Topic
Catastrophes
Catastrophe bond coverage hits US$23.5 billion year-end high: Aon Securities
September 10, 2015 by Canadian UnderwriterAon Securities, the investment banking division of global reinsurance intermediary and capital advisor Aon Benfield, has announced that in the 12 months to June 30, there was a record number of catastrophe bonds on risk – US$23.5 billion. On Thursday,…
One of the worst wildland/urban interface fire disasters in modern Canadian history could be repeated, study suggests
September 9, 2015 by Canadian UnderwriterPresent conditions at the study sites of one of the worst wildland/urban interface (WUI) fire disasters in modern Canadian history – the 2003 Okanagan Mountain Provincial Park wildfire in Kelowna, British Columbia – indicate that the disaster could be repeated,…
El Nio may accelerate “nuisance flooding”: NOAA
September 9, 2015 by Canadian UnderwriterMany mid-Atlantic and West Coast communities in the United States could see the highest number of nuisance flooding days on record through April due to higher sea levels and more frequent storm surge, compounded by the strengthening El Niño, which…
B.C. government to introduce legislative amendments related to drone operations near wildfires
September 4, 2015 by Canadian UnderwriterThe government of British Columbia announced on Friday that it will introduce legislative amendments in the spring of 2016 to strengthen and clarify provisions of the provincial Wildfire Act – and that may apply to the operation of drones. The…
Lawsuit against Chevron arising from pollution in Ecuador can proceed in Ontario: Supreme Court
September 4, 2015 by Canadian UnderwriterThe pursuit of a nearly-$10 billion judgement debt in Ecuador, arising from pollution claims against Chevron Corp., can proceed against the petroleum giant’s Canadian subsidiary in an Ontario court, the Supreme Court of Canada ruled Friday. The question of whether…
Tianjin explosions set to become one of Asia’s largest insured man-made loss events, potential losses estimated at US$1.6 billion to US$3.3 billion: Guy Carpenter
September 4, 2015 by Canadian UnderwriterThe Port of Tianjin explosions in China are set to become one of Asia’s largest insured man-made loss events, with potential losses of between US$1.6 billion and US$3.3 billion, global risk and reinsurance specialist Guy Carpenter & Company, LLC said…
Abandoned campfire to blame for fire in B.C., forest ministry says
September 3, 2015 by Canadian UnderwriterAn abandoned campfire was to blame for a short-lived wildfire in late August, the provincial Ministry of Forests, Lands and Natural Resource Operations reported on Wednesday. On the Aug. 29-30 weekend, the BC Wildfire Service responded to four new human-caused…
Economic losses from storms in Alberta, B.C. expected to exceed $225 million in total: Aon Benfield
September 3, 2015 by Canadian UnderwriterTotal economic losses from severe thunderstorms and flooding rains in Alberta in early August are expected to exceed $125 million, while a strong storm system that battered parts of British Columbia was expected to exceed $100 million in economic losses,…
Healthy Cat bond activity supported by record issuance of private bonds: GC Securities
September 3, 2015 by Canadian UnderwriterCatastrophe bond activity for 2015 Q2 was lower than for the second quarters of both 2013 and 2014, but still represents among the best second quarters on record, notes a new Cat bond briefing and analysis from GC Securities. Cat…
Saskatchewan announces new agriculture drainage regulations
September 2, 2015 by Canadian UnderwriterSaskatchewan’s Minister responsible for the Water Security Agency (WSA), Herb Cox, announced on Tuesday new drainage regulations, the first phase of an agricultural water management strategy that recognizes the benefits of benefits and the importance of mitigating negative impacts. A…
Wildfires take toll on Alberta, Saskatchewan finances
September 1, 2015 by Canadian UnderwriterAlberta has released its 2015-16 first quarter fiscal forecast, which reflects higher-than-anticipated costs for fighting wildfires and drought. The first quarter forecast shows an increase of $456 million for disaster assistance, including agricultural drought relief and wildfire fighting costs, over…
B.C. LNG industry will increase fracking caused earthquakes: expert
September 1, 2015 Laura Kane -THE CANADIAN PRESSVANCOUVER – If the liquefied natural gas industry proceeds as the British Columbia government hopes, there could be five times as many fracking-caused earthquakes, warns one expert. But the company that would provide gas to a major LNG terminal –…