Topic
Catastrophes
Lessons from Airdrie
September 1, 2014 Blake Reichert, Senior Regional Vice President Sales, Alberta Region, Western Financial GroupThe last two summers have brought record levels of hail damage to Alberta, and last month’s storm in Aidrie was labeled as catastrophic. Unfortunately, some vehicle owners mistakenly believe their liability policy covers hail, while some property owners are unaware of coverage limitations on certain materials used in siding.
Malaysia Airlines to shed 6,000 staff as part of overhaul plan after disasters
August 29, 2014 Eileen Ng And Kelvin Chan, THE ASSOCIATED PRESSKUALA LUMPUR, Malaysia – Malaysia Airlines will cut 6,000 workers as part of a $1.9 billion overhaul announced Friday to revive its damaged brand after being hit by double passenger jet disasters. The staff reduction represents about 30 per cent…
CPR freight train derails in eastern Saskatchewan, wind may have been factor
August 29, 2014 THE CANADIAN PRESSSWIFT CURRENT, Sask. – A Canadian Pacific Railway train derailed in southern Saskatchewan Thursday night. Spokeswoman Salem Woodrow said it happened about 7:30 p.m. east of Waldeck, which is about 200 kilometres west of Regina. She said initial reports were…
Quake rattles southern Greece, widely felt in Athens; no immediate damage reports
August 29, 2014 THE ASSOCIATED PRESSATHENS – An earthquake has rattled southern Greece and was widely felt in the capital, Athens. There were no immediate reports of damage or injury and no tsunami warnings. The U.S. Geological Survey gave a preliminary magnitude of 5.6, while…
Lawyers for Lac Megantic accused want charges dropped
August 28, 2014 THE CANADIAN PRESSMONTREAL – Criminal charges against two men accused in the Lac-Megantic tragedy should be dropped, their union and lawyers argued Thursday. Train engineer Tom Harding, railway traffic controller Richard Labrie and Jean Demaitre, the manager of train operations, are each…
Toronto City Council asks province to consider ‘limits’ on property insurance premium increases
August 27, 2014 Greg Meckbach, Associate EditorA motion Tuesday from Toronto City Council, asking the Ontario government to consider regulating property insurance premiums, shows “a lack of understanding” of insurance as a “risk transfer mechanism,” an official with the Insurance Bureau of Canada (IBC) says, while…
Global warming already dangerous, risks being irreversible, says new UN global warming report
August 27, 2014 Seth Borenstein, THE ASSOCIATED PRESSWASHINGTON – Global warming is here, human-caused and probably already dangerous – and it’s increasingly likely that the heating trend could be irreversible, a draft of a new international science report says. The United Nations’ Intergovernmental Panel on Climate Change…
Disaster losses of $21 billion in first half of 2014 below previous 10-year average: Swiss Re
August 27, 2014 by Canadian UnderwriterInsurance carriers covered $21 billion in natural catastrophes and man-made disasters during the first half of 2014, Swiss Re Ltd. reported Wednesday. “According to preliminary sigma estimates, total economic losses from natural catastrophes and man-made disasters reached ($44 billion) in…
Global reinsurers’ mid-year 2014 underwriting results profitable, but pressured: Fitch
August 27, 2014 by Canadian UnderwriterGlobal reinsurers underwriting results were profitable for the first half of 2014 despite deterioration as a result of increased non-cat property losses and a higher underlying run-rate loss ratio, notes a new report issued Tuesday by Fitch Ratings. The group…
More than half of polled Canadians misinformed about earthquake coverage
August 26, 2014 by Canadian UnderwriterThe majority of Canadians included in a new survey from Square One Insurance believe that the government will provide financial assistance to homeowners and renters for damage from earthquakes. “According to our recent survey, virtually all Canadians correctly assume that…
California quake leads to renewed calls for earthquake early warning system after Napa temblor
August 26, 2014 Sudhin Thanawala, THE ASSOCIATED PRESSSAN FRANCISCO – In the coming years, Californians could have valuable seconds of warning before earthquakes such as this week’s wine country temblor reach them, allowing trains to slow down or stop, power plants and factories to shut off valves,…
U.S. nuclear expert calls for California nuclear plant shutdown until proven safe
August 26, 2014 Michael R. Blood, THE ASSOCIATED PRESSLOS ANGELES – A senior federal nuclear expert is urging regulators to shut down California’s last operating nuclear plant until they can determine whether the facility’s twin reactors can withstand powerful shaking from nearby earthquake faults. Michael Peck, who for…