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Almost 140 flood warnings, alerts still in effect after major Atlantic storm hits U.K.

October 28, 2013 by Canadian Underwriter

A total of 139 flood warnings or alerts remained in place Monday morning in the United Kingdom as a major Atlantic storm, bringing with it strong winds and rainfall, continued to make its way through the U.K. There were a

News CatastrophesClimate ChangeInsurance

Australian government says climate change is not causing latest wildfires after record heat

October 25, 2013 Rod McGuirk, THE ASSOCIATED PRESS

CANBERRA, Australia – The government staunchly rejected arguments that climate change is causing the wildfires ravaging parts of eastern Australia following a record hot start to the spring season. “That is complete hogwash,” Prime Minister Tony Abbott told News Corp.

News CatastrophesInsuranceLegal

Quebec rail victims could begin to see compensation in mid 2014: U.S. trustee

October 22, 2013 THE CANADIAN PRESS

MONTREAL – The U.S. bankruptcy trustee overseeing the insolvent railway involved in July’s deadly explosion in Lac-Megantic, Que., says he hopes to begin distributing “meaningful” compensation to victims in mid-2014. Robert Keach said he hopes to allocate the $25 million

News CatastrophesInsuranceMergers and Aqcuisitions

No timeline for residents to return to homes near Alberta derailment site

October 21, 2013 Bob Weber, THE CANADIAN PRESS

STONY PLAIN, Alta. – A spokesman for CN said Monday it was too early for residents of an Alberta community to be allowed to return to their homes near the site of a derailment. “We had hoped that that could

News CatastrophesInsuranceMergers and Aqcuisitions

Great BC ShakeOut earthquake drill breaks record for number of participants

October 17, 2013 by Canadian Underwriter

This year’s Great BC ShakeOut earthquake preparation drill had more than 690,000 participants, setting a new record and beating out last year by about 100,000. The annual drill took place Thursday morning at various locations across B.C., with participants including

News CatastrophesClimate ChangeInsurance

Federal government expects to invest in infrastructure, support community resilience

October 17, 2013 by Canadian Underwriter

Ottawa will invest $70 billion in federal, provincial, territorial and community infrastructure over the next decade, Governor General David Johnston said during the Speech from the Throne Wednesday. “Projects such as building subways in the Greater Toronto Area, replacing Montreal’s

News CatastrophesInsurance

Death toll in Philippines quake jumps to 93, most from Bohol epicenter

October 15, 2013 Bullit Marquez, THE ASSOCIATED PRESS

CEBU, Philippines – The death toll from a 7.2-magnitude earthquake that struck the central Philippine island of Bohol on Tuesday rose to 93, as rescuers struggled to reach patients in a collapsed hospital. Centuries-old stone churches crumbled and wide areas

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Robotics examination may shed light on what happened with isolation condensers following Japan quake

October 15, 2013 Angela Stelmakowich, Editor

It is unlikely what went wrong with isolation condenser units at the nuclear reactor in Japan in 2011 will be known, if ever, until robotics can disassemble the associated valves and systems, attendees heard during the Canadian Boiler and Machinery

News CatastrophesClimate ChangeInsuranceMergers and Aqcuisitions

Rail, flood disasters prompt Saskatoon to stage large scale evacuation drill

October 8, 2013 THE CANADIAN PRESS

SASKATOON – About 180 people were evacuated from four high-rise buildings in Saskatoon as part of a multi-agency drill to test the city’s emergency preparedness. The people taking part in Exercise Domino were transported Monday morning to a reception centre

News CatastrophesInsurance

Fukushima plant reports another contaminated water leak after overfilling tank with no gauge

October 3, 2013 Mari Yamaguchi, THE ASSOCIATED PRESS

TOKYO – Another day, another radioactive-water spill. The operator of the meltdown-plagued Fukushima Dai-ichi nuclear plant says at least 430 litres (110 gallons) spilled when workers overfilled a storage tank without a gauge that could have warned them of the

Sharon Ludlow, President and CEO, Swiss Re Canada
Feature Catastrophes

Maturing Process

October 1, 2013 Sharon Ludlow, President and CEO, Swiss Re Canada

The staggering insurance losses following Hurricane Andrew not only served as a wake-up call for the industry, but the resulting scarcity of traditional coverage prompted the market to innovate and seek alternative sources of capacity. The response included insurance-linked securities, a market that has matured and witnessed significant growth in recent years.

Angela Stelmakowich, Editor
Feature CatastrophesMergers and Aqcuisitions

Pain and Gain

October 1, 2013 Angela Stelmakowich, Editor

Damage from severe weather events may be insurable; it may not be insurable. But whether covered or not, someone, somewhere is going to have to pick up the tab. In the case of flooding, that payer may be the insurer