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Rail traffic set to resume in Lac Megantic on Wednesday

December 17, 2013 THE CANADIAN PRESS

LAC-MEGANTIC, Que. – Rail traffic is set to resume in Lac-Megantic on Wednesday, five months after a runaway train carrying crude oil derailed, exploded and killed 47 people. Mayor Colette Roy-Laroche says service will return on a gradual basis and

News CatastrophesInsurance

Canadian Underwriter, AIR Worldwide partner for earthquake risk webinar

December 16, 2013 by Canadian Underwriter

Canadian Underwriter magazine and catastrophe modelling firm AIR Worldwide have partnered to offer a webinar on seismic risk in Canada. The webinar, Canada Earthquake Risk: From Science to Compliance, will also focus on the role that catastrophe models play in

News CatastrophesInsuranceLegal

Public comment begins on $627 million in environmental restoration projects in Gulf of Mexico funded by BP

December 13, 2013 by Canadian Underwriter

The United States National Oceanic and Atmospheric Administration (NOAA) recently announced it is taking comments from the public on proposed US$627 million plan, to be funded by BP Exploration and Production Inc., towards 44 restoration projects to address losses caused

News CatastrophesInsurance

San Francisco airline crash highlights issues with cockpit culture

December 12, 2013 Stephen Braun and Martha Mendoza, THE ASSOCIATED PRESS

WASHINGTON – The investigation into the crash-landing of an Asiana Airlines flight at San Francisco’s airport last summer has highlighted problems with cockpit culture and the trainee pilot’s lack of confidence in his ability to safely land the Boeing 777.

News CatastrophesInsuranceMergers and Aqcuisitions

Vancouver gets updated earthquake preparedness plan

December 4, 2013 by Canadian Underwriter

The city of Vancouver now has an updated earthquake preparedness plan, which uses lessons learned from major overseas disasters. City Council received a staff report Tuesday outlining 56 actions to improve Vancouver’s preparedness for a major earthquake event. Read more:

News CatastrophesInsurance

Adherence to polluter pays principle should remain at the core of Canada’s preparedness, response to oil spills

December 4, 2013 by Canadian Underwriter

Ensuring Canadian taxpayers do not bear any liability for tanker oil spills in Canadian waters – adhering to the polluter pays principle – are among the key assumptions underpinning recommendations for improving the country’s preparedness and response to ship-source oil

News CatastrophesInsuranceMergers and Aqcuisitions

California company offers discount for homeowners who buy earthquake insurance coverage

December 3, 2013 by Canadian Underwriter

The Automobile Club of Southern California has announced what it says is the first-ever homeowners insurance discount for policyholders who obtain earthquake coverage through the California Earthquake Authority. Beginning Jan. 1, the Auto Club is offering a discount of up

News CatastrophesClimate ChangeInsuranceMergers and Aqcuisitions

Consistent profitability ‘eludes’ American home insurance carriers: A.M. Best

December 3, 2013 by Canadian Underwriter

Homeowners insurance is frequently unprofitable for United States carriers and but those who  use tools such as exposure mapping software and “more rigorous property inspections” can manage their risk exposures better, suggests a new report from credit rating provider A.M.

News CatastrophesClimate ChangeInsurance

Global pandemic, food and water crisis among top ranked ‘extreme risks’

December 3, 2013 by Canadian Underwriter

A global pandemic, a large-scale natural catastrophe and a food/water/energy crisis are the top three “extreme risks” over the long-term, according to a survey of global insurance industry executives conducted by Towers Watson. Cyber-warfare, an economic depression, a banking crisis

Angela Stelmakowich, Editor
Feature Catastrophes

Expect the Unexpected

December 1, 2013 Angela Stelmakowich, Editor

A robust risk management approach should not stop at a particular percentile and a holistic risk management framework should include very unlikely, but potentially high-impact, events.

Feature CatastrophesMergers and Aqcuisitions

Best to Assess

December 1, 2013 Angela Stelmakowich, Editor

It is hoped a new pilot project involving three different municipalities in three different provinces will offer similar outlooks regarding the value of being able to assess municipal infrastructure before the next severe weather event occurs.

News CatastrophesInsuranceMergers and Aqcuisitions

‘Emotive factors’ play key role in risk-related behaviours, earthquake study suggests

November 29, 2013 by Canadian Underwriter

Lloyd’s announced Friday that a psychology professor from University College London won the Lloyd’s Science of Risk prize for a paper on people’s attitudes towards earthquake risk. Helene Joffe, a professor at UCL’s division of psychology and language sciences, submitted,