Claims
There is a distinct difference between magnitude and intensity when it comes to earthquakes, and what people actually “feel” can provide valuable insight to seismologists, Hadi Ghofrani, a seismologist and research assistant at the University of Western Ontario, noted during a luncheon Thursday in Toronto. Ghofrani quipped during the luncheon, hosted by the Property Casualty […]
By Canadian Underwriter | January 16, 2015
5 min read
CALGARY – Canada’s environment minister chose a city that has had more than its fair share of extreme weather events to announce $134 million Thursday to improve the quality of forecasts and warnings. Calgary and parts of southern Alberta have been on the receiving end of extensive flooding in 2013, numerous wind and hail storms […]
2 min read
Investors put more than US$8 billion into catastrophe bonds last year, and assets under management in insurance-linked security should continue to grow, Willis Securities Inc. stated in a report released Thursday. “We would not be surprised to see $9 billion of issuance in 2015,” Willis Capital Markets & Advisory, the brand used by Willis Securities, […]
By Canadian Underwriter | January 15, 2015
A new approach to combating cyber security risks must be developed, one that incorporates better legislation and defensible architecture, a retired U.S. army general said during the Property/Casualty Insurance Joint Industry Forum in New York. With the continuous changes in cyber and terrorism risk, the government has the same problems as any industry, a press […]
Catastrophe modeling firm AIR Worldwide estimates that the current 1.00% exceedance probability loss (or the 100-year return period loss) is approximately $231.5 billion and the long-term average annual loss from natural catastrophes and terrorism is $72.6 billion. That’s compared with $219.4 billion for the 100-year return period in 2013, and $205.9 billion in 2011. All […]
By Canadian Underwriter | January 14, 2015
Business interruption and disruption to supply chains are among the main concerns organizations will face in 2015, according to the new Risk Barometer report from Allianz. In a worldwide survey of more than 500 risk managers and insurance experts within Allianz and other global businesses, supply chain risk was ranked as a top concern by […]
WASHINGTON – The world’s oceans are now rising far faster than they did in the past, a new study says. The study found that for much of the 20th century – until about 1990 – sea level was about 30 per cent less than earlier research had figured. But that’s not good news, scientists say, […]
Associations representing both risk managers and American property & casualty insurance carriers praised the passage this week of a law extending the United States government backstop for commercial terrorism insurance coverage. The Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) was signed into law Monday by President Barack Obama. The Terrorism Risk and Insurance Act (TRIA) […]
WASHINGTON – President Barack Obama is proposing cybersecurity legislation that increases government information-sharing and protects businesses from lawsuits for revealing cyberthreats. But an Associated Press review shows that some of his plans are retreads from years past. Privacy advocates criticized other elements, especially involving data-sharing between companies and the government, in light of an ongoing […]
By Canadian Underwriter | January 13, 2015
4 min read
HIGH RIVER, Alta. – It’s been 18 months since heavy flooding in southern Alberta and one community particularly hard hit is still getting back on its feet. An update on High River’s disaster relief fund says more than $820,000 in donations have now been distributed in the community south of Calgary. The money has been […]
By The Canadian Press | January 13, 2015
1 min read
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