Topic
Catastrophes
U.S. Senate committee approves terrorism insurance act extension
June 5, 2014 by Canadian UnderwriterThe Senate Banking Committee in the United States unanimously voted this week to approve the Terrorism Risk Insurance Program Reauthorization Act of 2014. The 22-0 bipartisan vote was on a bill that would see the existing TRIA program extended for…
Severe weather in U.S. caused $1 billion of insured losses last month
June 5, 2014 by Canadian UnderwriterFour periods of severe weather in the United States last month caused insured losses of more than $1 billion, with economic losses likely to be several billion dollars, Impact Forecasting says in its global catastrophe recap for May 2014. However,…
EU official says cost of disasters has quadrupled over last three decades, prevention cheaper
June 5, 2014 THE ASSOCIATED PRESSMANILA, Philippines – The average annual cost of natural disasters has quadrupled over the last three decades and it makes economic sense to boost spending on preparedness to ensure a stable future, a senior European official said Thursday. Kristalina Georgieva,…
Tug captain in Houston channel collision says speeding freighter led to crash, oil spill
June 3, 2014 Michael Graczyk, THE ASSOCIATED PRESSGALVESTON, Texas – The captain of a tugboat whose barges collided with a cargo freighter in the Houston Ship Channel said Tuesday the larger vessel increased its speed in foggy conditions and she couldn’t manoeuvr quickly to avoid the crash.…
Downward pressure on reinsurance pricing on the rise since last June
June 3, 2014 by Canadian UnderwriterContinued competitive pressure from alternative markets, strong reinsurer balance sheets and low loss experiences have combined to increase downward pressure on reinsurance pricing since the June 1, 2013 renewal, reports Guy Carpenter & Company, LLC. In its June 2014 renewal…
Restorative Process
June 1, 2014 Jim Mandeville, Senior Project Manager, Large Loss North America, FirstOnSite RestorationA look back on the worst flood in the history of Alberta shows that even now, some homeowners, businesses and schools are still in the process of rebuilding. Restoration efforts at a town house complex in High River shows that restoration efforts can be complicated, making mitigation and prevention all the more important in the wake of increasingly common extreme weather.
Earthquake strikes southwestern China near the border with Myanmar, injuring at least 33
May 30, 2014 THE ASSOCIATED PRESSBEIJING – A moderately strong earthquake struck southwestern China near the border with Myanmar on Friday, injuring at least 33 people. Residents fled buildings and students evacuated schools that had already been damaged by a quake in the same area…
Proposed changes to nuclear liability would bring Canada in line with international standards
May 29, 2014 Angela Stelmakowich, EditorIt is hoped the latest round of proposed changes to federal nuclear installation requirements – including the call to increase absolute liability for operators to $1 billion and to ratify Canada as a party to a convention on supplementary compensation…
Evacuation alert issued, as flood warnings, watches, posted on some B.C. rivers
May 28, 2014 The Canadian PressVANCOUVER – The first evacuation alert of the spring has been posted in south-central B.C. as run-off swells area rivers, creating the potential for flooding. Residents living near Second Creek Canyon just north of Clearwater, about 120 kilometres north of…
U.S. researchers to study probability, hazards of fire risks in coal mines
May 27, 2014 by Canadian UnderwriterTwo teams of researchers at West Virginia University (WVU) are looking to enhance the coal mine safety by creating a knowledge base and computational model capable of quantifying the probability and associated hazards of spontaneous ignition, fire and explosion. Recent…
Dramatic increase in oil rail shipments to U.S. West Coast; fears of a potential disaster abound
May 26, 2014 Gosia Wozniacka, THE ASSOCIATED PRESSVANCOUVER, Wash. – Residents along the scenic Columbia River are hoping to persuade regulators to reject plans for what would be the Pacific Northwest’s largest crude oil train terminal – the proposed destination for at least four trains a day,…
ICLR to host wildfire, hurricane webinars this June
May 26, 2014 by Canadian UnderwriterThe Institute for Catastrophic Loss Reduction will be holding two webinars in June, related to wildfires and the Atlantic hurricane season. The first event will be on June 6 from 11 a.m. to 12:30 p.m. ET and will feature Kerry…