Category: Natural Disasters

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Severe weather dominates Aon Benfield cat report

By on Jul 12, 2010 in Natural Disasters

Reinsurance intermediary and capital advisor Aon Benfield has released its latest Monthly Cat Recap report, which provides an analysis of global perils in June. Published by the Impact Forecasting team, Aon Benfield’s catastrophe model development center of excellence, the report reveals that the month was dominated by several floods and severe weather events which impacted [...]

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Ontario gives $1M to help with tornado cleanup

By on Jul 07, 2010 in Natural Disasters

The Ontario government is providing up to $1 million in special assistance to the tornado ravaged town of Midland. The special assistance grant will help with cleanup costs and repairs following June 23’s twister. Money will also be available to help individuals and non-profit groups with costs not covered by insurance. The tornado that hit [...]

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Losses from Hurricane Alex not to exceed $200M

By on Jul 07, 2010 in Natural Disasters

Catastrophe risk modeling firm AIR Worldwide estimates that insurable losses (losses from properties that are eligible for insurance, whether or not they are actually insured) from Hurricane Alex are not expected to exceed $200 million USD. Since insurance penetration in Mexico is relatively low, insured losses are not expected to be significant. This loss estimate [...]

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$147 million paid to settle oil spill claims

By on Jul 06, 2010 in Natural Disasters

BP says that it has now spent more than US$3 billion in attempts to stop an oil leak in the Gulf of Mexico and to settle damage claims. The oil company said yesterday that is has spent $3.12 billion so far attempting to contain oil, paying claims and reimbursing the U.S. and local governments. BP [...]

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Bastardi ups hurricane forecast to 18-21 storms

By on Jul 05, 2010 in Natural Disasters

AccuWeather.com’s Chief Hurricane Meteorologist says that the 2010 hurricane season is set to become even more extreme. Joe Bastardi has increased his original forecast from 16-18 storms to 18-21, with at least eight impacts and six hurricanes, and two or three of those hurricanes will have major landfalls. Only five years in the 160 years [...]

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Top ten Canadian earthquakes of all time

By on Jul 05, 2010 in Natural Disasters

There’s never been any doubt that parts of Canada are prone to seismic activity. British Columbia, especially the Vancouver, Lower Mainland and Vancouver Island regions are at especially high risk, with the threat of “The Big One” looming over the heads of residents. (And reinsurance intermediary and capital advisor Aon Benfield recently said that this [...]

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IBC deploys CAMP to tornado-stricken Ontario town

By on Jun 29, 2010 in Natural Disasters

In response to June 23’s tornado touchdown in Midland, ON, Insurance Bureau of Canada (IBC) has deployed its Community Assistance Mobile Pavilion (CAMP) to help impacted residents. "Fortunately, early reports indicate there were no serious injuries as a result of the storm," said Ralph Palumbo, IBC’s Vice-President, Ontario, in a press release. "But the property [...]

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Mega-earthquake hotspots include Canada’s Cascadia

By on Jun 24, 2010 in Natural Disasters

Reinsurance intermediary and capital advisor Aon Benfield has released its report ‘When The Earth Moves: Mega-Earthquakes To Come?’ in conjunction with the Aon Benfield UCL Hazard Research Centre.   Following the 2010 Chile earthquake, the new research identifies the Caribbean, Cascadia in North America, Chile, Indonesia and Japan as areas where mega-earthquakes of moment magnitude [...]

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Gov’t assistance won’t cover BC landslide damage

By on Jun 18, 2010 in Natural Disasters

The people whose homes were destroyed by a landslide on June 13 in southern British Columbia found out on June 15 that they will receive some assistance from the provincial government to help them rebuild. But the community’s mayor predicted the assistance won’t be nearly enough to cover what’s believed to be millions of dollars [...]

