Topic
Catastrophes
ICLR workshop to look at lessons Canada can learn from worldwide damaging earthquakes
September 26, 2013 by Canadian UnderwriterThe 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…
City council in New Zealand given green light to use modified method to conduct revaluation following quakes
September 26, 2013 by Canadian UnderwriterChristchurch 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…
Commercial broker explains how third-party logistics contracts can make underwriting more difficult
September 25, 2013 Greg Meckbach, Associate EditorNICC 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…
Swiss Re among partners committed to building resilience of cities worldwide
September 25, 2013 by Canadian UnderwriterSwiss 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…
Earthquake risk model coming for Canada, no flood model yet
September 24, 2013 Harmeet Singh, Online EditorNICC 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…
P&C industry must start dialogue on major earthquake risk in Canada, IBC says
September 23, 2013 Harmeet Singh, Online EditorNICC 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…
UN climate panel stresses solidity of new report on global warming
September 23, 2013 Karl Ritter, THE ASSOCIATED PRESSSTOCKHOLM, 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…
Climate change a pressing issue for risk managers: FERMA
September 23, 2013 by Canadian UnderwriterRisk 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…
Alberta floods costliest insured natural disaster in Canadian history: IBC
September 23, 2013 by Canadian UnderwriterThe 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…
Swiss Re estimates claims costs from hailstorms in Germany at US$240 million
September 23, 2013 by Canadian UnderwriterSwiss 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.…
Insurance industry players testify at government committee for reauthorization of TRIA
September 20, 2013 by Canadian UnderwriterAn 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…
Rail company’s plan to ship oil through Hudson Bay too risky: minister
September 20, 2013 Chinta Puxley, THE CANADIAN PRESSWINNIPEG – 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…