Canadian Underwriter


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

News CatastrophesClimate ChangeInsuranceMergers and Aqcuisitions

Cat bond market could more than double to US$50 billion by 2018: BNY Mellon

November 15, 2013 by Canadian Underwriter

Insurers and capital markets need to harness big data to close the disaster gap – the difference between insured and economic costs of natural catastrophes – suggests a new report from BNY Mellon that indicates the cat bond market could

News CatastrophesClimate ChangeInsurance

Willis Capital Markets places $300 million cat bond for Catlin

November 5, 2013 by Canadian Underwriter

Willis Capital Markets & Advisory has structured and placed a $300 million catastrophe bond transaction for Catlin Insurance Company and subsidiaries, providing protection against earthquakes in Canada, among other risks. The transaction closed Oct. 30, according to WCMA, the capital

News CatastrophesInsurance

Derailments prompt Alberta to lay track to rail safety investigation

November 5, 2013 THE CANADIAN PRESS

EDMONTON – The fourth train derailment in Alberta in two months has led the province’s transportation minister to launch an investigation into whether rail companies are meeting their safety obligations. Minister responsible Ric McIver says while rail probes fall under

Mary Kelly, Associate Professor, Finance and Chair in Insurance, Wilfrid Laurier University
Feature Catastrophes

Water, Water Everywhere

November 1, 2013 Mary Kelly, Anne Kleffner and Norma Nielson

Fundamentally, water damage is not a peril ideally suited to be insured. That said, with the cost of water damage high and rising, the creation of a sustainable insurance coverage model requires the co-operation of insurers, personal property owners, reinsurers, regulators and governments.

Angela Stelmakowich, Editor
Feature Catastrophes

Common Anomaly

November 1, 2013 Angela Stelmakowich, Editor

It has been a year since Sandy – an angry lady that slowed a bustling powerhouse of a region to a crawl before inspiring some quick rethinking about how best to prepare for hurricanes and the damaging water they inevitably

Feature Catastrophes

Shaking Foundations

November 1, 2013 Angela Stelmakowich, Editor

There may be no way to predict when and where a major earthquake will hit in Canada – although British Columbia and the Ottawa to Quebec City corridor are as likely targets as any. But as it stands, the insurance industry (and maybe the country) is ill-prepared for such an event.

Jason Thistlethwaite, PhD Director, Climate Change Adaptation Project (Canada), University of Waterloo
Feature Catastrophes

Weather Hardening Flood Insurance

November 1, 2013 Jason Thistlethwaite and Blair Feltmate, Climate Change Adaptation Project (Canada)

New floodplain maps, weather-hardened infrastructure and homeowner engagement are needed to lower the risk to conventional flood insurance coverage. But the base of stakeholders involved also needs to be broadened to include all three levels of government, banks, builders, industry associations and homeowners.

News CatastrophesInsurance

Cat modeler launches new tool for Indonesia riot risk

October 31, 2013 by Canadian Underwriter

Impact Forecasting, the catastrophe model development arm of Aon Benfield, has launched a new tool for determining the potential financial impact of riots, based on an analysis of such a threat in Indonesia. The company says that understanding political dynamics