Topic
Catastrophes
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…
Major P&C industry players launch new micro insurance initiative
January 22, 2015 by Canadian UnderwriterSeveral major insurance organizations have formed a new micro insurance consortium and micro insurance “venture incubator” (MVI), in an initiative announced during the World Economic Forum gathering currently being held in Davos, Switzerland. The group includes American International Group (AIG),…
U.S. President Obama warns of ‘dangerous droughts and floods’
January 22, 2015 by Canadian UnderwriterUnited States President Barack Obama suggested this week that without cutting carbon dioxide emissions, the world will experience rising oceans, worse heat waves, floods and droughts. “The best scientists in the world are all telling us that our activities are…
Past, future effects of Gulf oil spill argued in BP trial; experts testifies they’re unclear
January 21, 2015 Kevin McGill, THE ASSOCIATED PRESSNEW ORLEANS – The 2010 BP oil spill’s long-term effects on Gulf of Mexico sea life and coastal marches remains uncertain, an environmental expert testified Wednesday as federal attorneys laid out their case for penalties against the oil corporation that…
Insurers must cover more catastrophes worldwide, or risk being replaced by governments: CEO
January 20, 2015 by Canadian UnderwriterProperty and casualty insurers must work toward covering more catastrophes worldwide, or risk marginalizing the industry, one industry leader suggests. “This is a huge problem for our industry,” Phil Cook, CEO of Omega Insurance Holdings said during a presentation in…
Vancouver Island will rip open like a zipper when overdue earthquake strikes
January 19, 2015 Dirk Meissner, THE CANADIAN PRESSPACHENA BAY , B.C. – The low tide, bright sunshine and constant roar of endlessly approaching waves display the full power of the wide-open Vancouver Island shoreline at the remote beach handed down to Stella Peters and her family as…
What people report ‘feeling’ in earthquakes offer valuable information
January 16, 2015 Angela Stelmakowich, EditorThere is a distinct difference between magnitude and intensity when it comes to earthquakes, and what people actually “feel” can provide valuable insight to seismologists, Hadi Ghofrani, a seismologist and research assistant at the University of Western Ontario, noted during…