Topic
Catastrophes
Groups call on National Energy Board to suspend Energy East application
May 13, 2015 THE CANADIAN PRESSTORONTO – More than 60 organizations are calling on the National Energy Board to suspend TransCanada’s application for the Energy East Pipeline. Groups including Greenpeace Canada, the Council of Canadians and the David Suzuki Foundation said in a letter to…
Third-party casualty reinsurance covering financial, professional, injury-based lines, available now from Willis Re
May 13, 2015 by Canadian UnderwriterA syndicated reinsurance facility covering “catastrophic and systemic loss accumulations arising from liability portfolios” is available now to Canadian insurers from the reinsurance division of London-based broker Willis Group Holdings plc., the company announced Wednesday. The facility, called PRIMO, has…
Estimated loss from Europe’s windstorm Mike-Niklas 853 million euros
May 11, 2015 by Canadian UnderwriterPERILS has put its initial estimate for insured losses in the wake of windstorm Mike-Niklas – which combined to cause significant damage across parts of western and central Europe – at 853 million euros. The two events occurred in rapid…
City of Toronto insurance premiums to drop 4.3% on renewal, with some carriers seeking “increased role” in umbrella & excess liability program
May 8, 2015 by Canadian UnderwriterWith new insurers entering the Canadian market, the City of Toronto will save 11.2% on umbrella and excess liability coverage, on renewal next month, while its rate for boiler and machinery coverage is increasing by 5.6% due in part to…
Bill mandating railway insurance coverage reaches third reading
May 8, 2015 by Canadian UnderwriterA proposal to mandate insurance coverage of up to $1 billion for railway operators in Canada is in a federal government bill that was tabled Thursday for third reading in the House of Commons, the same day a separate bill…
Economic losses from Nepal earthquake could exceed US$5 billion: Aon Benfield
May 8, 2015 by Canadian UnderwriterPreliminary economic losses from the magnitude-7.8 earthquake that struck Nepal in late April are “expected to reach and possibly exceed” US$5 billion, Aon Benfield revealed in its April 2015 Global Catastrophe Report on Thursday. The report from Impact Forecasting, Aon…
Flash floods, tornadoes destroy homes, injure at least 12 in Oklahoma
May 7, 2015 Ken Miller - THE ASSOCIATED PRESSOKLAHOMA CITY – Authorities are investigating the damage left behind by spring storms carrying more than a dozen suspected tornadoes that swept across the southern Plains, bringing floods, forcing the evacuation of an international airport and destroying homes near Oklahoma…
Recent storms Australia’s fifth declared cat of 2015
May 5, 2015 by Canadian UnderwriterStorms between Apr. 30 and May 3 in southeast Queensland and northern New South Wales (NSW) – prompting 7,500 claims and initial loss estimates of AU$26 million as of Monday morning – represent Australia’s fifth declared disaster so far in…
Rebuilding Nepal: Canada’s disaster relief team sets up operations
May 5, 2015 Mike Blanchfield - THE CANADIAN PRESSOTTAWA – Canada’s disaster-relief team is now setting up operations in earnest in Nepal, but aid agencies and the Nepalese government warned Monday that a long road of rebuilding after the devastating earthquake lies ahead. “It’s far away; it’s on…
Canadian, U.S. ministers announce new class of tank car for the transportation of flammable liquids in North America
May 4, 2015 by Canadian UnderwriterLisa Raitt, the federal Minister of Transport and U.S. Secretary of Transportation, Anthony Foxx, unveiled a new class of rail tank car for flammable liquids on Friday. This newer, stronger tank car will be used for the transportation of flammable…
Bill imposing $1 billion in absolute liability for pipeline spills tabled for third reading
May 1, 2015 by Canadian UnderwriterThe federal government tabled Thursday Bill C-46 – which proposes to impose absolute liability of up to $1 billion on pipeline operators in case of spills – for third reading in the House of Commons. Bill C-46, the Pipeline Safety Act,…
Fire that plunged downtown Calgary into dark a result of failed circuit switch
May 1, 2015 THE CANADIAN PRESSCALGARY – Fire officials are blaming a failed circuit switch for an electrical blaze inside a manhole that plunged much of downtown Calgary into darkness last year. The fire last October shut down the city’s downtown core and left blocks…