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Residents displaced by train derailment still don’t know when they can go home

January 10, 2014 THE CANADIAN PRESS

WAPSKE, N.B. – Three days after they were evacuated from their houses, residents of a small community in northwestern New Brunswick still don’t know when they’ll be able to go home. About 150 people were told to leave Wapske on

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Cracked wheel, broken rail at site of New Brunswick train derailment

January 9, 2014 THE CANADIAN PRESS

PLASTER ROCK, N.B. – The federal Transportation Safety Board says their preliminary investigation into the train derailment in northwestern New Brunswick has found a cracked wheel and a broken rail but it’s too early to say what caused the train

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Premiums likely to rise as insurers forced to pay up for massive storms

January 8, 2014 Romina Maurino - THE CANADIAN PRESS

TORONTO – Home owners should prepare to pay more for property insurance as the severe weather trend that has battered the country during the past year is expected to continue. ”There are more and more storms happening, and we’re seeing

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Aon Benfield Securities places $250 million cat bond protecting against U.S., Australia earthquakes

January 8, 2014 by Canadian Underwriter

Aon Benfield Securities, the investment banking division of Aon Benfield, announced Tuesday that it has successfully underwritten and placed a $250 million catastrophe bond protecting against United States and Australia earthquakes, as well as Australia cyclones. The cat bond was issued

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CN to do aerial surveillance of derailment to determine source of fire

January 8, 2014 Kevin Bissett, THE CANADIAN PRESS

PLASTER ROCK, N.B. – Officials with CN were planning to do an aerial surveillance of a train carrying propane and crude oil that derailed in northwestern New Brunswick to try to determine the source and extent of an ongoing fire,

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Safety questions at forefront after fiery oil train derailment in North Dakota

January 2, 2014 Dave Kolpack and James MacPherson, THE ASSOCIATED PRESS

CASSELTON, N.D. – A fiery oil train derailment’s near-miss of a small North Dakota town had its mayor angrily calling for federal officials to do more to guarantee the safety of the nation’s growing shipment of oil by rail. Government

Glenn McGillivray, Managing Director, Institute for Catastrophic Loss Reduction
Feature Catastrophes

Icy Finish

January 1, 2014 Glenn McGillivray, Managing Director, Institute for Catastrophic Loss Reduction

It looked like Canada’s natural catastrophe story for 2013 was just about told when the ice storm mere days before the year’s close added the chapter, “It ain’t over till it’s over.” Some day, there will be another major wind or ice storm, demanding that discussions begin now about how much should be spent to guard against what may amount to fairly rare events.

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$31 million in insured losses from summer earthquakes in central New Zealand

December 19, 2013 by Canadian Underwriter

Total insured losses from the central New Zealand earthquakes this past July and August was $31.1 million (all figures in New Zealand dollars), the Insurance Council of New Zealand (ICNZ) reported Thursday. Most damaging was the Aug.16 earthquake, accounting for

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Dynamic political risk increasing in Middle East, improving in other growth markets

December 17, 2013 by Canadian Underwriter

Instability as a result of the “Arab Awakening” has increased the level of dynamic political risk for foreign investors in the Middle East and North Africa a significant amount, according to the 2014 Marsh-Maplecroft Political Risk Map. In the MENA

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Rail traffic set to resume in Lac Megantic on Wednesday

December 17, 2013 THE CANADIAN PRESS

LAC-MEGANTIC, Que. – Rail traffic is set to resume in Lac-Megantic on Wednesday, five months after a runaway train carrying crude oil derailed, exploded and killed 47 people. Mayor Colette Roy-Laroche says service will return on a gradual basis and

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Canadian Underwriter, AIR Worldwide partner for earthquake risk webinar

December 16, 2013 by Canadian Underwriter

Canadian Underwriter magazine and catastrophe modelling firm AIR Worldwide have partnered to offer a webinar on seismic risk in Canada. The webinar, Canada Earthquake Risk: From Science to Compliance, will also focus on the role that catastrophe models play in

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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