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Places of worship at risk for lightning strikes

By on Jun 16, 2010 in Natural Disasters

Colin Robertson, Risk Control Manager for Ecclesiastical Canada, is encouraging every place of worship, and especially those with steeples or bell towers, to review their level of lightning protection and to ensure its proper maintenance. One of Winnipeg’s oldest places of worship (a designated Manitoba heritage site) was struck by lightning in the early hours [...]

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Loss burden from Chilean quake now at $1 billion

By on Jun 16, 2010 in Natural Disasters

The long-term trend towards ever higher natural catastrophe costs continues, Munich Re’s Geo Risks experts conclude in view of the large number of natural catastrophes recently, the latest examples being the earthquake in Chile, hailstorms in Australia and Winter Storm Xynthia in Europe. Munich Re now estimates its loss burden from the earthquake that struck [...]

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Manitoba flood damage will cost well over $1M

By on Jun 04, 2010 in Natural Disasters

Manitoba Premier Greg Selinger says damage from heavy rain over the last weekend in May will tally well over $1 million. Selinger is promising disaster financial assistance to help homeowners deal with flooded land, and to help municipalities repair washed out roads and other infrastructure. Selinger says the figure does not include a sewage backup [...]

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Active 2010 hurricane season: Tropical Storm Risk

By on May 31, 2010 in Natural Disasters

Tropical Storm Risk (TSR), which provides real-time mapping and prediction of tropical cyclone windfields worldwide and is co-sponsored by Aon Benfield, has released its pre-season outlook report to coincide with the start of the 2010 Atlantic hurricane season. The report anticipates Atlantic basin and U.S. landfalling hurricane activity being 55% above the long-term (1950-2009) norm. [...]

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New volcanic ash avoidance rules proposed

By on May 21, 2010 in Natural Disasters

The European air safety agency says it is proposing new procedures that would significantly decrease airspace closures due to volcanic ash in the future. Spokesman Daniel Hoeltgen says the new solution would adopt the U.S. practice of imposing a 190 kilometre no-fly buffer zone for all airliners flying around any visible ash plume. The change, [...]

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IBC program helps Canadians affected by disasters

By on May 14, 2010 in Natural Disasters

Canadians who are suddenly forced to cope with extreme weather events such as windstorms, wildfire and torrential rains, as well as other disasters, will now have quick access to on-site insurance-related information, thanks to a new national program launched by Insurance Bureau of Canada (IBC). In consultation with provincial authorities, IBC will deploy its Community [...]

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Business and insurance implications of ash

By on Apr 27, 2010 in Natural Disasters

In a new media release, Stephen Cross, CEO of Aon Global Risk Consulting, commented on the business and insurance implications of the ash cloud that has been causing difficulties across much of Europe: Does Business Interruption Insurance cover it? “Typically, Business Interruption (BI) insurance policies will most likely not be responding to the disruption to [...]

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Lloyd’s: US tornado season gets underway

By on Apr 23, 2010 in Natural Disasters

Householders, businesses and farmers up and down the US are battening down the hatches in preparation for the 2010 tornado season, which gets properly underway this month. In a new report, Lloyd’s of London is taking a look at tornados in the US. The peak of US tornado season varies by geographic region but usually [...]

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Airlines saw $1.7B go up in ash

By on Apr 23, 2010 in Natural Disasters

Airlines lost at least $1.7 billion in revenue during the volcanic ash crisis, an industry group said on Wednesday, April 21 as the debate heated up over whether European governments were justified in shutting down their airspace for so long. Planes were flying into all of Europe’s top airports – London’s Heathrow, Paris’ Charles de [...]

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Vesuvius is Europe’s most dangerous volcano

By on Apr 21, 2010 in Natural Disasters

If Italy’s Mount Vesuvius erupted today, it could result in more than 8,000 fatalities, 13,000 serious injuries and total economic losses of more than $24 billion. The Willis Research Network (WRN) released its list of the top ten most dangerous volcanoes in Europe, and Vesuvius came in on top. The WRN team said that Vesuvius [...]

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