Canadian Underwriter

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Catastrophes


News CatastrophesInsurance

Widespread property damage from tornadoes in Illinois

November 18, 2013 The Associated Press

 WASHINGTON, Ill. _ As a powerful tornado bore down on their Illinois farmhouse, Curt Zehr’s wife and adult son didn’t have time to do anything but scramble down the stairs into their basement. Uninjured, the pair looked out moments later

News CatastrophesClimate ChangeInsuranceMergers and Aqcuisitions

Insured losses from super typhoon estimated at up to US$700 million: AIR Worldwide

November 18, 2013 by Canadian Underwriter

Relatively low insurance penetration in the wake of Super Typhoon Haiyan means insurable losses are also expected to be relatively low – as much as US$700 million – against a backdrop of staggering property damage estimates ranging as high as

News CatastrophesClimate ChangeInsuranceMergers and Aqcuisitions

Cat bond market could more than double to US$50 billion by 2018: BNY Mellon

November 15, 2013 by Canadian Underwriter

Insurers and capital markets need to harness big data to close the disaster gap – the difference between insured and economic costs of natural catastrophes – suggests a new report from BNY Mellon that indicates the cat bond market could

News CatastrophesClimate ChangeInsurance

Willis Capital Markets places $300 million cat bond for Catlin

November 5, 2013 by Canadian Underwriter

Willis Capital Markets & Advisory has structured and placed a $300 million catastrophe bond transaction for Catlin Insurance Company and subsidiaries, providing protection against earthquakes in Canada, among other risks. The transaction closed Oct. 30, according to WCMA, the capital

News CatastrophesInsurance

Derailments prompt Alberta to lay track to rail safety investigation

November 5, 2013 THE CANADIAN PRESS

EDMONTON – The fourth train derailment in Alberta in two months has led the province’s transportation minister to launch an investigation into whether rail companies are meeting their safety obligations. Minister responsible Ric McIver says while rail probes fall under

Jason Thistlethwaite, PhD Director, Climate Change Adaptation Project (Canada), University of Waterloo
Feature Catastrophes

Weather Hardening Flood Insurance

November 1, 2013 Jason Thistlethwaite and Blair Feltmate, Climate Change Adaptation Project (Canada)

New floodplain maps, weather-hardened infrastructure and homeowner engagement are needed to lower the risk to conventional flood insurance coverage. But the base of stakeholders involved also needs to be broadened to include all three levels of government, banks, builders, industry associations and homeowners.

Mary Kelly, Associate Professor, Finance and Chair in Insurance, Wilfrid Laurier University
Feature Catastrophes

Water, Water Everywhere

November 1, 2013 Mary Kelly, Anne Kleffner and Norma Nielson

Fundamentally, water damage is not a peril ideally suited to be insured. That said, with the cost of water damage high and rising, the creation of a sustainable insurance coverage model requires the co-operation of insurers, personal property owners, reinsurers, regulators and governments.

Angela Stelmakowich, Editor
Feature Catastrophes

Common Anomaly

November 1, 2013 Angela Stelmakowich, Editor

It has been a year since Sandy – an angry lady that slowed a bustling powerhouse of a region to a crawl before inspiring some quick rethinking about how best to prepare for hurricanes and the damaging water they inevitably

Feature Catastrophes

Shaking Foundations

November 1, 2013 Angela Stelmakowich, Editor

There may be no way to predict when and where a major earthquake will hit in Canada – although British Columbia and the Ottawa to Quebec City corridor are as likely targets as any. But as it stands, the insurance industry (and maybe the country) is ill-prepared for such an event.

News CatastrophesInsurance

Cat modeler launches new tool for Indonesia riot risk

October 31, 2013 by Canadian Underwriter

Impact Forecasting, the catastrophe model development arm of Aon Benfield, has launched a new tool for determining the potential financial impact of riots, based on an analysis of such a threat in Indonesia. The company says that understanding political dynamics

News CatastrophesClimate ChangeInsurance

Bipartisan gang of U.S. lawmakers push to delay big flood insurance premium increases

October 30, 2013 Andrew Taylor - THE ASSOCIATED PRESS

WASHINGTON – A bipartisan group of lawmakers Tuesday unveiled legislation that would delay for about four years several changes to the federal government’s flood insurance program that are threatening to sock thousands of people with unaffordable premium hikes. The move

News CatastrophesClimate ChangeInsurance

U.S. companies urge President Obama to move forward with climate action plan, combat severe weather’s effect on supply chains

October 30, 2013 by Canadian Underwriter

Twenty major businesses in the United States – all of which rely on the stability of global supply chains for growth and profitability – took the one-year anniversary of Superstorm Sandy as an opportunity to remind President Barack Obama and