Topic
Catastrophes
New Democrats oppose bill increasing liability limits for nuclear, offshore energy sectors
September 24, 2014 by Canadian UnderwriterCanada’s opposition New Democratic Party will not support Bill C-22, in which the ruling Conservatives propose to increase the absolute liability limits, in the offshore oil and gas sectors, as well as for nuclear sector, to $1 billion. The Energy…
How Ontario’s Bruce Power applied lessons from 2011 Fukushima nuclear disaster
September 24, 2014 Greg Meckbach, Associate EditorOTTAWA – The operator of Canada’s largest nuclear power plant has looked “very closely” at the March 2011 disaster at the Fukushima Daiichi nuclear power plant in Japan and has simulated the effect of a tornado hitting the facility, a…
Insurance-linked securities ‘not a replacement’ for traditional reinsurance: NICC speaker
September 23, 2014 Greg Meckbach, Associate EditorOTTAWA — Insurance-linked securities can help primary insurers get negotiating power with reinsurance carriers and Canada is a “nice fit” for these types of alternative sources of capital, suggested speakers at the National Insurance Conference of Canada (NICC). “Canada would…
More than 100 world leaders told at United Nations climate summit to act now on warming
September 23, 2014 By Seth Borenstein And Dina Cappiello - THE ASSOCIATED PRESSChallenged by the United Nations chief to set a new course for a warming globe and reverse the rise of heat-trapping gases, world leader after world leader Tuesday made promises of billions of dollars and better care of planet Earth.…
Reinsurers face ‘real severe soft market,’ but significant amount of risk still uninsured
September 22, 2014 Greg Meckbach, Associate EditorOTTAWA – There is a soft market in reinsurance, but a significant amount of risk in the world still remains uninsured, speakers suggested Monday at the National Insurance Conference of Canada. Peter Hearn, chairman of reinsurance intermediary Willis Re Inc.,…
Civil engineers group calls for a national strategy on mitigating floods
September 22, 2014 By Geoff Mulvihill - THE ASSOCIATED PRESSAn organization of civil engineers is calling for a national strategy for mitigating flood risks, saying the U.S. has not fully heeded lessons from Hurricane Katrina and Superstorm Sandy. The American Society of Civil Engineers released its recommendations Monday during…
Report identifies priorities for protecting Canadians against overland flooding
September 22, 2014 by Canadian UnderwriterCanada is lagging behind on the issue of overland flooding, necessitating that measures be taken to ensure greater resiliency and to guard against associated losses, suggests a new report issued Monday. Partners for Action: Priorities for Advancing Flood Resiliency in…
Report: World to see more people displaced because of disasters, urbanization
September 18, 2014 Trenton Daniel, THE ASSOCIATED PRESSNatural disasters displaced almost 22 million people around the world last year and aid workers say they expect to see that number rise in the future, according to a report issued by a Norwegian humanitarian group on Wednesday. The study,…
Mayor of Alberta town urges Ottawa to act after sixth train derailment
September 18, 2014 THE CANADIAN PRESSSLAVE LAKE, Alta. – A mayor of a town in northern Alberta says he’s concerned after another train derailment near his community – the sixth since May. Four engines and 21 rail cars of a Canadian National train left the…
Town in southern New Brunswick experiences 2.6 magnitude earthquake
September 18, 2014 THE CANADIAN PRESSSAINT ANDREWS, N.B. – Natural Resources Canada says there was an earthquake in a small southern New Brunswick town on Wednesday. The department’s website says the 2.6-magnitude earthquake happened around 10:20 a.m. local time about 19 kilometres east of Saint…
Some insurers trying to broaden D&O environmental liability coverage
September 17, 2014 Greg Meckbach, ASSOCIATE EDITORWINNIPEG — Property losses often result in pollution losses, but there are “barriers” to getting environmental/pollution coverage on primary D&O insurance policies, speakers at RIMS Canada warned this week. “‘Hazardous substance’ is a catch-all term,” said Justin Perry, vice president…
Terrorism, cyber-attacks among main emerging risks facing reinsurance sector
September 17, 2014 by Canadian UnderwriterCyber-attacks and terrorism are among the main emerging risks currently facing the reinsurance sector, according to a new report from Guy Carpenter & Company. New compensation structures for long-term bodily injuries will also present a risk to the industry, according…