Topic
Catastrophes
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…
Railroads agree to voluntary measures to make crude shipments safer
February 21, 2014 Matthew Brown And Joan Lowy, THE ASSOCIATED PRESSBILLINGS, Mon. – Railroads that haul volatile crude shipments have reached an agreement with U.S. transportation officials to adopt wide-ranging, voluntary safety measures after a string of explosive and deadly accidents. The agreement between the U.S. Transportation Department and the…
Insurance Institute to hold National Education Week, offer weather preparedness seminars
February 21, 2014 by Canadian UnderwriterThe Insurance Institute of Canada will be celebrating National Education Week from Feb 24 to 28, with regional chapters holding professional development events for industry professional. Events and seminars hosted across Canada on topics specific to the insurance industry, as…
BNSF seeking to buy upgraded tank cars after fatal accidents expose safety flaws
February 20, 2014 Matthew Brown, THE ASSOCIATED PRESSBILLINGS, Mon. – BNSF Railway Co. says it intends to buy a fleet of 5,000 strengthened tank cars to haul oil and ethanol in a move that would set a higher safety standard for a fleet that’s seen multiple major…
Japan, U.S. face most economic risk from natural hazards
February 20, 2014 by Canadian UnderwriterJapan and the United States face the highest economic exposure to natural hazards, such as tropical storms and earthquakes, notes a new report from risk analytics and research firm Maplecroft. Taiwan, China, India, Mexico, the Philippines, Italy, Australia and Indonesia…
Net income up, property combined ratio down at Swiss Re
February 20, 2014 by Canadian UnderwriterSwiss Re Ltd. released Thursday its financial results for 2013, recording a 2.4-point improvement in the property combined ratio from 2012, a 15% increase in total premiums and a 51% increase in fourth-quarter net income. In property and casualty, Swiss…
Recent earthquakes highlight business interruption issues: Marsh
February 19, 2014 by Canadian UnderwriterInsurance issues with three major recent earthquakes have included policies that do not cover code upgrades after a disaster, interdependency issues with contingent business interruption and allocating loss when there is more than one peril, suggests a new report by…
Rail safety working group says better funding needed for rail safety improvement
February 19, 2014 Bruce Cheadle, THE CANADIAN PRESSOTTAWA – It is not at all clear that Transport Canada has the resources to approve, inspect and maintain current emergency response plans, let alone enough funding for a recommended expansion of the program, says a government-commissioned rail safety report.…
British insurers re-affirm commitment to proposed Flood Re, while River Thames flood warnings downgraded
February 18, 2014 by Canadian UnderwriterAfter facing the wettest January in England since 1776, the British government announced that four of its Cabinet ministers met Tuesday with executives from the Association of British Insurers (ABI), and from some of the major carriers, in order to…