Canadian Underwriter


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‘Garbage in, garbage out’: High-quality data key for sound use of earthquake risk models

January 24, 2014 by Canadian Underwriter

Having complete and comprehensive data before running a catastrophe model is crucial when assessing earthquake risk, AIR Worldwide’s experts argue, reiterating a point stressed by the federal regulator in its recently-revised guideline on the issue. Uncertainty in data input creates uncertainty

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Yet another Quebec town reeling as fatal fire rips through seniors’ residence

January 24, 2014 Andy Blatchford, THE CANADIAN PRESS

L’ISLE-VERTE, Que. – A Quebec village was jolted awake Thursday to the chaos of people scrambling to free neighbours from a seniors’ residence as wind-fuelled flames rushed to swallow the building. Pascal Fillion, who lives near the seniors’ home in

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Investigators: Oil train crash could cause ‘major loss of life;’ issue safety recommendations

January 23, 2014 by Canadian Underwriter

WASHINGTON – Warning that a “major loss of life” could result from an accident involving the increasing use of trains to transport large amounts of crude oil, U.S. and Canadian accident investigators urged their governments Thursday to impose new safety

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Transportation Safety Board calls for tougher standards for rail tank cars

January 23, 2014 THE CANADIAN PRESS

OTTAWA – The Transportation Safety Board is calling for better protection standards for tanker cars used to haul flammable liquids by rail. Acting in the aftermath of the deadly Lac-Megantic disaster, the board is recommending that so-called DOT-111 cars used

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Municipal federation says emergency response plans needed for oil transport

January 22, 2014 THE CANADIAN PRESS

OTTAWA – Municipal leaders say they are making headway with the federal government on rail safety issues, but would like to see emergency response assistance plans for the transport of crude oil and ethanol. Transport Minister Lisa Raitt met today

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Railway in Lac Megantic crash that killed 47 sold in closed door auction

January 22, 2014 David Sharp, THE ASSOCIATED PRESS

PORTLAND, Maine – The Maine-based railway that went bankrupt after a fiery oil train derailment killed 47 people last summer in Lac-Megantic, Que., was sold at auction Tuesday to a subsidiary of a New York City-based investment management company. Railroad

News CatastrophesInsuranceMergers and Aqcuisitions

A look at British Columbia’s biggest earthquakes

January 21, 2014 THE CANADIAN PRESS

British Columbia has a history as Canada’s hub of seismic activity, with fully half of the country’s top 10 temblors taking place in that province. Here are the five most significant earthquakes to hit the area: 1700: When a quake

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‘Jell O and cheese’ effect could really shake up Vancouver during earthquake

January 21, 2014 Vivian Luk, THE CANADIAN PRESS

VANCOUVER – New research is shaking up the entire notion of what could happen to the Vancouver area during an earthquake, indicating bridges and tall buildings would rattle and sway a whole lot more than previously thought. Two studies published

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Insurance companies in Canada see record-breaking, $3.2-billion severe weather insured loss in 2013: IBC

January 20, 2014 by Canadian Underwriter

The $3.2 billion in insured losses from severe weather represents the highest ever in Canadian history, the Insurance Bureau of Canada (IBC) reports. The late-year ice storm – which wreaked havoc on parts of southern Ontario and eastern Canada –

News CatastrophesInsuranceMergers and Aqcuisitions

Australia governments funding for property clean-up after bushfire to protect insured entitlements: insurance council

January 20, 2014 by Canadian Underwriter

The move by the federal and Western Australia (WA) governments to make more funds available for cleaning up properties destroyed or damaged in the Parkerville bushfire will help to protect property owner entitlements, suggests the Insurance Council of Australia (ICA).

News CatastrophesClimate ChangeInsuranceMergers and Aqcuisitions

Make catastrophic loss an insured peril, insurance executive says

January 17, 2014 Greg Meckbach, Associate Editor

Property insurers should consider offering “catastrophic” coverage for policyholders to address the lack of overland flood coverage in Canada, while an aging population is going to affect property and casualty insurers as governments try to download health costs to carriers

News CatastrophesClimate ChangeInsurance

Income disparity, extreme weather top risks over the next decade

January 16, 2014 by Canadian Underwriter

Income disparity is the risk seen as most likely to have an impact on the world going into 2014, while extreme weather events were also a top concern, according to a new report from the World Economic Forum.  The report