Canadian Underwriter

Topic
Catastrophes


News CatastrophesInsurance

CN Rail to invest $10 million for monitoring technology as part of safety effort

November 29, 2013 THE CANADIAN PRESS

MONTREAL – Canadian National Railway Co. (TSX:CNR) says it’s investing $10 million in a special program to enhance its ability to detect equipment defects, such as hot wheels and bearings in its rolling stock. The Montreal-based company, one of North

News CatastrophesClimate ChangeInsurance

Talk to the animals: Calgary Zoo fully reopens after flooding

November 28, 2013 Bill Graveland - THE CANADIAN PRESS

CALGARY – Hundreds of grownups and children pressed up behind a purple banner Thursday as they waited for the chance to reconnect with furry, feathery, scaly and leathery friends at the Calgary Zoo. A cheer went up when Mayor Naheed

News CatastrophesInsurance

Direct relationship between higher risk maturity and better return on equity: Aon

November 27, 2013 by Canadian Underwriter

There is a direct relationship between a higher “risk maturity rating” and better relative stock performance, as well as higher return on equity for an organization, according to a new report from Aon. The Aon Risk Maturity Index Insight Report

News CatastrophesInsurance

Rail safety audit days before Lac Megantic crash found ‘significant weaknesses’

November 26, 2013 Bruce Cheadle, THE CANADIAN PRESS

OTTAWA – A rail-safety audit completed just days before the deadly July train crash in Lac-Megantic, Que., found “significant weaknesses” in Transport Canada’s oversight of federally regulated railways. Those weaknesses include a lack of knowledge of rail routes used to

News CatastrophesClimate ChangeInsuranceMarkets / CoveragesMergers and Aqcuisitions

Marsh reports slight decline of insurance rates in Q3, increase in Canada for cat-exposed property rates

November 25, 2013 by Canadian Underwriter

Overall insurance rates fell during the third quarter of 2013, though rates in Canada increased for catastrophe-exposed property risks and for directors and officers liability, suggests a new report from brokerage and risk management firm Marsh Ltd. New York City-based

News CatastrophesClimate ChangeInsuranceMergers and Aqcuisitions

Combined ratio drops at Desjardins General Insurance

November 25, 2013 by Canadian Underwriter

Desjardins General Insurance Group (DGIG) announced Monday its financial results for the quarter ending Sept. 30, reporting a combined ratio of 95.1%, down from 101.1% in the third quarter of 2012. Net income for Q3 2013 was $45.4 million on

News CatastrophesInsurance

Lloyd’s testifies in favour of U.S. Terrorism Risk Insurance Act renewal

November 22, 2013 by Canadian Underwriter

Lloyd’s has testified to the United States government that the reauthorization of the Terrorism Risk Insurance Act (TRIA) is essential for the private market offering terrorism insurance coverage there, joining other industry players who are also in favour of renewal. 

News CatastrophesInsurance

Harper commits up to $95 million for Lac Megantic decontamination

November 21, 2013 THE CANADIAN PRESS

LAC-MEGANTIC, Que. – Prime Minister Stephen Harper is committing up to $95 million in federal funds to help decontaminate Lac-Megantic’s water and soil. Harper says the money is part of a 50-50 cost-shared agreement with Quebec. “Our government is proud

News CatastrophesInsurance

Railways must provide communities info on transport of dangerous goods: Raitt

November 20, 2013 THE CANADIAN PRESS

OTTAWA – The federal government is forcing rail companies to tell municipalities when they transport dangerous goods through their communities. Transport Minister Lisa Raitt has issued what’s called a protective direction, in the hope it will mean better communication with

News CatastrophesClimate ChangeInsuranceMergers and Aqcuisitions

Windstorm, flood events show need for broad property insurance protection: ACE Group

November 18, 2013 by Canadian Underwriter

A number of windstorms and flooding events both north and south of the border underscore the need for broad property insurance protection, suggests a new white paper from ACE USA, the U.S.-based retail operations of ACE Group. “Recent extreme windstorms

News CatastrophesInsurance

Widespread property damage from tornadoes in Illinois

November 18, 2013 The Associated Press

 WASHINGTON, Ill. _ As a powerful tornado bore down on their Illinois farmhouse, Curt Zehr’s wife and adult son didn’t have time to do anything but scramble down the stairs into their basement. Uninjured, the pair looked out moments later

News CatastrophesClimate ChangeInsuranceMergers and Aqcuisitions

Insured losses from super typhoon estimated at up to US$700 million: AIR Worldwide

November 18, 2013 by Canadian Underwriter

Relatively low insurance penetration in the wake of Super Typhoon Haiyan means insurable losses are also expected to be relatively low – as much as US$700 million – against a backdrop of staggering property damage estimates ranging as high as