Topic
Catastrophes
Three necessities for Canada’s national flood insurance program
March 21, 2024 by Jason ContantCanada’s upcoming national flood insurance program needs to specify exclusions, phase in risk-based premiums, and provide incentives for flood resilience measures, the Canadian Climate Institute (CCI) says in a recent blog. A low-cost flood insurance program should drive safer decisions…
How Canada’s winter weather predicts 2024 Cat claims
March 21, 2024 by Alyssa DiSabatinoThis winter clocked in as Canada’s warmest winter ever, and adjusters are already sounding the alarm that a winter with no or little snow could mean more wildfire claims over the rest of the year. Snowpack in winter is one…
OSFI responds to industry’s concerns re: climate risk reporting
March 20, 2024 by David GambrillCanada’s solvency regulator has tweaked its climate risk reporting guidelines in response to input from the property and casualty insurance industry. In several ways, OSFI has responded positively to concerns expressed by P&C insurers over how climate change-related risk and…
What claims adjusters earn in Canada
March 20, 2024 by Alyssa DiSabatinoEditor’s Note: This article has been updated to clarify the different ways in which adjusters in Canada earn compensation. In-field adjusters are making slightly more than their desk adjuster and claims representatives counterparts, according to Impact Recruitment’s 2024 Insurance…
How winter storms tally this year compared to last
March 15, 2024 by Alyssa DiSabatinoMaritimers were digging out for days after historic levels of snowfall dropped atop Nova Scotia and P.E.I. in early February. The multi-day storm produced nearly 5 feet of snow in Cape Breton, N.S. Then about two weeks later, Nova Scotians…
Quebec lender ending new mortgages in flood zones. Is insurance next?
March 15, 2024 Morgan Lowrie - The Canadian PressQUEBEC — Nearly five years after floods raced through hundreds of Quebec communities and forced thousands from their homes, a major lender’s decision to stop issuing new mortgages in flood zones is the latest challenge for cities trying to adapt…
B.C. orchards and vineyards to get $70M to replant after disastrous weather
March 14, 2024 The Canadian PressBRITISH COLUMBIA — Farmers in British Columbia will get an extra $70 million to replant and strengthen fruit orchards and vineyards after two years of weather-related disasters, says Premier David Eby. The commitment comes after a devastating cold snap in…
Who’s responsible when construction projects go wrong
March 13, 2024 By Dr. Yasser Korany, KSI EngineeringConstruction project delays can expose commercial insurers to significant claims costs. Canada’s property and casualty insurance market collected more than $748 million in direct written premiums for surety bonds in 2022, per Canada’s solvency regulator, the Office of the Superintendent…
Night once brought firefighting reprieve, but no longer, Canadian study shows
March 13, 2024 Brenna Owen - The Canadian PressBRITISH COLUMBIA — The darkness of night has traditionally signalled reprieve for wildland firefighters, but a new Canadian study shows that’s changing, and drought is the driving force. The availability of bone-dry fuels is the key mechanism promoting extreme fire…
Federal disaster aid for Fraser Valley floods, landslides taking too long: B.C. MP
March 12, 2024 Mia Rabson - The Canadian PressThe federal government estimates it will need to pay almost $3.4 billion for its share of the disaster recovery bills for flooding and landslides that devastated British Columbia’s Fraser Valley in November 2021. But more than two years after that…
What Western Canada’s deep freeze cost insurers
March 11, 2024 by David GambrillCanada’s property and casualty insurers rang in 2024 by paying out $180 million to repair damage caused by Western Canada’s deep freeze in mid-January. Insurance Bureau of Canada (IBC) released the figure Monday, which is based on industry claims totals…
‘Clean slate’ to reshape B.C. wine industry, after climate-related catastrophes
March 11, 2024 Brenna Owen - The Canadian PressThe heart of British Columbia’s wine industry is reeling after suffering a litany of climate-related hits, resulting in two years of crop losses in the southern Interior. Record-breaking heat. Wildfires and smoke that repeatedly contaminated grapes. A destructive cold snap…