Topic
Catastrophes
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…
Canadian Pacific CEO says shippers have stonewalled purchase of safer cars: Globe
September 18, 2013 Ross Marowits, THE CANADIAN PRESSCanada’s two large railways anticipate substantial growth in the transportation of crude oil in coming years, but the CEO of Canadian Pacific Railway has accused the country’s petroleum, chemical and commodity producers of persistently stonewalling the purchase of safer tanker…
Marine loss ratios climb, airline losses drop: report
September 10, 2013 by Canadian UnderwriterUnderwriting performance has improved recently in marine and airline insurance, but those lines are “only marginally profitable,” suggests a new report by Swiss Re. The Zurich-based reinsurer announced Thursday it published the latest of its Sigma series of reports, titled…
AIR Worldwide adds non-catastrophe risk to next gen software
September 9, 2013 by Canadian UnderwriterAIR Worldwide announced Monday its next generation software platform, Touchstone, will include the ability to account for catastrophe and non-catastrophe risk in a single platform. By adding non-catastrophe analytics, companies will be able to analyze their risk of property exposure…
B.C. earthquake exposure presents opportunity for insurance carriers as some drop coverage
September 9, 2013 by Canadian UnderwriterEarthquake risk in British Columbia is a “pocket of opportunity” for global insurers, as some carriers have “curtailed” writings while insured values are increasing, suggests a new report from Aon Benfield. The reinsurance division of London-based Aon plc announced Sunday…
Impact Forecasting launches cat model for East Africa earthquakes
September 3, 2013 by Canadian UnderwriterImpact Forecasting, the catastrophe model development arm of Aon Benfield, has launched a new model for East Africa, which the company says is the first for the region. The catastrophe model quantifies the financial impact of earthquakes in the region,…
Global reinsurance outlook stable, investment environment remains a challenge: Fitch
August 29, 2013 by Canadian UnderwriterFitch Ratings issued a stable outlook for global reinsurance ratings on Thursday, saying it expects to affirm most of its current ratings in 2014. Capital strength and continued profitability have allowed for the outlook, the firm said. Apart from a…