Canadian Underwriter

Topic
Catastrophes


News CatastrophesInsurance

BNSF seeking to buy upgraded tank cars after fatal accidents expose safety flaws

February 20, 2014 Matthew Brown, THE ASSOCIATED PRESS

BILLINGS, Mon. – BNSF Railway Co. says it intends to buy a fleet of 5,000 strengthened tank cars to haul oil and ethanol in a move that would set a higher safety standard for a fleet that’s seen multiple major

News CatastrophesClimate ChangeInsuranceMergers and Aqcuisitions

Japan, U.S. face most economic risk from natural hazards

February 20, 2014 by Canadian Underwriter

Japan and the United States face the highest economic exposure to natural hazards, such as tropical storms and earthquakes, notes a new report from risk analytics and research firm Maplecroft. Taiwan, China, India, Mexico, the Philippines, Italy, Australia and Indonesia

News CatastrophesClimate ChangeInsurance

Net income up, property combined ratio down at Swiss Re

February 20, 2014 by Canadian Underwriter

Swiss Re Ltd. released Thursday its financial results for 2013, recording a 2.4-point improvement in the property combined ratio from 2012, a 15% increase in total premiums and a 51% increase in fourth-quarter net income. In property and casualty, Swiss

News CatastrophesInsuranceMergers and Aqcuisitions

Recent earthquakes highlight business interruption issues: Marsh

February 19, 2014 by Canadian Underwriter

Insurance issues with three major recent earthquakes have included policies that do not cover code upgrades after a disaster, interdependency issues with contingent business interruption and allocating loss when there is more than one peril, suggests a new report by

News CatastrophesInsurance

Rail safety working group says better funding needed for rail safety improvement

February 19, 2014 Bruce Cheadle, THE CANADIAN PRESS

OTTAWA – It is not at all clear that Transport Canada has the resources to approve, inspect and maintain current emergency response plans, let alone enough funding for a recommended expansion of the program, says a government-commissioned rail safety report.

News CatastrophesInsuranceMergers and Aqcuisitions

British insurers re-affirm commitment to proposed Flood Re, while River Thames flood warnings downgraded

February 18, 2014 by Canadian Underwriter

After facing the wettest January in England since 1776, the British government announced that four of its Cabinet ministers met Tuesday with executives from the Association of British Insurers (ABI), and from some of the major carriers, in order to

News CatastrophesInsurance

Eastern Caribbean Sea hit by 6.5 earthquake

February 18, 2014 by Canadian Underwriter

The Caribbean experienced a magnitude 6.5 earthquake early Tuesday morning, with an epicentre north of Barbados and east of Martinique in an area described as one of the most seismically active in the region. The quake occurred at 9:27 Greenwich

News CatastrophesClimate ChangeInsurance

Municipalities ready their pitches for federal infrastructure spending blitz

February 14, 2014 Steve Rennie, THE CANADIAN PRESS

OTTAWA – Municipalities are lining up for a piece of the Conservative government’s $14-billion blitz on infrastructure spending, with proposals for projects ranging from wastewater treatment to public transit. Pitches have been in the works for weeks – if not

News CatastrophesClimate ChangeInsuranceMergers and Aqcuisitions

Natural, man-made disasters caused $40 billion in insured losses last year

February 13, 2014 by Canadian Underwriter

Natural and man-made disasters caused insured losses of around $40 billion last year, well below the 10-year average of $60 billion, risk and reinsurance specialist firm Guy Carpenter said in a report released Thursday. “Last year will likely be known

News CatastrophesInsuranceMergers and Aqcuisitions

New Zealand insurers pay out more than $10 billion for Canterbury earthquake recovery

February 13, 2014 by Canadian Underwriter

Insurers in New Zealand have paid out more than $10 billion in commercial and residential settlements from the Canterbury earthquake recovery, the country’s Insurance Council said on Wednesday. As of the end of 2013, $6.7 billion has been paid out

News CatastrophesInsurance

White House launches voluntary guidelines for US industries to prevent against cyberattacks

February 13, 2014 Nedra Pickler, THE ASSOCIATED PRESS

WASHINGTON – The White House on Wednesday offered to help U.S. businesses protect their computer systems from cyberattacks that President Barack Obama called “one the gravest national security dangers that the United States faces.” Administration officials warned during an event

News AssociationsCatastrophesClimate ChangeInsuranceMergers and Aqcuisitions

Federal proposals for residential flood insurance, disaster mitigation get kudos from Insurance Bureau

February 12, 2014 by Canadian Underwriter

The federal government’s announcement Tuesday that it plans to consult with the industry for a “national approach to residential flood insurance” and to start funding projects such as flood control infrastructure in 2015, has been well received by the Insurance