Keyword
earthquake
Guess how much a magnitude-5.8 earthquake in eastern Canada could cost insurers?
January 15, 2018 Peter Rakobowchuk - THE CANADIAN PRESSMONTREAL – While people in British Columbia are mindful of the fact they could eventually face some of the strongest earthquakes in the world, at least one study warns there’s a lack of awareness of the risk in Eastern Canada.…
Eastern Canadian earthquake risk a “huge opportunity” for industry
December 21, 2017 Greg Meckbach, Associate EditorComplacency about real risks, such as an earthquake affecting Eastern Canada, present a “huge opportunity” for insurance providers to educate consumers, a former Economical Insurance CEO said Monday. “Human beings really don’t like thinking about the bad things that could…
Powerful earthquake on Iran-Iraq border kills over 350
November 13, 2017 Nasser Karimi and Amir Vahdat - THE ASSOCIATED PRESSTEHRAN, Iran – A powerful 7.3 magnitude earthquake near the Iraq-Iran border killed over 350 people across both countries, sent residents fleeing their homes into the night and was felt as far away as the Mediterranean coast, authorities said Monday.…
Cats a significant driver in Everest Re Group’s posting US$639.4 million net loss in 2017 Q3
October 31, 2017 by Canadian UnderwriterLosses from hurricanes Harvey, Irma, Maria (HIM) and the Mexico City earthquake contributed to Everest Re Group, Ltd. posting a US$639.4 million net loss for 2017 Q3 compared to net income of US$295.4 million for the prior-year quarter. For the…
Hurricanes expected to deliver 1.4 billion euro hit to Munich Re in third quarter, total tally estimated at 2.7 billion euros
October 26, 2017 by Canadian UnderwriterExceptional major-loss expenditure related to hurricanes Harvey, Irma and Maria (HIM) are expected to result in Munich Re posting a loss of 1.4 billion euros in 2017 Q3, reducing the (re)insurer’s previously anticipated full-year profit. Emphasizing that current estimates “are…
Record number of registrants in 2017 Great British Columbia ShakeOut earthquake drill: IBC
October 20, 2017 by Canadian UnderwriterAwareness of earthquake risk in British Columbia looks to be on the rise if registrants for the 2017 Great British Columbia ShakeOut, which reached record numbers this year, is any indicator. A record 886,000 British Columbians participated Thursday, joining millions…
Understanding of quake protective measures, insurance coverage faulty in Quebec: survey
October 19, 2017 by Canadian UnderwriterThe lion’s share of polled Quebecers remain unprepared for an earthquake, with a mere 8% of respondents understanding the immediate protective measures that should be taken in the event of a quake, Insurance Bureau of Canada (IBC) reports. The concerning…
Hurricanes to date a capital event for reinsurers, 2017 could be even more costly Cat year than 2005
October 16, 2017 by Canadian UnderwriterThe above-average activity for the Atlantic hurricanes season so far – a season that is not yet done – is already a capital event for p&c reinsurers and the remainder plus wildfire activity likely only contributes to nervousness, S&P Global…
B.C. researchers develop “earthquake-resistant” concrete
October 10, 2017 The Canadian Press (CPSTF)VANCOUVER – Researchers in British Columbia have developed a spray-on concrete they say will protect schools from even the strongest earthquakes and cut the cost of seismic retrofits in half. The new material will be used in the next few…
Mexico earthquake and three hurricanes could cost the industry US$95 billion: SCOR
October 10, 2017 by Canadian UnderwriterCatastrophe losses “should reach” US$95 billion, for the private insurance market, from three recent North Atlantic hurricanes and the earthquake in Mexico, SCOR SE suggested Monday. That figure is the “total private insured market loss for the combined Harvey-Irma-Maria hurricanes…
Insured losses from latest Mexico earthquake not expected to exceed US$1.2 billion: RMS
September 25, 2017 by Canadian UnderwriterLow insurance penetration rates across Mexico, particularly in residential lines, has prompted RMS to issue a preliminary estimate that insured losses from the Puebla earthquake in central Mexico on Sept. 19 will not exceed US$1.2 billion. “This estimate accounts for…
Rescuers dig through collapsed buildings as Mexico quake kills 225
September 20, 2017 Christopher Sherman, Peter Orsi and Mark Stevenson - THE ASSOCIATED PRESSMEXICO CITY – Rescuers said Wednesday they have found a surviving child in the ruins of a school that collapsed in Mexico’s magnitude 7.1 earthquake, one of many efforts across the city to save people trapped in under schools, homes…