Topic
Catastrophes
Judicial panel says utility’s former execs deserve criminal charges in Fukushima nuke crisis
July 31, 2014 Mari Yamaguchi, THE ASSOCIATED PRESSTOKYO – A Japanese judicial panel has recommended that three former executives of the utility that operates the damaged Fukushima nuclear plant face criminal charges over their role in the disaster. A document released by the panel on Thursday showed…
Hundreds of damage claims possible after pipe break dumps 20 million gallons of water
July 31, 2014 Brian Melley and Michael R. Blood, THE ASSOCIATED PRESSLOS ANGELES – Hundreds of cars submerged below murky water. A landmark basketball court, newly refurbished, showing signs of buckling. Soaked and stained carpets. An athletic track coated in mud. The cost of the damage hasn’t been pegged from the…
Strong earthquake shakes Mexico’s Gulf coast; no immediate reports of damage
July 29, 2014 THE ASSOCIATED PRESSVERACRUZ, Mexico – A strong earthquake shook much of eastern Mexico on Tuesday, but there were no reports of damage or injury. The U.S. Geological Survey said the magnitude-6.3 quake was centred in the Gulf coast state of Veracruz, about…
U.S. Fukushima report tells nuke industry to think more often about worst case scenarios
July 25, 2014 THE ASSOCIATED PRESSWASHINGTON – A U.S. science advisory report says Japan’s Fukushima nuclear accident offers a key lesson to the nation’s nuclear industry: Focus more on the highly unlikely but worst case scenarios. That means thinking about earthquakes, floods, tsunamis, solar storms,…
Oil train cars derail at Seattle rail yard; no spill, but some alarmed
July 24, 2014 THE CANADIAN PRESSSEATTLE – Nothing spilled when three tanker cars in an oil train derailed at rail yard in Seattle early Thursday, but it alarmed environmentalists. “This is a warning of how dangerous this could be,” said Kerry McHugh, communications director for…
No rating changes expected in wake of Malaysia Airlines crash
July 24, 2014 by Canadian UnderwriterA.M. Best reports in a new briefing that the total insurance loss of Malaysia Airlines Flight MH-17 is not expected to result in any ratings actions. In issuing the briefing Wednesday, A.M. Best reports it believes the majority of the…
Wisconsin train crash, derailment injures 2 people, spills fuel oil, leads to home evacuations
July 21, 2014 THE ASSOCIATED PRESSSLINGER, Wis. – A Canadian National Railway Co. train struck another freight train as it rolled through a small village in southeastern Wisconsin, causing cars to derail, injuring two people and spilling thousands of gallons of diesel oil that prompted…
Updated earthquake model for Canada released by AIR Worldwide
July 21, 2014 by Canadian UnderwriterAIR Worldwide’s Earthquake Model for Canada – which the risk modelling firm calls a significant tool for compliance with Guideline B-9 – has been updated to provide insurers and other industry stakeholders with an enhanced means of assessing potential losses…
U.S. Senate votes to extend terrorism insurance act another seven years
July 18, 2014 by Canadian UnderwriterThe United States Senate voted Thursday in favour of a bill that, if passed into law un-amended, would extend the Terrorism Insurance Program from the end of this year until the end of 2021 and would increase the insurance marketplace…
B.C. wildfire evacuation order covers more than 2,500 people, 1,250 homes
July 18, 2014 THE CANADIAN PRESSWEST KELOWNA, B.C. – Flames from a fast-moving wildfire have forced the evacuation of more then 2,500 residents from several neighbourhoods in British Columbia’s Okanagan region. The wildfire, which is one of about 140 burning in the province, broke out…
Shaking up our earthquake risk: New federal maps slightly increases hazard in one third of U.S.
July 18, 2014 Seth Borenstein, THE ASSOCIATED PRESSWASHINGTON – A new federal earthquake map dials up the shaking hazard just a bit for about one-third of the United States and lowers it for one-tenth. The U.S. Geological Survey on Thursday updated its national seismic hazard maps for…
Overcapacity leads to premium rate reductions of as much as 30% in some markets: Willis
July 16, 2014 by Canadian UnderwriterBenign loss activity and softening conditions in the global reinsurance market are contributing to overcapacity in the international construction, property and casualty markets during the first half of 2014 that has resulted in rate reductions of as much as 30%…