Keyword
earthquake
At least two dead in 7.8-magnitude New Zealand quake, widespread damage reported
November 14, 2016 by Canadian UnderwriterA powerful magnitude-7.8 earthquake and several large aftershocks struck New Zealand’s South Island in the early morning hours of Monday local time, killing at least two people and injuring several others, Impact Forecasting has reported. The U.S. Geological Survey (USGS)-registered…
Insurance rates decrease continued to moderate for third quarter in a row: Marsh
November 11, 2016 by Canadian UnderwriterThe third quarter of 2016 marked the third consecutive quarter that the rate of decline for global insurance rates has moderated by weighted average, Marsh notes in its newly released Global Insurance Market Index Q3 – 2016. Pointing out that…
Regulators: Close more disposal wells after Oklahoma quake
November 9, 2016 The Associated PressOKLAHOMA CITY – Oklahoma regulators are ordering the shutdown of more disposal wells and restricting the volume of others near where a magnitude 5.0 earthquake struck. The plan released Tuesday by the Oklahoma Corporation Commission’s Oil and Gas Division requires…
New Zealand insurers settle NZ$19 billion Canterbury claims
November 2, 2016 by Canadian UnderwriterPrivate insurers in New Zealand have paid out almost NZ$19 billion to settle commercial and residential claims since the Canterbury earthquakes in 2010 and 2011, the Insurance Council of New Zealand (ICNZ) announced Tuesday. Of that total, almost NZ$9 billion…
Quake Stakes
November 1, 2016 Angela Stelmakowich, EditorIt may be time to consider not only the unthinkable, but the uninsurable, when it comes to natural disasters. A large earthquake could be a solid candidate for such a scenario, demanding measures that give property and casualty insurers a fighting chance against insolvency.
More than 15,000 Italians displaced by 6.6 earthquake
October 31, 2016 Carlo Piovano And Colleen Barry - THE ASSOCIATED PRESSNORCIA, Italy – Italy’s premier pledged Monday to find temporary housing for all those displaced by a series of powerful earthquakes in a central mountainous region, as the nation’s strongest temblor in 36 years pushed those needing assistance to more…
5.1 earthquake likely caused by wastewater disposal: U.S. Geological Survey
October 24, 2016 by Canadian UnderwriterFAIRVIEW, Okla. – The third-largest earthquake in Oklahoma was likely triggered by underground disposal of wastewater from oil and natural gas production, the United States Geological Survey found in a report issued Monday. The magnitude 5.1 quake that struck northwest…
Great British Columbia ShakeOut attracts record number of registrants
October 20, 2016 by Canadian UnderwriterThe Great British Columbia ShakeOut is clearly gaining more traction, with a record 800,000 British Columbians registering for today’s “Drop, Cover and Hold On” drill, joining almost 41.5 million others around the world. “This year, we saw the largest number…
Cat bond issuance so far in 2016 down 15% compared to same period in 2015, Fort Mac reviving talk about unmodelled risks: PCS
October 5, 2016 by Canadian UnderwriterYear-to-date Cat bond issuance was down more than 15% compared to the prior-year period as a result of a usually light third quarter and a less usual quiet second quarter, notes a new report from Property Claim Services (PCS). The…
Quake Coverage
October 4, 2016 Ted Harman, President, Accent Insurance SolutionsBrokers in Quebec should offer earthquake coverage on every new policy sold and carefully document customers’ refusals to purchase such coverage.
Balance crucial for capital requirements on earthquake, OSFI superintendent Rudin says at NICC
September 30, 2016 Angela Stelmakowich, EditorVANCOUVER – Capital requirements could always be increased to cover an extreme event, such as a huge earthquake in British Columbia, but a balance must be struck, Jeremy Rudin, superintendent of the Office of the Superintendent of Financial Institutions (OSFI),…
Fort Mac wildfire more than an “earnings event” for some insurers, domestic market posts $1 billion underwriting loss in H1: MSA
September 28, 2016 by Canadian UnderwriterThe Fort McMurray wildfire may have been an “earnings event” for the largest insurers in Canada’s property and casualty industry, but that was not the case for some smaller regional writers, notes the newly released MSA Quarterly Outlook Report for…