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Rail company’s plan to ship oil through Hudson Bay too risky: minister

September 20, 2013 Chinta Puxley, THE CANADIAN PRESS

WINNIPEG  – The Manitoba government says a rail company’s plans to start transporting oil across hundreds of kilometres of remote rail line built on permafrost is too risky to the environment and the safety of those who live in the

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Canadian Pacific CEO says shippers have stonewalled purchase of safer cars: Globe

September 18, 2013 Ross Marowits, THE CANADIAN PRESS

Canada’s two large railways anticipate substantial growth in the transportation of crude oil in coming years, but the CEO of Canadian Pacific Railway has accused the country’s petroleum, chemical and commodity producers of persistently stonewalling the purchase of safer tanker

News CatastrophesInsurance

Marine loss ratios climb, airline losses drop: report

September 10, 2013 by Canadian Underwriter

Underwriting performance has improved recently in marine and airline insurance, but those lines are “only marginally profitable,” suggests a new report by Swiss Re. The Zurich-based reinsurer announced Thursday it published the latest of its Sigma series of reports, titled

News CatastrophesClimate ChangeInsurance

AIR Worldwide adds non-catastrophe risk to next gen software

September 9, 2013 by Canadian Underwriter

AIR Worldwide announced Monday its next generation software platform, Touchstone, will include the ability to account for catastrophe and non-catastrophe risk in a single platform. By adding non-catastrophe analytics, companies will be able to analyze their risk of property exposure

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

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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