Topic
Catastrophes
Repeat of 1811-12 series of central US earthquakes could cost industry US$150 billion: Swiss Re
July 16, 2015 by Canadian UnderwriterIf the series of earthquakes that destroyed the Missouri community of New Madrid more than 200 years ago were to recur today, insured losses could be in the order of US$150 billion, Swiss Reinsurance Company warned Wednesday in a report.…
Estimated catastrophe losses for June totalled US$346 million for Allstate
July 16, 2015 by Canadian UnderwriterThe Allstate Corporation announced on Thursday estimated catastrophe losses for the month of June of US$346 million, pre-tax (US$225 million after-tax). Catastrophe losses occurring in June comprised 19 events at an estimated cost of US$310 million, pre-tax, plus increased reserve…
B.C. government announces highest-level drought rating for province’s South Coast and Lower Fraser areas
July 16, 2015 by Canadian UnderwriterThe government of British Columbia announced on Wednesday a Level 4 drought rating for the province’s South Coast and Lower Fraser areas due to ongoing low stream flows. At Level 4 (Red), conditions are extremely dry and water supply is…
Insured losses from typhoon Chan-hom unlikely to exceed about US$354 million: AIR Worldwide
July 16, 2015 by Canadian UnderwriterCatastrophe modelling firm AIR Worldwide said that insured losses in China from typhoon Chan-hom are unlikely to exceed CNY (Chinese Yuan Renminbi) 2.2 billion, or about US$354.4 million. Typhoon Chan-hom made landfall in the coastal city of Zhoushan, China –…
Cat bond issuance totals nearly US$3 billion in Q2: Aon
July 15, 2015 by Canadian UnderwriterEight of the 10 catastrophe bonds issued during the second quarter of 2015 included coverage for United States hurricane and one of those used a parametric index trigger, while Italian insurer UnipolSai Assicurazioni S.p.A entered the market with a 200-million-euro…
Global fire seasons have lengthened by almost 20% in the past 30 years, journal article says
July 15, 2015 by Canadian UnderwriterFire weather seasons have lengthened globally by nearly 20% between 1979 and 2013, said a study released on Tuesday in the journal Nature Communications. The study, titled Climate-induced variations in global wildfire danger from 1979 to 2013, found that globally,…
Southern Alberta community hit by flooding for second time in days
July 15, 2015 The Canadian PressCHESTERMERE, Alta. – Just two days after being hit by flash flooding, Chestermere, Alta., has again been hit by heavy rains. David Spence, meteorologist for radio station CFFR, said Tuesday’s heavy downpour was the last thing the community east of…
State of emergency declared in Kentucky floods; 2 dead, 6 missing, storms strike again
July 15, 2015 Bruce Schreiner and David Stephenson - THE ASSOCIATED PRESSFLAT GAP, Ky. – Doris Hardin watched the water rise from the window of her mobile home in rural Johnson County. Her lights flickered off then her neighbour banged on the door, shouting for her to flee. She ran for…
North American natural catastrophes in the first half of 2015 cost insurers US$8 billion: Munich Re
July 14, 2015 by Canadian UnderwriterNatural catastrophes in the first half of the year in North America caused overall losses of approximately US$12 billion, of which insurers bore the brunt – US$8 billion, Munich Reinsurance America, Inc. said on Tuesday. “The costliest global natural catastrophe…
AIR Worldwide releases winter storm, tropical cyclone models for Canada
July 14, 2015 by Canadian UnderwriterAIR Worldwide is expanding its suite of models for Canada with new winter storm and tropical cyclone models, as well as updates to its Canada Severe Thunderstorm Model, meant to provide a more complete view of atmospheric peril risk and…
Evacuation order and alert expanded for aggressive B.C. wildfire
July 13, 2015 by Canadian UnderwriterBritish Columbia’s Ministry of Forest, Lands and Natural Resource Operations said on Sunday that it has expanded an evacuation order and alert for the Puntzi Lake area “due to the expansion and aggressive behaviour of the Puntzi Lake wildfire.” As…
Evacuation orders from Saskatchewan wildfires remain
July 10, 2015 THE CANADIAN PRESSPRINCE ALBERT, Sask. – Massive wildfires in northern Saskatchewan continue to burn out of control as crews work to protect communities from the flames. One blaze near La Ronge has merged with another fire and is now more than five…