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News AssociationsCatastrophesInsurance

P&C industry must start dialogue on major earthquake risk in Canada, IBC says

September 23, 2013 Harmeet Singh, Online Editor

NICC 2013- A major earthquake is the most significant threat that the property and casualty insurance industry in Canada faces, and creating a dialogue with governments and consumers is critical for the industry’s continued solvency, the Insurance Bureau of Canada

News CatastrophesClimate ChangeInsurance

UN climate panel stresses solidity of new report on global warming

September 23, 2013 Karl Ritter, THE ASSOCIATED PRESS

STOCKHOLM, Sweden – Seeking to dispel any doubts over the credibility of their work, U.N. climate experts called their latest report an unbiased and reliable assessment of global warming as they presented it Monday to officials from 110 governments for

News CatastrophesClimate ChangeInsurance

Climate change a pressing issue for risk managers: FERMA

September 23, 2013 by Canadian Underwriter

Risk managers must analyze their company’s exposures to identify mitigation measures that meet challenges posed by the changing face and severity of natural catastrophes, suggests Gaëtan Lefèvre, chairman of the Belgian risk management association, BELRIM. Analyzing and mitigating the effects

News AssociationsCatastrophesClimate ChangeInsuranceMergers and Aqcuisitions

Alberta floods costliest insured natural disaster in Canadian history: IBC

September 23, 2013 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) is reporting that insured property damage in the wake of the Alberta flooding this June is estimated to now exceed $1.7 billion, making the former the costliest insured natural disaster ever in Canada. For

News CatastrophesClimate ChangeInsuranceMergers and Aqcuisitions

Swiss Re estimates claims costs from hailstorms in Germany at US$240 million

September 23, 2013 by Canadian Underwriter

Swiss Re’s claims burden from hailstorms in Germany this past July is estimated at approximately US$240 million, net of retrocession and before tax, accounting for about 10% of the estimated US$2.0 billion to $2.7 billion in related losses industry wide.

News CatastrophesInsurance

Insurance industry players testify at government committee for reauthorization of TRIA

September 20, 2013 by Canadian Underwriter

An executive from Marsh & McLennan Companies was among the industry representatives testifying before the United States House of Representatives, arguing for the reauthorization of the Terrorism Risk Insurance Act (TRIA). Peter J. Beshar, executive vice president and general counsel

News CatastrophesInsurance

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

News CatastrophesInsurance

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,