Topic
Catastrophes
U.S. government ‘likely’ to extend terrorism insurance law but industry will have ‘limited capacity’ if it doesn’t: Marsh
April 22, 2014 by Canadian UnderwriterThe United States government will likely extend the Terrorism Risk and Insurance Act (TRIA) beyond the end of 2014, but if it does not, there will likely be “limited capacity” and higher prices for such coverage, especially for properties in…
Availability, affordability of terrorism insurance in U.S. ‘at risk’ if TRIA is not renewed: Working group
April 21, 2014 by Canadian UnderwriterPrivate reinsurance for losses in the United States arising from terrorism is “supported by limited capital” and “generally” excludes attacks committed by “domestic agents” and those using nuclear, biological, chemical or radiological (NBCR) weapons, a recent report suggests. The U.S.…
More, bigger wildfires burning western U.S.: study
April 21, 2014 by Canadian UnderwriterThe trend of wildfires across the western United States becoming larger and more frequent over the last 30 years could continue as climate change causes temperatures to rise and drought to become more severe in the coming decades, notes a…
Premier urges New Brunswick town not to let guard down after water levels recede
April 17, 2014 By Kevin Bissett - THE CANADIAN PRESSSUSSEX, N.B. – Water levels in many parts of New Brunswick receded Thursday but Premier David Alward and Emergency Measures officials urged residents not to let their guard down because of a potential for more dangerous flooding. Alward spent the…
Belleville firefighters busy with sandbags as river rises; outdoor fires banned
April 13, 2014 The Canadian Press (CPSTF)BELLEVILLE, Ont. – Belleville’s firefighters are so busy helping with sandbagging efforts due to flooding that an outdoor burning ban has been brought in to help prevent fires. Deputy fire chief Bruce Greatrix says residents of rural areas around the…
Ohio geologists link seismic activity to hydraulic fracturing, issue new permit conditions
April 11, 2014 Julie Carr Smyth, THE ASSOCIATED PRESSCOLUMBUS, Ohio – State geologists in Ohio believe they have for the first time linked earthquake activity in the Utica shale to hydraulic fracturing, and the state says it is issuing new permit conditions in seismic-sensitive areas. State Oil &…
6.1 magnitude earthquake rattles Nicaragua; dozens of homes damaged
April 11, 2014 THE ASSOCIATED PRESSMANAGUA, Nicaragua – A strong earthquake damaged dozens of houses in western Nicaragua on Thursday, and authorities said that at least 23 people were injured by falling ceilings, beams and walls in one town. The 6.1-magnitude quake caused panicked Nicaraguans…
New independent catastrophic loss index provider launches in Canada
April 9, 2014 by Canadian UnderwriterA new independent catastrophic loss index provider has launched in Canada, aiming to provide detailed analytical and meteorological information on Canadian natural and man-made catastrophes to the insurance and reinsurance industries. Catastrophe Indices and Quantification Inc. (CatIQ) has an online…
Global catastrophes cause $7 billion in insured losses during first quarter
April 9, 2014 by Canadian UnderwriterNatural catastrophes globally caused roughly $7 billion in insured losses during the first quarter of the year, and $20 billion in economic losses, according to the latest recap report from Aon Benfield’s catastrophe model development arm Impact Forecasting. Severe winter…
Chile says services being restored after quake, but many still suffer outages, scarcity
April 4, 2014 Luis Hidalgo and Luis Andres Henao, THE ASSOCIATED PRESSIQUIQUE, Chile – Chilean officials said Friday that water, fuel, electricity and other essential services are being re-established three days after a powerful magnitude-8.2 earthquake and hundreds of aftershocks that have rattled the country’s far northern regions. But pockets of…
Reinsurers showed ‘strong underwriting profitability’ in 2013: A.M. Best
April 4, 2014 by Canadian UnderwriterRatings firm A.M. Best Company released Friday a special report on global reinsurance, reporting an improvement in loss ratios in both the Lloyd’s and United States and Bermuda markets and “relatively healthy” investment income in the sector. “An A.M. Best…
Chile quakes cause huge evacuations, leave damaged homes, high prices and long lines
April 3, 2014 Luis Hidalgo and Luis Andres Henao, THE ASSOCIATED PRESSIQUIQUE, Chile – Coastal residents of Chile’s far north spent a second sleepless night outside their homes as major aftershocks continued Thursday following a magnitude-8.2 earthquake that damaged several thousand homes and caused six deaths. No new major damage or…