Powerful aftershocks, some as high as magnitude-6.5, strike New Zealand after original M7.8 earthquake: AIR
November 15, 2016 by Canadian UnderwriterPowerful aftershocks have shaken New Zealand since a magnitude-7.8 earthquake struck South Island near Hanmer Springs at 12:02 a.m. local time on Nov. 14, some as strong as magnitude-6.5, AIR Worldwide said on Monday. Although damage has been relatively light,…
Canadian insurers ‘in a tough time for investments,’ A.M. Best analysts warn
November 15, 2016 Greg Meckbach, Associate EditorMergers and acquisitions in the reinsurance sector sometimes involve carriers acquiring managing general agents, while in Canada, M&As have involved insurers trying to “beef up certain parts of their enterprise,” analysts from A.M. Best Company Inc. suggested at a recent…
Earthquake could impact northern and southern California simultaneously, doubling previous residential property damage estimate: CoreLogic
November 15, 2016 by Canadian UnderwriterA large earthquake along the San Andreas fault impacting both northern and southern California simultaneously – once considered impossible – could cause up to 126% more residential property damage than previously thought, according to a new data analysis from CoreLogic,…
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…
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…
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…
Officials in quake ridden central Italy assess damage
October 28, 2016 Alessandra Tarantino and Colleen Barry - THE ASSOCIATED PRESSVISSO, Italy – Officials in central Italy began early Thursday to assess the damage caused by a pair of strong earthquakes in the same region of central Italy hit by a deadly quake in August, as an appeal went out…
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…
August earthquake in Italy expected to cost 34 million euros in property damage, PERILS estimates
October 7, 2016 by Canadian UnderwriterThe initial estimate of the insured property market loss for the damage caused by the earthquake in central Italy on Aug. 24 is 34 million euros, according to PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data. The…
Canadian business leadership critical to reducing climate and other natural disaster risks, PwC Canada says
October 7, 2016 by Canadian UnderwriterCanadian business leadership is crucial to reducing the risks from climate and other natural disasters, PwC Canada said on Friday. That day, PwC convened a group of private and public sector leaders to discuss the case for Canadian businesses to…