Topic
Catastrophes
Evolving Geo-Risk Research
October 1, 2014 by Canadian UnderwriterClimate change and new severe-weather patterns pose challenges for insurers, reinsurers and society itself. The need to understand and respond to the risks ahead places increasing importance on the evolving discipline of geo-risk research.
U.S. oil, rail industries want seven years to retrofit cars that transport highly volatile crude oil
September 30, 2014 Joan Lowy, THE ASSOCIATED PRESSWASHINGTON – A top oil industry official says the oil and railroad industries are urging federal regulators to allow them as long as seven years to retrofit existing tank cars that transport highly volatile crude oil. The cars have ruptured…
Nova Scotia introduces legislation to ban high volume hydraulic fracturing
September 30, 2014 The Canadian PressHALIFAX – The Nova Scotia government introduced legislation today that would place an indefinite moratorium on high-volume hydraulic fracturing for onshore oil and gas from shale deposits. But the legislation would provide an exemption for fracking used for testing and…
Major mining-related spills highlight that catastrophic ‘black swan’ events can take place
September 29, 2014 by Canadian UnderwriterThe clean-up costs alone of major spills in certain areas – such as British Columbia or Alberta – could be in the tens of millions of dollars, demanding that the mining companies have in place appropriate coverages, suggests a report…
Willis completes $250 million cat bond for California insurance fund
September 29, 2014 by Canadian UnderwriterA recent catastrophe bond transaction between Willis Capital Markets & Advisory (WCMA) and State Compensation Insurance Fund (SCIF) illustrates how investors are welcoming well-structured deals in the changing insurance-linked securities (ILS) landscape, suggests Tony Ursano, CEO of WCMA. WCMA –…
Shift in focus needed to help improve Australia’s resilience to natural disasters: draft report
September 26, 2014 by Canadian UnderwriterThere is a need to shift focus by resetting the balance between preventing the worst impacts of a disaster in Australia and paying increasing bills for recovery and rebuilding, suggests the Productivity Commission’s draft report into Natural Disaster Funding Arrangements.…
CN says 17 rail cars carrying peas derail in east central Alberta, no injuries
September 26, 2014 THE CANADIAN PRESSVERMILION, Alta. – Canadian National Railway freight train cars have derailed in east central Alberta. CN says 17 freight cars carrying peas derailed Thursday night east of Vermilion. Jim Feeny, a CN spokesman, says there were no injuries and there…
RMS, 100 Resilient Cities partner to quantify, manage natural hazard risks
September 26, 2014 by Canadian UnderwriterSan Francisco will become the first city to use RMS models and technology as part of a new partnership between RMS and 100 Resilient Cities (100RC), pioneered by The Rockefeller Foundation. Announced at the 2014 Clinton Global Initiative Annual Meeting…
U.S. oil industry offers crude train testing standards after accidents highlight risks
September 25, 2014 Matthew Brown, THE ASSOCIATED PRESSBILLINGS, Mon. – The oil industry’s lead trade group released new standards on Thursday for testing and classifying crude shipped by rail after prior shipments were misclassified, including a train that derailed in Canada and killed 47 people. But as…
Powerful earthquake rattles large swath of Alaska, including largest city
September 25, 2014 THE ASSOCIATED PRESSANCHORAGE, Alaska – A powerful earthquake shook up a large swath of Alaska, including the state’s largest city. The Alaska Earthquake Center says the quake had a 6.2 magnitude. The quake occurred at 9:51 a.m. Thursday, 80 miles northwest of…
Judge: Businesses don’t have to give back BP oil spill payouts; BP claimed overpayments
September 25, 2014 Janet McConnaughey and Jonathan Fahey, THE ASSOCIATED PRESSNEW ORLEANS – A federal judge has ruled that BP must stand by the agreement made with the companies it compensated for losses after the 2010 Gulf oil spill despite the oil giant saying some claims were overestimated. BP argued that…
Lloyd’s market reports drop in gross claims paid in ‘relatively benign period’ of natural catastrophes
September 25, 2014 by Canadian UnderwriterLloyd’s of London released Thursday the pro forma financial results of the Lloyd’s market for the first six months of 2014, reporting an “unusually high incidence of aviation losses,” a 13% year-over-year drop in gross claims paid and a 1.3-point…