Topic
Catastrophes
Quake on California’s Hayward fault ‘could produce $25 billion in insured losses,’ RMS warns
October 14, 2014 by Canadian UnderwriterRisk Management Solutions Inc. warned Monday that the “most likely location” of the next big earthquake to affect the San Francisco Bay area is on a fault running east of the bay, which could cause $25 billion in insured losses…
Magnitude 7.4 offshore earthquake off El Salvador felt throughout Central America
October 14, 2014 THE ASSOCIATED PRESSSAN SALVADOR, El Salvador – A magnitude 7.4 underwater earthquake off the Pacific coast of El Salvador shook several Central American countries late Monday. There were no immediate reports of damage or injuries and no tsunami warnings. But power outages…
Willis launches online response hub to help firms address Ebola emergency preparedness, response
October 10, 2014 by Canadian UnderwriterWillis clients and associates will have access to developments related to the Ebola virus through the company’s newly launched Disease Response Center microsite. The one-stop portal on Willis.com – which will be updated as information develops – offers a comprehensive…
Insurers should think more seriously about wildfire risk to property
October 9, 2014 Greg Meckbach, Associate EditorCanadian insurers need to “start thinking” about the risk of property losses from wildfires in Canada and should consider lobbying regulators to require hurricane straps on new homes in order to reduce wind loss, speakers suggested Wednesday at the Annual…
AIG expands excess casualty liability limits for U.S., Canada railroads
October 9, 2014 by Canadian UnderwriterAmerican International Group, Inc. (AIG) announced Thursday that it has expanded excess casualty liability limits for Class 1 railroads in the United States and Canada to $1 billion per occurrence. The coverage for catastrophe losses would be in excess of $1.5 billion in underlying limits, and AIG…
Quebec coroner says deaths of 47 Lac Megantic residents were avoidable
October 8, 2014 THE CANADIAN PRESSQUEBEC – A Quebec coroner says the deaths of 47 people in the explosion of an oil tanker train in Lac Megantic in July 2013 could have been avoided. Dr. Martin Clavet issued a report today for each of the…
September marked by catastrophic rains, flooding in Asia
October 8, 2014 by Canadian UnderwriterCatastrophic flooding from torrential rain in Pakistan and India was among the main events causing economic and insured losses in September, Aon Benfield’s Impact Forecasting arm says in its latest recap report. In India’s Jammu and Kashmir region, the…
Cleanup, questions, evacuation continues at train derailment site in Saskatchewan
October 8, 2014 THE CANADIAN PRESSWADENA, Sask. – Residents of a small community east of Saskatoon who were forced from their homes by a fiery train derailment are awaiting word about when they can return. The CN freight train derailed Tuesday near Clair, and a…
Train derails in central Saskatchewan and catches fire; village being evacuated
October 7, 2014 THE CANADIAN PRESSWADENA, Sask. – A CN freight train has derailed in central Saskatchewan and is on fire. The Saskatchewan government says the derailment happened near the small community of Clair, which is being evacuated. Highway 5 has been closed in the…
Strong, shallow earthquake shakes southwestern China
October 7, 2014 THE ASSOCIATED PRESSBEIJING – A strong, shallow earthquake shook southwestern China’s Yunnan province on Tuesday, officials said. The U.S. Geological Survey said the earthquake measured magnitude 6.0 and was centred 18 kilometres (11 miles) from Weiyuan city at a depth of 10.1…
Get ready for an earthquake in Eastern Canada, experts warn insurance industry
October 6, 2014 Greg Meckbach, Associate EditorMuch of the discussion about earthquake risk in Canada has centred on British Columbia, but speakers at a seminar Monday warned insurers to also consider their ability to respond to a tremor in Quebec and Eastern Ontario. “I don’t think…
Environmental coalition says bill to ban fracking is badly flawed
October 6, 2014 THE CANADIAN PRESSHALIFAX – A coalition of environmental groups opposed to hydraulic fracturing in Nova Scotia says legislation that would ban the practice is seriously flawed. The group had initially applauded the province’s Liberal government when it announced a renewed moratorium last…