OTTAWA – A rail-safety audit completed just days before the deadly July train crash in Lac-Megantic, Que., found “significant weaknesses” in Transport Canada’s oversight of federally regulated railways. Those weaknesses include a lack of knowledge of rail routes used to…
Overall insurance rates fell during the third quarter of 2013, though rates in Canada increased for catastrophe-exposed property risks and for directors and officers liability, suggests a new report from brokerage and risk management firm Marsh Ltd. New York City-based…
Desjardins General Insurance Group (DGIG) announced Monday its financial results for the quarter ending Sept. 30, reporting a combined ratio of 95.1%, down from 101.1% in the third quarter of 2012. Net income for Q3 2013 was $45.4 million on…
Lloyd’s has testified to the United States government that the reauthorization of the Terrorism Risk Insurance Act (TRIA) is essential for the private market offering terrorism insurance coverage there, joining other industry players who are also in favour of renewal. …
LAC-MEGANTIC, Que. – Prime Minister Stephen Harper is committing up to $95 million in federal funds to help decontaminate Lac-Megantic’s water and soil. Harper says the money is part of a 50-50 cost-shared agreement with Quebec. “Our government is proud…
OTTAWA – The federal government is forcing rail companies to tell municipalities when they transport dangerous goods through their communities. Transport Minister Lisa Raitt has issued what’s called a protective direction, in the hope it will mean better communication with…
A number of windstorms and flooding events both north and south of the border underscore the need for broad property insurance protection, suggests a new white paper from ACE USA, the U.S.-based retail operations of ACE Group. “Recent extreme windstorms…
WASHINGTON, Ill. _ As a powerful tornado bore down on their Illinois farmhouse, Curt Zehr’s wife and adult son didn’t have time to do anything but scramble down the stairs into their basement. Uninjured, the pair looked out moments later…
Relatively low insurance penetration in the wake of Super Typhoon Haiyan means insurable losses are also expected to be relatively low – as much as US$700 million – against a backdrop of staggering property damage estimates ranging as high as…
Insurers and capital markets need to harness big data to close the disaster gap – the difference between insured and economic costs of natural catastrophes – suggests a new report from BNY Mellon that indicates the cat bond market could…
Willis Capital Markets & Advisory has structured and placed a $300 million catastrophe bond transaction for Catlin Insurance Company and subsidiaries, providing protection against earthquakes in Canada, among other risks. The transaction closed Oct. 30, according to WCMA, the capital…
EDMONTON – The fourth train derailment in Alberta in two months has led the province’s transportation minister to launch an investigation into whether rail companies are meeting their safety obligations. Minister responsible Ric McIver says while rail probes fall under…