Risk

Insurance costs more than six times greater for wood frame buildings than for concrete buildings, new study finds

A new study of the property insurance costs for wood frame and concrete mid-rise residential buildings has found a substantial gap in the risks and insurance rates between the two building systems. The data for the Study of Insurance Costs for Mid-Rise Wood Frame and Concrete for Residential Buildings, conducted by GLOBE Advisors and released […]

By Canadian Underwriter | March 21, 2016

3 min read

Risk

Global shipping losses down by 45% over a decade: Allianz Global Corporate & Specialty

Global shipping losses continue their long-term downward trend with 85 total losses reported worldwide in 2015, according to the Allianz Global Corporate & Specialty (AGCS) fourth annual Safety and Shipping Review 2016, released on Monday. The shipping review, which analyzes reported shipping losses of over 100 gross tons, found that although the number of losses […]

By Canadian Underwriter | March 21, 2016

3 min read

Risk

Joint effort seeks to help reduce anchor losses, related damage

A new investigation suggests many anchor losses are avoidable and shed light on a potentially bigger issue: the need for crews to be aware of the environmental loads for which equipment is designed. A rising number of anchor losses reported over the last several years prompted an investigation. The investigation was carried out by DNV […]

By Canadian Underwriter | March 18, 2016

3 min read

Risk

Transport Canada touts new flammable liquid emergency response training tool

The federal government announced Thursday that Transport Minister Marc Garneau has endorsed an online awareness tool for handling flammable liquid emergencies. The tool was developed by Enform, a group of six oil and gas industry associations. That tool “helps first responders to assess hazards at the scene, to know who to contact and what resources […]

By Canadian Underwriter | March 17, 2016

3 min read

U.S. interest rates unchanged, Federal Reserve foresees fewer hikes in 2016

WASHINGTON – The United States Federal Reserve is keeping a key interest rate unchanged in light of global pressures that risk slowing the U.S. economy. As a result, officials with the Federal Reserve System expect to raise rates more gradually this year than they had envisioned in December. The officials now foresee two, rather than […]

4 min read

Opta says model lets insurers ‘quickly identify properties more at risk of flooding’

SCM Insurance Services announced Wednesday that its Opta Information Intelligence unit has a partnership with Impact Forecasting LLC to provide flood model products to Canadian insurance providers. “Opta will leverage this technology to provide its customers with the ability to quickly identify properties more at risk of flooding at any geo-coded address across Canada,” SCM […]

5 min read

Smart home technology can be used to reduce potential claims from inclement weather, other risks: Allstate Canada

Smart home technology can serve as a prevention tool for homeowners looking to reduce potential damage related to exposure to the elements, with Allstate Canada reporting Thursday a company review of home claims reveals almost one in four are related to wind and hail. The claims data for Canada shows 38% of all home claims […]

3 min read

Rising demand for cyber insurance creates opportunity for insurers worldwide: IDC Financial Insights

Tremendous opportunities exist for insurers around the world to capitalize on the largely untapped cyber insurance market, a move that could help them balance their risk portfolios and maintain a positive outlook, suggests a report released this week by IDC Financial Insights. Looking to combat the risk of cyber threats – catapulted to a top […]

3 min read

Ottawa, New Brunswick commit two-thirds of funds for $1.13-million storm water infrastructure project

The federal and New Brunswick governments announced Wednesday they will provide nearly $760,000 for storm water infrastructure projects designed to reduce the number of properties at risk of flooding in the Village of Gagetown, N.B. “Project work includes replacing all existing sub-surface storm drains in the community’s downtown and main tourism area, building three larger […]

2 min read

Second-busiest U.S. subway system shut down an entire day

WASHINGTON, D.C. — Facing an unprecedented daylong shutdown of the Metro subway system serving Washington, D.C. and its suburbs, hundreds of thousands of commuters in United States capital were forced to turn to Plan B on Wednesday. While some took advantage of the federal government’s option for employees to take the day off or work […]

4 min read