Keyword
wildfire
Business interruption payouts should be based on historic results even in post-disaster economy: AEIC speaker
October 11, 2016 by Angela StelmakowichThe Fort McMurray wildfire will likely raise questions about the basis for business interruption (BI) insurance payouts in a post-catastrophe economy, but historic results are the best indication of what otherwise would have occurred, Emily Stock argued during the 43rd…
Alberta emergency relief funding following wildfire to end this month
October 6, 2016 by Canadian UnderwriterThe emergency payment program that has helped approximately 96,000 Wood Buffalo evacuees, forced from their homes in the wake of the massive Fort McMurray wildfire this past May, is ending Oct. 31. The program – which has provided wildfire relief…
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…
Colorado wildfire destroys eight homes, forces evacuations
October 5, 2016 The Associated PressBEULAH, Colo. – A wildfire that has forced hundreds of evacuations in southern Colorado destroyed at least eight homes, but firefighters took advantage of calmer weather Tuesday to get a handle on the blaze. Three helicopters and three air tankers,…
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…
California heat wave intensifies wildfire threatening homes
September 27, 2016 Noah Berger and Kristin J. Bender - THE ASSOCIATED PRESSMORGAN HILL, Calif. – A heat wave stifling drought-stricken California worsened a wildfire Tuesday that burned buildings and forced people from their homes in remote communities along the Santa Cruz Mountains. The blaze in a rugged area about 30 miles…
Change in exposure driving widening gap between insured, economic losses following disaster events
September 14, 2016 by Angela StelmakowichCALGARY – A dramatic loss scenario around disaster events is developing globally, contributing to a widening gap between insured and economic losses, Alex Kaplan, senior vice president of global partnerships for Swiss Re, suggested earlier this week during the RIMS…
Cleaning Up After the Beast
September 2, 2016 Emily Atkins, EditorA hail of glowing embers bounces off the hood of the pickup creeping in gridlocked traffic. Headlights can’t penetrate the billows of greasy smoke swirling in a hot, heavy wind. As the camera pans, pine trees barely a car-length away…
Wildfire prompts evacuations of 700 homes in California
August 31, 2016 The Associated PressBANNING, Calif. – A wildfire that tore through brush east of Los Angeles forced 700 people from their homes for several hours Tuesday and destroyed a small building, officials said. The fast-moving fire prompted the evacuations as it raced through…
Wildfire still active, 75% contained in British Columbia’s Okanagan Valley
August 24, 2016 THE CANADIAN PRESSWEST KELOWNA, B.C. — Visitors forced to flee from a campsite in British Columbia’s Okanagan Valley ahead of a raging wildfire on Sunday night will have a chance to retrieve abandoned items. The Central Okanagan Regional District says people who…
Impact of Fort Mac wildfire adds to Alberta’s economic challenges, increases deficit: province
August 24, 2016 by Angela StelmakowichCosts associated with the wildfire that ravaged parts of Alberta’s Wood Buffalo region this past May, coupled with the impact of ongoing low oil prices, has set the provincial government on a continuing cautious course to its finances. “In the…
California firefighters stretched thin as blazes sweep state
August 23, 2016 Don Thompson - THE ASSOCIATED PRESSSACRAMENTO, Calif. – California’s state fire department is stretched thin just as the bone-dry state enters the peak of its wildfire season, with vacancy rates exceeding 15 per cent for some firefighters and supervisors. The vacancy rate is more than…