Keyword
earthquake
Insurers to discuss ‘Plan B’ for federal earthquake insurance backstop
April 23, 2024 by David GambrillCanada’s property and casualty insurers are starting to discuss a ‘Plan B’ for an earthquake backstop, given the federal government’s slow progress on establishing a national flood insurance program. Insurance Bureau of Canada president and CEO Celyeste Power talked about…
When the national earthquake early warning system goes live
February 8, 2024 by Jason ContantCanada’s national earthquake early warning system is expected to go live in British Columbia in April followed by Ontario and Quebec this fall, a program manager for the federal government told delegates at CatIQ Connect Wednesday. The system works by…
Earthquakes Canada receives hundreds of reports in B.C. after 4.9 magnitude quake
December 18, 2023 The Canadian PressVICTORIA – Earthquakes Canada says a 4.9 magnitude earthquake was recorded Sunday afternoon and public reports poured in from hundreds of kilometres away from the event’s epicentre. John Cassidy, a seismologist with Natural Resources Canada, says people over a “very…
Where the feds stand with an earthquake backstop
December 7, 2023 by David GambrillCanada’s federal government is aware of the need for a government financial backstop for earthquake losses, but the question is, will an earthquake happen before then? Panellists at Canadian Underwriter’s 2024 Economic Outlook webinar Nov. 27 were asked if there…
What Canadian insurers can learn from a New Zealand earthquake
June 30, 2023 Philip PoradoPrivate property and casualty (P&C) insurers can’t be the sole providers of coverage for peak peril because they cannot efficiently assume extreme tail risk. That’s a key takeaway for Canada’s P&C insurers from a catastrophic 2011 earthquake in Christchurch, New…
Which peril might bankrupt the Canadian P&C industry?
June 28, 2023 Canadian Underwriter StaffOttawa’s effort to build policy around flood risk in the face of climate change is important, but it overlooks a peril that could be far more catastrophic for Canadian P&C insurers, Alister Campbell, president and CEO of Property and Casualty…
OSFI to review earthquake risk and minimum capital tests
May 25, 2023 by Jason ContantCanada’s solvency regulator will take a closer look at earthquake risk and the minimum capital test (MCT) for P&C insurers, an executive from the Office of the Superintendent of Financial Institutions (OSFI) said during an industry event last week. Earthquake…
Regulator defends finding that Alberta’s largest earthquake was caused by oilpatch
March 30, 2023 Bob Weber - THE CANADIAN PRESSEDMONTON – Alberta’s energy regulator has defended its finding that the province’s largest recorded earthquake was caused by oilpatch activity, saying the pattern of temblors since last fall clearly points to a water disposal well even though there’s no suggestion…
New earthquake model considers eastern Canada risk
March 9, 2023 by Jason ContantAon plc has launched a new earthquake model for Canada, one that takes into account the well-known risk in western provinces but also the lesser-known risk in eastern Canada. The model is based on the latest scientific research from Natural…
What’s the best way to increase earthquake insurance take-up in Quebec?
February 8, 2023 by Jason ContantThe best way to get consumers to buy earthquake insurance in provinces like Quebec is to find a balance between highlighting the benefits of early intervention and not making the narrative too scary, a research social scientist told delegates at…
What a Canadian public earthquake backstop might look like
January 31, 2023 by David GambrillA federal government backstop designed to help private insurers cover high-risk flooding could be extended to protect Canadians from earthquake risk as well, Canada’s home, car and business insurers suggested in a release Tuesday. Meanwhile, in the absence of a…
B.C. to install earthquake warning sensors to give life-saving notice
January 27, 2023 The Canadian PressVICTORIA – Up to 50 earthquake early warning sensors are being installed around British Columbia as part of a larger plan to protect people and infrastructure in a big quake. The sensors will be connected to the national Earthquake Early…