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Public comment begins on $627 million in environmental restoration projects in Gulf of Mexico funded by BP

December 13, 2013 by Canadian Underwriter

The United States National Oceanic and Atmospheric Administration (NOAA) recently announced it is taking comments from the public on proposed US$627 million plan, to be funded by BP Exploration and Production Inc., towards 44 restoration projects to address losses caused

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San Francisco airline crash highlights issues with cockpit culture

December 12, 2013 Stephen Braun and Martha Mendoza, THE ASSOCIATED PRESS

WASHINGTON – The investigation into the crash-landing of an Asiana Airlines flight at San Francisco’s airport last summer has highlighted problems with cockpit culture and the trainee pilot’s lack of confidence in his ability to safely land the Boeing 777.

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Vancouver gets updated earthquake preparedness plan

December 4, 2013 by Canadian Underwriter

The city of Vancouver now has an updated earthquake preparedness plan, which uses lessons learned from major overseas disasters. City Council received a staff report Tuesday outlining 56 actions to improve Vancouver’s preparedness for a major earthquake event. Read more:

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Adherence to polluter pays principle should remain at the core of Canada’s preparedness, response to oil spills

December 4, 2013 by Canadian Underwriter

Ensuring Canadian taxpayers do not bear any liability for tanker oil spills in Canadian waters – adhering to the polluter pays principle – are among the key assumptions underpinning recommendations for improving the country’s preparedness and response to ship-source oil

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California company offers discount for homeowners who buy earthquake insurance coverage

December 3, 2013 by Canadian Underwriter

The Automobile Club of Southern California has announced what it says is the first-ever homeowners insurance discount for policyholders who obtain earthquake coverage through the California Earthquake Authority. Beginning Jan. 1, the Auto Club is offering a discount of up

News CatastrophesClimate ChangeInsuranceMergers and Aqcuisitions

Consistent profitability ‘eludes’ American home insurance carriers: A.M. Best

December 3, 2013 by Canadian Underwriter

Homeowners insurance is frequently unprofitable for United States carriers and but those who  use tools such as exposure mapping software and “more rigorous property inspections” can manage their risk exposures better, suggests a new report from credit rating provider A.M.

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Global pandemic, food and water crisis among top ranked ‘extreme risks’

December 3, 2013 by Canadian Underwriter

A global pandemic, a large-scale natural catastrophe and a food/water/energy crisis are the top three “extreme risks” over the long-term, according to a survey of global insurance industry executives conducted by Towers Watson. Cyber-warfare, an economic depression, a banking crisis

Angela Stelmakowich, Editor
Feature Catastrophes

Expect the Unexpected

December 1, 2013 Angela Stelmakowich, Editor

A robust risk management approach should not stop at a particular percentile and a holistic risk management framework should include very unlikely, but potentially high-impact, events.

Feature CatastrophesMergers and Aqcuisitions

Best to Assess

December 1, 2013 Angela Stelmakowich, Editor

It is hoped a new pilot project involving three different municipalities in three different provinces will offer similar outlooks regarding the value of being able to assess municipal infrastructure before the next severe weather event occurs.

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‘Emotive factors’ play key role in risk-related behaviours, earthquake study suggests

November 29, 2013 by Canadian Underwriter

Lloyd’s announced Friday that a psychology professor from University College London won the Lloyd’s Science of Risk prize for a paper on people’s attitudes towards earthquake risk. Helene Joffe, a professor at UCL’s division of psychology and language sciences, submitted,

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CN Rail to invest $10 million for monitoring technology as part of safety effort

November 29, 2013 THE CANADIAN PRESS

MONTREAL – Canadian National Railway Co. (TSX:CNR) says it’s investing $10 million in a special program to enhance its ability to detect equipment defects, such as hot wheels and bearings in its rolling stock. The Montreal-based company, one of North

News CatastrophesClimate ChangeInsurance

Talk to the animals: Calgary Zoo fully reopens after flooding

November 28, 2013 Bill Graveland - THE CANADIAN PRESS

CALGARY – Hundreds of grownups and children pressed up behind a purple banner Thursday as they waited for the chance to reconnect with furry, feathery, scaly and leathery friends at the Calgary Zoo. A cheer went up when Mayor Naheed