Claims
Risk managers must analyze their company’s exposures to identify mitigation measures that meet challenges posed by the changing face and severity of natural catastrophes, suggests Gaëtan Lefèvre, chairman of the Belgian risk management association, BELRIM. Analyzing and mitigating the effects of climate change, such as floods and windstorms, have become pressing issues for risk managers, […]
By Canadian Underwriter | September 23, 2013
2 min read
The Insurance Bureau of Canada (IBC) is reporting that insured property damage in the wake of the Alberta flooding this June is estimated to now exceed $1.7 billion, making the former the costliest insured natural disaster ever in Canada. For more than a decade, the 1998 icestorm held the record as the country’s most expensive […]
Swiss Re’s claims burden from hailstorms in Germany this past July is estimated at approximately US$240 million, net of retrocession and before tax, accounting for about 10% of the estimated US$2.0 billion to $2.7 billion in related losses industry wide. Swiss Re’s loss estimate follows a number of unusually strong hailstorms throughout Germany this summer, […]
As storms causing flooding in urban areas become more frequent and severe, Canada needs a registry of homes, where incidents of flooding can be tracked, to help mitigate risk as storms become more frequent and severe, according to one academic. Having a registry similar to Carfax or CarProof’s registries for automobiles’ histories would help homeowners […]
An executive from Marsh & McLennan Companies was among the industry representatives testifying before the United States House of Representatives, arguing for the reauthorization of the Terrorism Risk Insurance Act (TRIA). Peter J. Beshar, executive vice president and general counsel of Marsh & McLennan, testified Thursday and said his organization supports the reauthorization and modernization […]
By Canadian Underwriter | September 20, 2013
Economic damages from floods in Colorado will exceed US$2 billion but the most losses will not be insured due to exclusions in basic homeowners’ policies, predicts catastrophe modelling software maker EQECAT Inc. Several people have died as a result of the floods, which have damaged or destroyed at least 19,000 homes. The heavy rains, flash […]
4 min read
WINNIPEG – The Manitoba government says a rail company’s plans to start transporting oil across hundreds of kilometres of remote rail line built on permafrost is too risky to the environment and the safety of those who live in the north. NDP Transportation Minister Steve Ashton said in light of the deadly train derailment in […]
Europe has made “significant progress” in reducing the impact of disasters across the continent in the nine years since a global agreement was made. Kristalina Georgieva, the EU’s commissioner for international cooperation, humanitarian aid and crisis response, said this week that progress has been made since the Hyogo Framework for Action, an agreement monitored by […]
1 min read
The Supreme Court of Canada has denied an application by Nicola Zefferino, who lost a lawsuit two years ago against Meloche Monnex Insurance Company, to appeal a ruling by the Ontario Court of Appeal. On March 1, the provincial appeal court upheld an Ontario Superior Court of Justice ruling released Jan. 9 2012. In that […]
By Canadian Underwriter | September 19, 2013
Canada’s two large railways anticipate substantial growth in the transportation of crude oil in coming years, but the CEO of Canadian Pacific Railway has accused the country’s petroleum, chemical and commodity producers of persistently stonewalling the purchase of safer tanker cars. Hunter Harrison, who has been CEO of Canadian Pacific since mid-2012 and before that […]
By Canadian Underwriter | September 18, 2013
3 min read
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