Topic
Catastrophes
Report: U.S. government lacks disaster relief co-ordination, unprepared for handling nuclear attack
December 19, 2014 Hope Yen, THE ASSOCIATED PRESSWASHINGTON – The U.S. government isn’t fully prepared to handle a nuclear terrorist attack or a large-scale natural catastrophe, lacking effective co-ordination, and in some cases is years away from ensuring adequate emergency shelter and medical treatment, congressional investigators have…
Report says ‘unprecedented’ flood at root of Calgary bridge failure
December 17, 2014 Bill Graveland, THE CANADIAN PRESSCALGARY – The Transportation Safety Board says unprecedented flood water was to blame for a derailment and partial bridge collapse in Calgary last year. The Bonnybrook bridge over the swollen Bow River gave way beneath a Canadian Pacific Railway train…
TSB to release report into 2013 CP Rail derailment, bridge failure during flood
December 17, 2014 THE CANADIAN PRESSCALGARY – The Transportation Safety Board of Canada is to release its report today about a bridge failure and freight train derailment in Calgary during a devastating flood. The Bonnybrook bridge over the swollen Bow River gave way underneath a…
Global disaster events cost insurers $34 billion in 2014: Swiss Re
December 17, 2014 by Canadian UnderwriterAt US$34 billion, estimated insured losses from natural catastrophes and man-made disasters in 2014 were still high, despite being well below recent annual averages and being significantly below the US$45 billion tab for 2013, note preliminary estimates from Swiss Re’s…
ILS issuance at record level amid new highs in collateralized reinsurance capital: Aon
December 16, 2014 by Canadian UnderwriterThe pricing of the latest offering from Nakama Re Ltd. has brought annual insurance-linked securities (ILS) issuance to a record level, with total property catastrophe bond issuance for 2014 reaching US$8.03 billion, notes global reinsurance intermediary and capital advisor Aon…
CN freight train derails in central Saskatchewan: no spill, no injuries
December 12, 2014 THE CANADIAN PRESSRAYMORE, Sask. – A Canadian National Railway freight train has derailed near a town in central Saskatchewan. CN says 35 freight cars, including one carrying dangerous goods, left the tracks near Raymore Friday morning. CN spokesman Jim Feeny says no…
U.S. House renews government terrorism insurance backstop, but Senate action in doubt
December 11, 2014 Andrew Taylor, THE ASSOCIATED PRESSWASHINGTON – The House Wednesday passed a long-sought legislation to renew a government program that’s credited with reviving the market for insurance against terrorist attacks after the Sept. 11 attacks. But the measure, despite passing by a 417-7 vote, has…
Los Angeles proposes sweeping building, water fixes for major earthquakes, but cost unclear
December 9, 2014 Michael R. Blood, THE ASSOCIATED PRESSLOS ANGELES – Mayor Eric Garcetti on Monday proposed spending billions of dollars to better protect Los Angeles against a devastating earthquake by strengthening thousands of vulnerable older buildings and fortifying the city’s water and communications systems. The sweeping plan…
Ottawa tables bill imposing absolute liability of $1 billion on pipeline operators for spills
December 9, 2014 by Canadian UnderwriterThe federal government introduced Monday legislation intended to impose absolute liability, on major oil pipeline operators, of up to $1 billion in case of incidents such as spills, and to require them to have the “financial resources necessary to pay…
U.S. Supreme Court lets stand massive BP settlement with Gulf Coast residents, businesses
December 8, 2014 Janet McConnaughey, THE ASSOCIATED PRESSNEW ORLEANS – The Supreme Court is leaving in place BP’s multibillion-dollar settlement with lawyers for businesses and residents over the 2010 oil spill in the Gulf of Mexico. The justices did not comment Monday in rejecting the London-based oil…
Senate passes ship owners’ pollution insurance law
December 8, 2014 by Canadian UnderwriterCanada’s Senate last week passed one bill that would establish strict liability, for hazardous substance incidents, for ship owners and has sent a different bill proposing $1 billion in absolute liability, for the nuclear and offshore petroleum industries, to committee.…
Government terrorism insurance program faces lapse, alarming business sectors
December 5, 2014 Andrew Taylor, THE ASSOCIATED PRESSWASHINGTON – As Congress races to its lame-duck finish, time is running out on a government program that provides a backstop to private-sector insurance against terrorist attacks. The program was enacted after the Sept. 11 attacks and has been renewed…