Keyword
environmental
Chubb’s multi-line practice to focus on large transportation clients in U.S. and Canada, help address wide range of risks
July 20, 2017 by Canadian UnderwriterChubb’s newly launched multi-line industry practice will focus on providing insurance products, service and risk management solutions for best-in-class large risk transportation clients in both the United States and Canada. The formalization of the practice, within the insurer’s Major Accounts…
Oil spill cleanup continues at derailed freight train site, CN investigating
July 4, 2017 The Associated PressPLAINFIELD, Ill. – The effort to clean up 40,000 gallons of crude oil continues south of Chicago where a freight train derailed last week. Canadian National Railway spokesman Patrick Waldron said Monday the company is investigating the cause and circumstances…
Q1 insurance premiums up 95% at Berkshire Hathaway after adverse development reinsurance agreement with AIG
May 8, 2017 by Canadian UnderwriterBerkshire Hathaway Inc. announced Friday it recorded insurance premiums earned of $21.7 billion during the three months ending March 31 – up 95% from $11.1 billion in Q1 2016 -while Cyclone Debbie affected the Omaha, Neb.-based firm’s underwriting result by…
Terrorist attack on extraction companies likely low, cyber risk increase as refining process advances
April 28, 2017 Angela Stelmakowich, EditorPHILADELPHIA – Resources extraction industries are certainly not alone in facing cyber risk, but the risk of a related terrorism attack would most likely be higher later in the refining process, suggested Christof Bentele, head of global crisis management for…
Larger liability claims expected to become more expensive, complex: AGCS
March 30, 2017 by Canadian UnderwriterThere is increasing potential for “larger liability claims to become more expensive, complex and international, demonstrating the pervasive and long-term nature of liability losses,” suggests a new global claims review released Thursday by Allianz Global Corporate & Specialty (AGCS). Industrial,…
AIG sees net loss of about US$3 billion in 2016 Q4
February 15, 2017 by Canadian UnderwriterAmerican International Group, Inc. (AIG) has posted net losses for both the full year and the fourth quarter of 2016, but company president and CEO Peter Hancock reports that actions taken last year will help “dramatically reduce uncertainty and deliver…
AIG, National Indemnity ink reinsurance agreement covering long-tail prior-year commercial casualty
January 20, 2017 by Canadian UnderwriterAmerican International Group Inc. said Friday it “expects a material prior year adverse development charge” during the three months ending Dec. 31, 2016 and that National Indemnity Company (NICO) has agreed to reinsure 80% of losses on certain reserves for…
Swiss Re adopts climate-related financial disclosure recommendations
December 14, 2016 by Canadian UnderwriterSwiss Re announced on Wednesday that it will adopt the climate-related financial disclosure recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD). Swiss Re helped develop the voluntary guidelines on climate risk reporting and is a member of the…
Liberal government defends LNG project approval, says impacts will be monitored
September 29, 2016 by Canadian UnderwriterOTTAWA – The Liberal government is defending its conditional approval of a massive liquefied natural gas project in northern British Columbia by pointing to what it calls a “historic partnership” on monitoring environment impacts. But critics are accusing Prime Minister…
Climate change may undermine soundness of insurers’ current cat models: Global Risk Institute study
July 14, 2016 by Canadian UnderwriterClimate change may undermine the soundness of insurers’ current catastrophe models, as well as diminish the effectiveness of existing portfolio diversification and risk transfer practices, suggested a recent report from the Toronto-based Global Risk Institute (GRI). “On the bright side,…
Alberta’s Notley speaks about climate plan to Trans Mountain Pipeline panel
June 24, 2016 Dean Bennett - THE CANADIAN PRESSEDMONTON – Alberta Premier Rachel Notley says she told an environmental review panel on the Trans Mountain Pipeline that her province is doing its bit to control greenhouse gas emissions. Notley says she told the three-member panel that Alberta’s climate…
Climate change scientists ask federal government to reject B.C. LNG project
May 30, 2016 Gemma Karstens-Smith - THE CANADIAN PRESSVANCOUVER – Dozens of international climate scientists are calling on the Canadian government to reject a proposed liquefied natural gas project in northwestern British Columbia, saying it would have dire environmental effects. Ninety academics from Canada, the United States, Australia…