Canadian Underwriter

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Catastrophes


News CatastrophesClimate ChangeInsuranceMergers and Aqcuisitions

Deadly Washington state mudslide highlights lack of national landslide tracking, maps

March 31, 2014 Phuong Le and Gosia Wozniacka, THE ASSOCIATED PRESS

SEATTLE – People living in the path of a deadly Washington state landslide had virtually no warning before a wall of mud, trees and other debris thundered down the mountain. Some of the homeowners didn’t even know the hillside could

News CatastrophesClimate ChangeInsuranceMergers and Aqcuisitions

High warming of climate presents challenges for responses to risk: climate panel

March 31, 2014 by Canadian Underwriter

The Intergovernmental Panel on Climate Change (IPCC) reports there are opportunities for effective responses despite a changing climate that creates pervasive risks and challenges that will continue to be posed by high warming. In a report released Monday, IPCC notes

News CatastrophesInsurance

Big quake from lesser known fault that shook Southern California could be catastrophic

March 30, 2014 - The Associated Press (APR)

 LA HABRA, Calif. – Experts say a bigger earthquake along the lesser-known fault that gave Southern California a moderate shake could do more damage to the region than the long-dreaded ”Big One” from the more famous San Andreas Fault. The

News AssociationsCatastrophesInsuranceMergers and Aqcuisitions

50th anniversary of Great Alaskan Earthquake a reminder of current risk: IBC

March 28, 2014 by Canadian Underwriter

The 50th anniversary of the Great Alaskan Earthquake this week highlights the current risk faced in Canada and worldwide of a catastrophic earthquake, the Insurance Bureau of Canada said Friday. The three-minute earthquake triggered a tsunami, causing ground fissures and collapsing

News CatastrophesInsuranceMergers and Aqcuisitions

Emergency Management BC ‘not adequately prepared’ for catastrophic earthquake: report

March 27, 2014 by Canadian Underwriter

Emergency Management BC is not prepared should a catastrophic earthquake occur in British Columbia, a new report from the province’s auditor general has concluded.  Auditor General Russ Jones also found that neither the province nor EMBC has made preparing for

News CatastrophesInsurance

MPs debate proposal to raise liability limits to $1 billion for nuclear operators, offshore oil and gas industry

March 27, 2014 by Canadian Underwriter

Federal politicians debated this week a proposed law that would increase the absolute liability for offshore oil and gas companies, as well as nuclear operators, to $1 billion. Bill C-22, the Energy Safety and Security Act, was tabled in January

News CatastrophesInsuranceLegalMergers and Aqcuisitions

CN to phase out certain tank cars used in transporting dangerous goods

March 26, 2014 by Canadian Underwriter

CN has announced plans to phase out DOT-111 tank cars over the next four years as part of its ongoing efforts to strengthen the company’s safety management system (SMS) and improve transportation of dangerous goods. “We have developed a comprehensive

News CatastrophesClimate ChangeInsuranceMergers and Aqcuisitions

Insured losses from 2013 global catastrophes totals $45 billion: Swiss Re

March 26, 2014 by Canadian Underwriter

Global insured losses from natural catastrophes and man-made disasters last year were $45 billion, with flooding and hail events contributing in large part, according to the latest sigma study from Swiss Re. That’s still down $81 billion over 2012, partially

News CatastrophesInsuranceMergers and Aqcuisitions

Major earthquake could mean ‘weeks and months of response time’ for insurer’s contractors

March 25, 2014 Greg Meckbach, Associate Editor

After a severe earthquake, it could take months for civil engineers to complete their work for insurance carriers, and some claims professionals will rely on aerial photography due to restrictions on entering disaster areas, according to speakers at a recent

News CatastrophesClimate ChangeInsurance

KCC’s modelling platform now generates exceedence probability curves, average annual losses

March 25, 2014 by Canadian Underwriter

Karen Clark & Company (KCC) has announced its open platform for catastrophe risk management is now a fully probabilistic loss estimation tool capable of generating exceedence probability (EP) curves, probable maximum losses (PMLs) and average annual losses. An open platform

News CatastrophesInsuranceMergers and Aqcuisitions

Claims adjuster to insurers: ‘Take your regular cat plan and throw it out the window’ if dealing with large earthquake

March 24, 2014 Greg Meckbach, Associate Editor

Earthquakes are different in some respects from weather catastrophes, and speakers at a panel Monday had several pieces of advice for insurance carriers who need to prepare for a major quake to affect Canada. “The majority of adjusters, when an

News CatastrophesClimate ChangeInsuranceMarkets / Coverages

Munich Re profit target for 2014 down as low interest rate challenge continues

March 20, 2014 by Canadian Underwriter

Munich Re ended last year with a profit of 3.3 billion euros, the third-best result in its history, but is aiming for a lower profit of 3 billion euros this year, the company reported Thursday. Overall in 2013, the group