Topic
Catastrophes
Canadian Underwriter, DMTI Spatial offer free webinar on location for real-time risk management of nat cat events
February 6, 2015 by Canadian UnderwriterThe managing director of the Institute for Catastrophic Loss Reduction (ICLR) is scheduled to speak March 11 on a webinar on how location information can help reduce insurers’ exposure to losses. Canadian Underwriter magazine and DMTI Spatial Inc. will produce…
SCOR sponsors new Cat bond that provides capacity for named storms in U.S., U.S./Canada quake
February 6, 2015 by Canadian UnderwriterSCOR has successfully sponsored a new catastrophe bond – the risk period for which runs from Feb. 11, 2015 to Dec. 31, 2018 – that will provide the group with multi-year risk transfer capacity of US$150 million for named storms…
January catastrophes include U.S. northeast snowstorm, flooding in Malawi: Aon Benfield
February 5, 2015 by Canadian UnderwriterRecord snowfall last week resulted in at least $500 million in economic losses on the east coast of the United States, while earlier last month, Australians reported more than $30 million in losses resulting from wildfire, Aon plc’s Impact Forecasting…
U.S. President Obama budgets US$400 million for flood risk mapping
February 4, 2015 by Canadian UnderwriterUnited States President Barack Obama is proposing an 85% increase in funding for flood risk mapping for America’s overland flood insurance program, plus a seven-fold increase in a grant program intended to support flood risk reduction measures. President Obama’s budget…
Snow emergency declared as 126 cm accumulates in Saint John, New Brunswick
February 3, 2015 Kevin Bissett - THE CANADIAN PRESSSAINT JOHN, N.B. A state of emergency was declared Tuesday in Saint John, N.B., after the third storm in less than a week pummelled the port city overnight and left its streets choked with snow. Mayor Mel Norton said the state…
Insured losses following U.S. blizzard not expected to be high: AIR Worldwide
January 29, 2015 by Canadian UnderwriterThe blizzard that hit the Northeast United States earlier this week – bringing with it high winds, deep snow, coastal flooding and power outages – was far less severe than forecast, with insured losses currently not expected to be high,…
Changing sea levels causing ‘significant water resource problems,’ flood risk on U.S. northeast coast: Army Corps of Engineers
January 29, 2015 by Canadian UnderwriterThe United States Army Corps of Engineers warned Wednesday of flood risk posed by changing sea levels and the importance of land use planning and identified “high risk” areas such as the cities of Baltimore and Washington, D.C. The Corp…
Proposal to prepare for pandemic, involving insurance, likely to be presented ‘in the coming months,’ World Bank president predicts
January 28, 2015 by Canadian UnderwriterThe president of the World Bank suggested Tuesday that he anticipates that a proposal to help countries prepare for health catastrophes – which would likely involve insurance – is likely to be presented in the coming months. The proposal “would…
BP subsidiary executive: No guarantee of help from parent company to pay penalty for oil spill
January 27, 2015 Kevin McGill, THE ASSOCIATED PRESSNEW ORLEANS – An executive for the BP subsidiary that faces billions of dollars in possible fines for the 2010 Gulf of Mexico oil spill testified Tuesday that it is uncertain whether other BP entities would step in to help…
Prosecution seeks 26 year sentence for Costa Concordia captain for 2012 wreck, says he lied
January 26, 2015 Nicole Winfield, THE ASSOCIATED PRESSROME – Prosecutors asked a court to convict the captain of the Costa Concordia and sentence him to 26 years in prison Monday for the 2012 shipwreck off Tuscany that killed 32 people, saying the term is hardly excessive given…
Nor’easter threatens 250 mile stretch of Northeast with snow, powerful winds, coastal flooding
January 26, 2015 Verena Dobnik, THE ASSOCIATED PRESSNEW YORK – The Monday morning commute was normal for much of the Northeast as officials continued to urge residents to prepare for a “crippling and potentially historic” storm that could bury communities from northern New Jersey to southern Maine…
Next ICLR workshop to focus on seismic risk management of buildings
January 23, 2015 by Canadian UnderwriterThe Institute for Catastrophic Loss Reduction will be hosting a seminar on the importance of seismic risk management of buildings, with a focus on post-earthquake functionality. Part of its ongoing Friday Forum series, the Feb. 20 workshop will feature Ghyslaine…