Topic
Catastrophes
Federal bill increasing absolute liability to $1 billion for nuclear operators, offshore energy, passes Senate
March 4, 2015 by Canadian UnderwriterCanada’s Energy Safety and Security Act – which increases to $1 billion the absolute liability for nuclear operators and offshore petroleum producers – recently passed third reading in the Senate, paving the way for the bill to be signed into…
Extreme cold in eastern North America fourth-costliest natural catastrophe in 2014: Munich Re
March 4, 2015 by Canadian UnderwriterThe unusually cold winter last year in the eastern United States and Canada was the fourth costliest natural catastrophe worldwide in 2014 for the insurance industry, while a hail storm that hit Airdrie, Alberta last August made Munich Reinsurance Company’s…
Airlines ban rechargeable battery shipments as evidence of fire, explosion risks mount
March 4, 2015 Joan Lowy - The Associated PressWASHINGTON – Some of the world’s largest airlines are banning bulk shipments of rechargeable batteries in the face of mounting evidence of their potential to cause catastrophic in-flight fires. Citing safety concerns, United Airlines on Monday became the second major…
Falling oil prices a top political risk in emerging markets: Aon risk map
March 4, 2015 by Canadian UnderwriterAon Risk Solutions’ 2015 Political Risk Map, which portrays risks in emerging markets, shows that the top political risk is the increasing instability in already-fragile oil-producing countries as a consequence of the low oil price. “The falling price of oil…
Global insurance rates decrease for the seventh consecutive quarter
March 3, 2015 by Canadian UnderwriterThe Marsh Global Insurance Index showed rate decreases for the fourth quarter of 2014 compared to the fourth quarter of 2013, marking the seventh consecutive quarter of decline. According to the quarterly briefing report, released on March 2, the property…
Bill C-52 targets railways’ power to shift their risk to shippers
March 3, 2015 by Canadian UnderwriterThe federal government’s newly unveiled Bill C-52, the Safe and Accountable Rail Act, would, if it passes into law, introduce new limits on the power of railways to shift their risk to shippers. In a Transportation Bulletin posted on their…
Colder than normal weather to continue through March: Weather Network forecast
March 3, 2015 Michelle McQuigge - The Canadian PressTORONTO – Looking to break out of winter’s icy clutches? The Weather Network has some bad news – you’re stuck in a frigid embrace for a while longer. The network says bitter cold and record snowfalls that have made this…
Russia, Ukraine hold emergency gas talks in Brussels as Moscow threatens imminent cutoff
March 2, 2015 The Associated PressBRUSSELS – Russia and Ukraine’s energy ministers are holding emergency talks after the Russian gas supplier said it would cut off deliveries to the war-torn country as soon as Tuesday if it does not get new payments. The European Union,…
Manitoba issues 2015 flood outlook
March 2, 2015 by Canadian UnderwriterOn Friday, the province of Manitoba issued its 2015 February Flood Outlook, which found that there is a moderate to major risk of overland flooding on the Assiniboine River. This first outlook estimates the potential for overland flooding is normal…
Water surge
March 1, 2015 Karen Clark, Chief Executive Officer, Karen Clark & CompanyModelling flood risk in Canada would be no easy task. Flood perils have not yet been covered by the catastrophe models because of several unique complexities. Canadian insurers, however, can evaluate flood risk using new, open modelling platforms that provide insight into potential future losses from a wide range of scenarios.
Improvements needed in property damage/business interruption policies, Marsh says
February 27, 2015 by Canadian UnderwriterThere are five core areas in property damage/business interruption policies where improvements are required, said a Feb. 26 report from Marsh LLC. According to the report, Business Interruption Insurance Efficacy: Five Key Issues, improvements are required in indemnity periods, insured values,…
Insurance customers report higher satisfaction rates when dealing with agents than over the phone or web: report
February 26, 2015 by Canadian UnderwriterInsurance customers surveyed report a higher rate of satisfaction while dealing through agents rather than through the Internet and carriers need to “expand their use” of catastrophe modeling tools, Cap Gemini SA and Efma suggest in a recent report. Paris-based…