Canadian Underwriter

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Catastrophes


News CatastrophesInsuranceMergers and Aqcuisitions

B.C. earthquake exposure presents opportunity for insurance carriers as some drop coverage

September 9, 2013 by Canadian Underwriter

Earthquake risk in British Columbia is a “pocket of opportunity” for global insurers, as some carriers have “curtailed” writings while insured values are increasing, suggests a new report from Aon Benfield. The reinsurance division of London-based Aon plc announced Sunday

News CatastrophesInsuranceMergers and Aqcuisitions

Impact Forecasting launches cat model for East Africa earthquakes

September 3, 2013 by Canadian Underwriter

Impact Forecasting, the catastrophe model development arm of Aon Benfield, has launched a new model for East Africa, which the company says is the first for the region. The catastrophe model quantifies the financial impact of earthquakes in the region,

News CatastrophesClimate ChangeInsuranceMarkets / Coverages

Global reinsurance outlook stable, investment environment remains a challenge: Fitch

August 29, 2013 by Canadian Underwriter

Fitch Ratings issued a stable outlook for global reinsurance ratings on Thursday, saying it expects to affirm most of its current ratings in 2014. Capital strength and continued profitability have allowed for the outlook, the firm said. Apart from a

News CatastrophesClimate ChangeInsuranceMergers and Aqcuisitions

Majority of consumers globally aware of climate change risks, future damage from disasters

August 28, 2013 by Canadian Underwriter

Consumers worldwide are aware of future risks they may face, but still want their political leaders to do more to take on natural disasters and promote energy efficiency, according to a new survey from Swiss Re. According to the poll,

News CatastrophesInsurance

U.S. insurance commissioners sign resolution in support of terrorism risk act

August 27, 2013 by Canadian Underwriter

The National Association of Insurance Commissioners (NAIC) in the United States has passed a resolution supporting the reauthorization of the Terrorism Risk Insurance Act (TRIA), which is set to expire in December 2014. “We strongly urge members of Congress to

News CatastrophesClimate ChangeInsuranceMergers and Aqcuisitions

FEMA to provide federal funds to combat massive California fire

August 26, 2013 by Canadian Underwriter

The Federal Emergency Management Agency (FEMA) in the United States has authorized the use of federal funds to fight the Rim Fire currently burning in Tuolumne County in California. On Friday, the State of California submitted a request for a

News CatastrophesClimate ChangeInsuranceMergers and Aqcuisitions

Desjardins reports increase in net income for Q2, drop for first half

August 26, 2013 by Canadian Underwriter

Desjardins General Insurance Group has reported a net income of $42.5 million for the second quarter of the year, up 13.3% from the same period in 2012, although it’s performance for the first half of the year didn’t quite measure

News CatastrophesInsuranceLegal

Senate energy report calls for ‘appropriate’ minimum liability coverage for rail companies

August 22, 2013 by Canadian Underwriter

A Canadian Senate committee has released a report on transporting energy safely in the country, including a recommendation that Transport Canada apply “appropriate minimum liability coverage thresholds” to rail companies. The report from the Senate’s Standing Committee on Energy, the

News CatastrophesInsuranceMergers and Aqcuisitions

Little damage from 6.5 magnitude quake on New Zealand’s South Island

August 19, 2013 by Canadian Underwriter

There were no serious injuries, but some damage to homes and roads when a 6.5-magnitude earthquake hit central New Zealand in the early afternoon of Aug. 16, reports catastrophe modeller AIR Worldwide. With New Zealand’s stringent building codes, the moderate

News CatastrophesClimate ChangeInsurance

Lloyd’s marks 325 years of insurance business

August 16, 2013 by Canadian Underwriter

Lloyd’s of London is celebrating 325 years of business this year, publishing a variety of online material to celebrate its legacy. “In the 17th century, London’s importance as a trade centre led to an increasing demand for ship and cargo

News CatastrophesInsuranceMergers and Aqcuisitions

Majority of condo owners, buyers unclear on insurance requirements

August 15, 2013 by Canadian Underwriter

More than half of condominium owners are unaware of or unclear on the insurance needed to protect themselves when water or fire originating in their unit damages another, according to recent survey findings. Based on a survey of 518 condo

News CatastrophesInsurance

Demand up for environmental insurance across all industries in U.S. in first half of 2013: Marsh

August 15, 2013 by Canadian Underwriter

Pricing for environmental insurance in the United States remained generally firm during the first half of 2013, although some markets continued to firm, Marsh reports in a briefing released Wednesday.  Although there were rate increases, these were not seen across