northwest Territories falls off cliff
December 9, 2015 The Canadian PressYELLOWKNIFE – In a dramatic example of how climate change is altering the Arctic landscape, a small northern lake has fallen off a cliff after bursting through the melting earthen rampart that restrained it. A video released Wednesday by the…
How transitioning from cat bonds to resilience bonds can reduce insurance costs
December 9, 2015 by Canadian UnderwriterFinancial instruments structured in a similar manner to catastrophe bonds could provide a reduction in insurance costs by recognizing the value of community resilience projects such as flood barriers, a paper released Tuesday suggests. re:focus partners LLC – in conjunction…
Government of Canada pledges $35 million to combat short-lived climate pollutants
December 9, 2015 by Canadian UnderwriterThe government of Canada announced on Tuesday that it is contributing $35 million to reduce short-lived climate pollutants (SLCPs). The announcement was made at the High Level Assembly for the Climate and Clean Air Coalition at the United Nations’ 21st…
Average large business interruption claim 36% more costly than average property damage claim: Allianz Global Corporate & Specialty
December 9, 2015 by Canadian UnderwriterThe average large business interruption (BI) property insurance claim is now in excess of US$2.4 million, 36% higher than the corresponding average property damage claim of just over US$1.7 million, according to a new report from Allianz Global Corporate &…
Toronto politicians to examine unlimited indemnification clauses in actuarial consulting contracts
December 8, 2015 by Canadian UnderwriterA proposal to set an upset limit on the liability of contractors performing actuarial services and general benefits consulting for the City of Toronto is on the agenda of this week’s council meeting. Historically, the City has included a requirement…
B.C. opens up Britannia Creek dams to reduce flood risk
December 8, 2015 by Canadian UnderwriterThe province of British Columbia announced on Tuesday that it has decommissioned two dams and partially decommissioned another, “eliminating some of the biggest flood risks in the Britannia Creek watershed.” Crews have removed 10-metre-wide sections from both the Utopia Lake…