Topic
Catastrophes
Just 5% of Napa County California residents have earthquake insurance: Impact Forecasting
September 8, 2014 by Canadian UnderwriterImpact Forecasting’s Global Catastrophe Recap report for August 2014 indicates that just one in 20 people living in Napa County – the site of the strongest earthquake to strike the San Francisco Bay Area in 25 years – have quake…
Reinsurers may be underestimating the impact of climate change: S&P
September 5, 2014 by Canadian UnderwriterA scenario from Standard & Poor’s Ratings Services that seeks to test the potential impact of climate change suggests that reinsurers might be underestimating their exposure to catastrophe losses by an average of 50%. The finding is outlined in the…
Storms, droughts, wildfires ‘wreaking havoc,’ Hillary Clinton warns
September 5, 2014 Ken Ritter - THE ASSOCIATED PRESSLAS VEGAS – Hillary Rodham Clinton, former United States Secretary of State, warned Thursday of the threat of climate change and contended that the U.S. should become what she called the world’s 21st-century clean energy superpower, during the National Clean…
August hail storm in Alberta tops $450 million in insured damage
September 4, 2014 by Canadian UnderwriterThe Insurance Bureau of Canada (IBC), citing figures from Property Claim Services (PCS), announced Wednesday that a major storm that hit southern Alberta Aug. 7-8 caused an estimated $450 million in insured damage. IBC reports that the estimated damage from…
Napa, California quake insured losses probably less than US$250 million: RMS
September 4, 2014 by Canadian UnderwriterRisk Management Solutions Inc. announced this week it estimates insured losses from the recent earthquake in California “will not exceed” US$250 million. On Aug. 24, the South Napa Earthquake, measuring 6 on the Richter scale, struck about 50 kilometres north…
U.S. court ruling could nearly quadruple civil penalties in 2010 Deepwater Horizon offshore oil blowout
September 4, 2014 Michael Kunzelman And Janet McConnaughey - THE ASSOCIATED PRESSNEW ORLEANS — A United States court ruling Thursday, that BP PLC bears most of the responsibility for the 2010 Macondo offshore oil well spill, exposes the energy giant to roughly $18 billion in civil fines. All figures are in United…
Canadian p&c industry seeing frequency in 2014 compared to the severity of 2013: A.M. Best
September 4, 2014 Angela Stelmakowich, Editor2013 and 2014 reflect stories in severity versus frequency for the property and casualty industry in Canada, Joel Silverthorn, a senior financial analyst for A.M. Best Company Inc., said during the company’s 2014 Insurance Market Briefing – Canada. With events…
Storm Dolly hits Veracruz, Mexico
September 3, 2014 ASSOCIATED PRESSMEXICO CITY – Tropical Storm Dolly drenched Mexico’s Gulf coast before moving inland over mountains and weakening to tropical depression on Wednesday. The U.S. Hurricane Center said Dolly was centred about 65 miles (110 kilometres) west-southwest of Tampico, with sustained…
Burlington, Ontario flood damage estimated at $90 million
September 2, 2014 by Canadian UnderwriterThe Insurance Bureau of Canada announced Tuesday that a rain storm last month in Burlington, Ontario caused more than $90 million in insured damage, according to preliminary estimate from Verisk Analytics Inc.’s Property Claims Services (PCS) unit. “During the storm,…
Tropical Storm Dolly threatens northeast Mexico with flash floods, high winds
September 2, 2014 by Canadian UnderwriterTropical Storm Dolly, which Willis Re Inc. predicted would make landfall Tuesday night or Wednesday morning, is expected to produce heavy rain with “life-threatening flash floods” in northeastern areas of Mexico south of Texas. The United States National Weather Service…
Nova Scotia government announces flood risk reduction project funding
September 2, 2014 by Canadian UnderwriterThe Government of Nova Scotia announced Friday it will provide $147,500 to support five projects meant to help communities investigate the causes of flooding and explore solutions. “These projects will contribute to our ongoing efforts to help communities and homeowners…
Welcome Respite
September 1, 2014 Ted Gregory, Operations Manager, Property Claims Services, a unit of Verisk Analytics Inc.Canadian property & casualty insurers suffered $652 million in losses from catastrophes during the first eight months of 2014, while annual losses from 2009 through 2012 averaged $1.12 billion per year. A calm year provides an opportunity to prepare for an active one.