Canadian Underwriter

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Catastrophes


News CatastrophesInsurance

Government set to raise civilian liability to $1 billion for nuclear operators

January 30, 2014 Bruce Cheadle, THE CANADIAN PRESS

OTTAWA – The Conservative government is poised to introduce legislation that will raise the liability for civilian damages for nuclear operators to $1 billion from the current $75 million. The Canadian Press has learned that will be included in an

News CatastrophesInsurance

ICLR workshop to address earthquake risk in Ottawa, Gatineau region

January 28, 2014 by Canadian Underwriter

The Institute for Catastrophic Loss Reduction will be hosting a workshop Feb. 21 on earthquake risk in the Ottawa and Gatineau, Que. region.  The event, part of the organization’s ongoing Friday Forum series, will host Dariush Motazedian, an associate professor

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Transportation sector target for terror attacks in 2013: Aon

January 28, 2014 by Canadian Underwriter

Aon Risk Solutions announced Tuesday it has released its annual terrorism and political violence map, which displays colour-coded ratings, of 200 countries and territories, on the risk of several perils to business, including terrorism, riots, insurrection and war. The map

News CatastrophesInsurance

Another CN Freight train derails in New Brunswick, second in three weeks

January 27, 2014 THE CANADIAN PRESS

SAINT BASILE, N.B. – Another CN freight train has derailed in New Brunswick, the second to run off the tracks in the province this month. Local authorities say at least three cars derailed late Sunday night in the Edmunston-area parish

News CatastrophesInsurance

‘Garbage in, garbage out’: High-quality data key for sound use of earthquake risk models

January 24, 2014 by Canadian Underwriter

Having complete and comprehensive data before running a catastrophe model is crucial when assessing earthquake risk, AIR Worldwide’s experts argue, reiterating a point stressed by the federal regulator in its recently-revised guideline on the issue. Uncertainty in data input creates uncertainty

News CatastrophesInsurance

Yet another Quebec town reeling as fatal fire rips through seniors’ residence

January 24, 2014 Andy Blatchford, THE CANADIAN PRESS

L’ISLE-VERTE, Que. – A Quebec village was jolted awake Thursday to the chaos of people scrambling to free neighbours from a seniors’ residence as wind-fuelled flames rushed to swallow the building. Pascal Fillion, who lives near the seniors’ home in

News CatastrophesInsurance

Investigators: Oil train crash could cause ‘major loss of life;’ issue safety recommendations

January 23, 2014 by Canadian Underwriter

WASHINGTON – Warning that a “major loss of life” could result from an accident involving the increasing use of trains to transport large amounts of crude oil, U.S. and Canadian accident investigators urged their governments Thursday to impose new safety

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Transportation Safety Board calls for tougher standards for rail tank cars

January 23, 2014 THE CANADIAN PRESS

OTTAWA – The Transportation Safety Board is calling for better protection standards for tanker cars used to haul flammable liquids by rail. Acting in the aftermath of the deadly Lac-Megantic disaster, the board is recommending that so-called DOT-111 cars used

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Municipal federation says emergency response plans needed for oil transport

January 22, 2014 THE CANADIAN PRESS

OTTAWA – Municipal leaders say they are making headway with the federal government on rail safety issues, but would like to see emergency response assistance plans for the transport of crude oil and ethanol. Transport Minister Lisa Raitt met today

News CatastrophesInsuranceMergers and Aqcuisitions

Railway in Lac Megantic crash that killed 47 sold in closed door auction

January 22, 2014 David Sharp, THE ASSOCIATED PRESS

PORTLAND, Maine – The Maine-based railway that went bankrupt after a fiery oil train derailment killed 47 people last summer in Lac-Megantic, Que., was sold at auction Tuesday to a subsidiary of a New York City-based investment management company. Railroad

News CatastrophesInsuranceMergers and Aqcuisitions

A look at British Columbia’s biggest earthquakes

January 21, 2014 THE CANADIAN PRESS

British Columbia has a history as Canada’s hub of seismic activity, with fully half of the country’s top 10 temblors taking place in that province. Here are the five most significant earthquakes to hit the area: 1700: When a quake

News CatastrophesInsuranceMergers and Aqcuisitions

‘Jell O and cheese’ effect could really shake up Vancouver during earthquake

January 21, 2014 Vivian Luk, THE CANADIAN PRESS

VANCOUVER – New research is shaking up the entire notion of what could happen to the Vancouver area during an earthquake, indicating bridges and tall buildings would rattle and sway a whole lot more than previously thought. Two studies published