Topic
Catastrophes
Tropical storm insured losses below average in 2014: Munich Re
December 1, 2014 by Canadian UnderwriterInsured losses from tropical storms in 2014, as of November, were much lower than the 10-year average but the United States is likely to have a “more active tornado season” in the spring of 2015, Munich Re reported Monday. Insured…
Beyond Limits
December 1, 2014 Colleen DeMerchant, General Manager, Nuclear Insurance Association of CanadaThe Nuclear Liability and Compensation Act, now being reviewed by the Senate, will ultimately increase the liability limit for operators of nuclear facilities to $1 billion, contain expanded definitions of compensable damage, provide a longer limitation period for submitting compensation claims for bodily injury, and allow Canada to become a party to the Convention on Supplementary Compensation for Nuclear Damage.
Marketplace
December 1, 2014 by Canadian UnderwriterREGULATION SGI seeks feedback on auto injury program Saskatchewan Government Insurance (SGI) has issued a request for the public’s views on proposed changes, based on earlier input from key stakeholders, to the province’s auto injury program. SGI began a review…
ICLR book details actions to help combat damage from extreme rainfall events
November 28, 2014 by Canadian UnderwriterCommunities large and small across Canada are now taking action to reduce the risk of basement flooding and damage to property from sewer back-up, the Institute for Catastrophic Loss Reduction (ICLR) notes in a statement announcing the availability of a…
Transportation Safety Board says feds not doing enough to enforce safe transport
November 27, 2014 Bruce Cheadle, THE CANADIAN PRESSOTTAWA – The Transportation Safety Board says the federal government isn’t doing enough to enforce proper safety practices by Canada’s railways, airlines and marine operators. The board, which investigates transport accidents and makes recommendations for improvement, released its 2014 watch…
Coalition to Insure Against Terrorism urges U.S. Congress to pass bill extending TRIA
November 26, 2014 by Canadian UnderwriterWith less than five weeks before a United States government backstop for terrorism insurance expires, a group of companies and industry associations is calling on elected officials to come to an agreement on a law that extends the Terrorism Risk…
Powerful earthquake strikes off eastern Indonesia; no tsunami warning
November 26, 2014 THE ASSOCIATED PRESSJAKARTA, Indonesia – A powerful earthquake struck off the coast of eastern Indonesia late Wednesday, prompting villagers to flee to higher ground, but officials said a tsunami was unlikely. There were no immediate reports of injuries or serious damage. The…
Swiss Re forecasts combined ratio of 100% for global non-life reinsurance industry in 2015
November 25, 2014 by Canadian UnderwriterThe global non-life reinsurance industry is expected to have a combined ratio of 90% this year and 100% in 2015, while underwriting standards in property & casualty insurance “will need to improve,” Swiss Re Ltd. stated in a report released…
Quake victims shelter from aftershocks as Japan marvels at lack of deaths amid severe damage
November 24, 2014 Elaine Kurtenbach, THE ASSOCIATED PRESSTOKYO – Dozens of villagers remained in shelters Monday as aftershocks rattled a region in central Japan hit by a weekend earthquake that injured at least 41 people and destroyed more than 50 homes. The damage in a mountainous area…
Railways given two years to make one hour application for operating certificates
November 20, 2014 Bruce Cheadle, THE CANADIAN PRESSOTTAWA – Canadian railways will have until Jan. 1, 2017, to obtain an operating certificate from Transport Canada under new safety rules announced by the minister. New railway entrants to the Canadian market must obtain a “Railway Operating Certificate” before…
Transportation Safety Board to review persistent safety risks in air taxi sector
November 19, 2014 THE CANADIAN PRESSGATINEAU, Que. – The Transportation Safety Board says it will conduct an in-depth safety investigation into the risks that persist in air taxi operations across Canada. “The air taxi sector of the aviation industry has seen 175 deaths over the…
Outgoing U.S. nuclear regulator: More work needed to implement lessons from Fukushima crisis
November 19, 2014 Ray Henry, THE ASSOCIATED PRESSATLANTA – The outgoing chair of the U.S. Nuclear Regulatory Commission said Tuesday the industry must finish making the safety changes required after a nuclear disaster in Japan, and it faces unresolved questions over how to store nuclear waste as…