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ICLR workshop to look at lessons Canada can learn from worldwide damaging earthquakes

September 26, 2013 by Canadian Underwriter

The Institute for Catastrophic Loss Reduction will be hosting a workshop on earthquakes and what Canada can learn from damaging events across the world. The Oct. 11 event, part of the ICLR’s ongoing Friday Forum series, will host Dr. Garry

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City council in New Zealand given green light to use modified method to conduct revaluation following quakes

September 26, 2013 by Canadian Underwriter

Christchurch City Council (CCC) in New Zealand is finally moving forward with a revaluation of more than 160,000 city properties, a long-awaited review that was delayed as a result of the Canterbury earthquakes in 2010 and 2011. The city-wide revaluation

News CatastrophesInsurance

Commercial broker explains how third-party logistics contracts can make underwriting more difficult

September 25, 2013 Greg Meckbach, Associate Editor

NICC 2013 – Some of the contracts that large retailers are asking their third-party logistics providers to sign make it difficult for insurance carriers to underwrite the risks those logistics firms are taking on, a marine risk expert for a

News CatastrophesClimate ChangeInsurance

Swiss Re among partners committed to building resilience of cities worldwide

September 25, 2013 by Canadian Underwriter

Swiss Re is among the organizations to accept the challenge and commit to supporting a network of member cities to build resilience to natural disasters and other risks. The announcement of a global commitment to action to the 100 Resilient

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Earthquake risk model coming for Canada, no flood model yet

September 24, 2013 Harmeet Singh, Online Editor

NICC 2013 – Catastrophe modelling firm AIR Worldwide will be launching an earthquake risk model for Canada next year, after it conducted a major analysis for a study commissioned by the Insurance Bureau of Canada. In June 2014, the firm

News AssociationsCatastrophesInsurance

P&C industry must start dialogue on major earthquake risk in Canada, IBC says

September 23, 2013 Harmeet Singh, Online Editor

NICC 2013- A major earthquake is the most significant threat that the property and casualty insurance industry in Canada faces, and creating a dialogue with governments and consumers is critical for the industry’s continued solvency, the Insurance Bureau of Canada

News CatastrophesClimate ChangeInsurance

UN climate panel stresses solidity of new report on global warming

September 23, 2013 Karl Ritter, THE ASSOCIATED PRESS

STOCKHOLM, Sweden – Seeking to dispel any doubts over the credibility of their work, U.N. climate experts called their latest report an unbiased and reliable assessment of global warming as they presented it Monday to officials from 110 governments for

News CatastrophesClimate ChangeInsurance

Climate change a pressing issue for risk managers: FERMA

September 23, 2013 by Canadian Underwriter

Risk managers must analyze their company’s exposures to identify mitigation measures that meet challenges posed by the changing face and severity of natural catastrophes, suggests Gaëtan Lefèvre, chairman of the Belgian risk management association, BELRIM. Analyzing and mitigating the effects

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Alberta floods costliest insured natural disaster in Canadian history: IBC

September 23, 2013 by Canadian Underwriter

The Insurance Bureau of Canada (IBC) is reporting that insured property damage in the wake of the Alberta flooding this June is estimated to now exceed $1.7 billion, making the former the costliest insured natural disaster ever in Canada. For

News CatastrophesClimate ChangeInsuranceMergers and Aqcuisitions

Swiss Re estimates claims costs from hailstorms in Germany at US$240 million

September 23, 2013 by Canadian Underwriter

Swiss Re’s claims burden from hailstorms in Germany this past July is estimated at approximately US$240 million, net of retrocession and before tax, accounting for about 10% of the estimated US$2.0 billion to $2.7 billion in related losses industry wide.

News CatastrophesInsurance

Insurance industry players testify at government committee for reauthorization of TRIA

September 20, 2013 by Canadian Underwriter

An executive from Marsh & McLennan Companies was among the industry representatives testifying before the United States House of Representatives, arguing for the reauthorization of the Terrorism Risk Insurance Act (TRIA). Peter J. Beshar, executive vice president and general counsel

News CatastrophesInsurance

Rail company’s plan to ship oil through Hudson Bay too risky: minister

September 20, 2013 Chinta Puxley, THE CANADIAN PRESS

WINNIPEG  – The Manitoba government says a rail company’s plans to start transporting oil across hundreds of kilometres of remote rail line built on permafrost is too risky to the environment and the safety of those who live in the