Topic
Catastrophes
Japan, U.S. winter weather brings February catastrophe total to $1 billion
March 6, 2014 by Canadian UnderwriterCatastrophes worldwide caused roughly $1 billion in insured losses in February, according to the latest recap report from Impact Forecasting, the catastrophe model development arm of Aon Benfield. Record snowfall in Japan resulted in total claims payouts of about $585…
Swiss Re decries ‘regulatory fragmentation’ as one factor discouraging insurers from investing in high-yield infrastructure projects
March 3, 2014 by Canadian UnderwriterPolicymakers needs to create a “global infrastructure asset class” in order to encourage insurance carriers and other institutional investors to put their money in long-term infrastructure loans — including transport, utilities, health care and education — suggests a recent report…
Expansion of Nevada-based Earthquake Lab makes it biggest in U.S., second biggest in world
March 3, 2014 THE ASSOCIATED PRESSRENO, Nev. – There’s a whole lot of shakin’ going on at the University of Nevada, Reno. UNR’s seismic-simulation facility became the largest in the United States and second largest in the world this week with an expansion that included…
Buffett says some crude oil more dangerous than expected, railroad tank cars must change
March 3, 2014 THE ASSOCIATED PRESSOMAHA, Neb. – Investor Warren Buffett says it’s clear that railroad tank cars carrying crude oil need to be updated because oil from certain regions has the potential to be more dangerous than previously thought. Buffett appeared on CNBC Monday…
Weather Beaten?
March 1, 2014 Greg Meckbach, Associate EditorClimate change is contributing to sea level rise, coupled with changing temperature and precipitation patterns. This has Canadian municipal risk managers grappling with challenges posed by more frequent and more severe disasters, including flood and damaging winds. While some officials focus on mitigation measures, such as improving drainage and building dikes, some experts suggest the best approach is to discourage development in high-risk areas, or at the very least, enforce building standards that reduce risk.
Business Case
March 1, 2014 Kevin Leong, Chief Executive Officer & Chief Agent, Canada, Allianz Global Corporate & SpecialtyBusiness risks are becoming increasingly complex. Canadian companies must respond to growing challenges by adopting stronger internal controls, implementing a holistic approach to risk management and determining if business continuity plans are robust enough to adequately address any major interruption.
Preparing for Disaster
March 1, 2014 Gregor Robinson, Senior Vice President, Policy & Chief Economist, Insurance Bureau of CanadaUnderstanding insurance industry conditions today can help Canada be better prepared moving forward. The cost of natural disaster is rising as the global risk landscape evolves. Policy-makers must re-evaluate how they mitigate the financial impact of disasters.
A Matter of Time
March 1, 2014 Arash Nasseri, Senior Engineer, Research and Modelling, AIR WorldwideEarthquakes happen in Canada all the time, but most are either too slight to cause damage or occur in remote and sparsely populated areas. But it is only a matter of time before a really significant earthquake strikes one of the major concentrations of insured property found today in highly developed areas.
Beauty and the Beast
March 1, 2014 Angela Stelmakowich, EditorHeavy snow in Japan that closed many roads, choking off the delivery of goods and parts to about a half-dozen car makers, recently prompted the suspension of operations for as long as several days. Activity has since resumed, but the…
Majority of insurer-led Canterbury earthquake rebuild projects completed or underway, Insurance Council says
February 27, 2014 by Canadian UnderwriterThe majority of insurer-managed “over cap” repair and rebuild projects for damage from the 2011 Canterbury earthquake are now completed or underway, the Insurance Council of New Zealand said Wednesday. As of the end of 2013, 1,494 insurer-managed rebuilds and…
Rail cars used to ship oil ‘unacceptable public risk,’ replacement cars may not be sufficient
February 27, 2014 Joan Lowry, THE CANADIAN PRESSWASHINGTON – Rail tank cars being used to ship crude oil from North Dakota’s Bakken region are an “unacceptable public risk,” and even cars voluntarily upgraded by the industry may not be sufficient, a member of the National Transportation Safety…
U.S. federal emergency order says oil shipments must meet more stringent shipping rules
February 26, 2014 Joan Lowy And Matthew Brown, THE ASSOCIATED PRESSWASHINGTON – Federal regulators issued an emergency order Tuesday requiring more stringent testing of crude oil before shipment by rail to determine how susceptible the cargo is to explosion or fire, a response to a string of train accidents since…