Claims
PORTLAND, Maine – A U.S. bankruptcy judge has approved a $446-million Cdn settlement fund for victims of the fiery Lac-Megantic oil-train derailment in Quebec, clearing the way for payments to victims by year’s end. Judge Peter Cary in Portland, Maine, announced his decision Friday after Canadian Pacific (TSX:CP) dropped its objection to the settlement plan […]
By Canadian Underwriter | October 9, 2015
3 min read
High water levels are still posing a threat in South Carolina, primarily in the Midlands and Lowcountry, and the situation is expected to worsen as rivers continue to rise, catastrophe modelling firm AIR Worldwide said on Friday. The floodwaters continue to rise due to excess runoff, as the saturated ground cannot absorb more water, AIR […]
Pollution problems resulting from the 2013 fatal railway derailment in Lac-Mégantic, Quebec will persist for years, while officials with the railway company involved were “not exactly leaders” in safety management, a Transportation Safety Board of Canada official suggested to insurance professionals Thursday in Toronto. Don Mustard, senior investigator for rail and pipelines at TSB, was […]
5 min read
Of the 400 vehicles reported stolen to Manitoba Public Insurance (MPI) this past spring, 75% involved the use of keys, the Crown corporation reported recently. The percentage represents an 11% increase for key-related thefts compared to the spring of 2014, MPI said in a press release. With the goal of raising awareness about protecting vehicle […]
2 min read
David Marshall has been appointed as advisor to Ontario’s finance minister on auto insurance and pensions, effective Feb. 1, 2016. Marshall will be charged with providing recommendations to the government on further ways to reduce auto insurance costs in the province, as well as guidance on implementing the Ontario Retirement Pension Plan (ORPP), notes a […]
COLUMBIA, S.C. – It could take until the weekend for the threat of flooding to ease in storm-tattered South Carolina, where a senator warned of a potential billion-dollar cleanup bill, two more people died in the floodwaters and the flagship university sent a home football game 700 miles away. Rivers rose and dams bulged as […]
By Canadian Underwriter | October 8, 2015
4 min read
The U.S. Department of Transportation’s Federal Aviation Administration (FAA) announced this week that it has imposed the largest civil penalty against a drone operator – US$1.9 million – for endangering the safety of the nation’s airspace. The FAA proposed the penalty against SkyPan International, Inc. of Chicago on Tuesday. Between March 21, 2012, and Dec. […]
Drought conditions across western Canada during September were expected to cost the Alberta’s Agriculture Financial Services Corporation (AFSC) between $700 million and $900 million (US$525 million and US$675 million), according to Impact Forecasting, Aon Benfield’s catastrophe model development team. This corresponds to an economic loss exceeding US$1 billion on a national basis. Impact Forecasting’s Global […]
CEOs are overestimating their business’ insurance coverage for both most likely and high-impact risks, which a survey released this week by Marsh and Disaster Recovery Institute International (DRII) indicates are cyber and reputational. Of the almost 200 polled C-suite executives, risk professionals and business continuity managers from large and medium-sized corporations around the globe, respondents […]
Willis Group Holdings plc has announced a $1 million commitment from the global risk advisory and re/insurance broking firm to help mobilize a new multi-party Resilience Modelling and Mapping Forum that will focus on addressing natural catastrophe risk. The announcement, delivered Wednesday evening by Dominic Casserley, CEO of Willis Group Holdings, was made to business […]
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