Claims
Environment Canada has issued weather alerts for several areas in New Brunswick about the potential development of severe thunderstorms with heavy downpours, large hail and damaging winds. Alerts were issued Aug. 20 for St. Stephen and Northern Charlotte County, Fredericton and Southern York County, Woodstock and Carleton County, and Grand Falls and Victoria County. “The […]
By Canadian Underwriter | August 20, 2013
2 min read
Three federal agencies in the United States have announced plans to remap parts of the east coast where Hurricane Sandy caused major damage and altered shorelines. The National Oceanic and Atmospheric Administration, the U.S. Geological Survey and the U.S. Army Corps of Engineers are using emergency supplemental funds from Congress to survey coastal waters and […]
A project led by Oxfam has brought an index-based flood insurance product to the river basin areas of the Sirajganj district of Bangladesh, in an effort to bring some protection to the vulnerable area. Under the program, 1,661 families in 10 villages will be covered under the insurance on a pilot basis. The product aims […]
The National Oceanic and Atmospheric Administration in the United States is retiring one of the satellites used to capture images of storms from space, after more than a decade in service. The Geostationary Operational Environmental Satellite (GOES)-12 spacecraft was launched in July 2001 with an original operational design life of two years for on-orbit storage […]
By Canadian Underwriter | August 19, 2013
The Hurricane Sandy Rebuilding Task Force in the United States has released a report outlining 69 recommendations for the coastal areas affected by the storm, including making flood insurance more affordable for homeowners. In January, the U.S. Congress passed the Disaster Relief Appropriations Act, 2013, which provides about $50 billion in funding for rebuilding in […]
A proposal by the British government and the Association of British Insurers (ABI) to mandate the provision of flood coverage at capped rates to certain high-risk property owners might be unsustainable in the long term, a new research paper suggests. The London School of Economics announced Monday the publication of a paper that warns that […]
4 min read
There were no serious injuries, but some damage to homes and roads when a 6.5-magnitude earthquake hit central New Zealand in the early afternoon of Aug. 16, reports catastrophe modeller AIR Worldwide. With New Zealand’s stringent building codes, the moderate magnitude of the event and the quake’s epicenter – on land about 10 km southeast […]
3 min read
Zurich Insurance reported a business operating profit of $2.3 billion for the first half of the year, down 9% over 2012. For the second quarter (ended June 30), the company’s operating profit was $937 million, down 18% over the prior year’s comparable period. Net income after tax attributable to shareholders for the first half was […]
By Canadian Underwriter | August 16, 2013
Lloyd’s of London is celebrating 325 years of business this year, publishing a variety of online material to celebrate its legacy. “In the 17th century, London’s importance as a trade centre led to an increasing demand for ship and cargo insurance,” the Lloyd’s website notes. “Edward Lloyd’s coffee house became recognized as the place for […]
1 min read
The Washington-based Union of Concerned Scientists (UCS) has issued a caution that sea level rise and worsening storm surge are increasing both the risks of flooding in coastal communities and the potential for large costs borne by taxpayers in the United States. The caution is outlined in a new UCS report released this week, Overwhelming […]
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