Topic
Catastrophes
Out of control Saskatchewan wildfire triggers state of emergency, evacuation
April 23, 2019 THE CANADIAN PRESSBIGGAR, Sask. – Saskatchewan’s fire commissioner is urging people across the province not to have open fires as a wildfire around the town of Biggar sparked a state of emergency and some evacuations. Duane McKay says crews are assessing what…
Flooding fears persist in Quebec town after worst deluge in 48 years
April 17, 2019 THE CANADIAN PRESSBEAUCEVILLE, Que. – A Quebec town that this week suffered its worst flooding in nearly 50 years is fearing more damage as rain is forecast in the coming days. Officials in Beauceville, about 90 kilometres south of Quebec City, say…
Uber-style platform for expediting appraisals now in Canada
April 16, 2019 by David GambrillAn Uber-style platform to expedite home and auto claims appraisals has made its way into Canada. Offered by WeGoLook, the online and mobile sharing-economy platform provides personalized, onsite data capture for inspections and low-complexity services across the United States. Now…
Is the reserve release tank running on empty?
April 15, 2019 by David GambrillThe Canadian property and casualty industry saw its reserve releases contract in 2018 to their lowest level in seven years, according to MSA’s Q4 2018 Quarterly Outlook. Expressed as a percentage of loss development margin, reserve releases last year amounted…
March winter storm costs insurers over $124 million
April 12, 2019 by Jason ContantA mid-March winter storm that struck central and eastern Canada caused over $124 million in insured damage, Catastrophe Indices and Quantification Inc. (CatIQ) said Thursday. The storm hit Ontario on Mar. 14 and continued through Quebec, New Brunswick and Nova…
The change to disaster mitigation funding that IBC is looking for
April 10, 2019 by Greg MeckbachThe insurance industry needs to ensure its own flood risk maps are widely available and the federal government needs to make it easier to spend money on disaster mitigation projects, says Insurance Bureau of Canada CEO Don Forgeron. The federal…
More than 100,000 Quebeckers without power after wind, freezing rain
April 10, 2019 THE CANADIAN PRESSMONTREAL – Premier Francois Legault says the large majority of the more than 100,000 Quebec homes still without power after Monday’s ice storm will have electricity restored by Wednesday night. Speaking to reporters in Quebec City, Legault thanked Hydro-Quebec crews,…
Two winter storms, one $70-million claims bill for insurers
April 9, 2019 by David GambrillThe busy catastrophe season in Canada thus far is continuing with no signs of slowing down. Two severe weather storms in Ontario this year, one in February and one in March, cost insurers more than $70 million in insured damage,…
Storm leaves more than 275,000 people without power in southern Quebec
April 9, 2019 THE CANADIAN PRESSMONTREAL – Hundreds of thousands of people are still without power in southern Quebec after the region was hit freezing rain and strong winds. Quebec-Hydro says the storm Monday caused branches and trees to come in contact with their network,…
Some earthquake deductibles too high: IBC
April 5, 2019 by Greg MeckbachBrokers are telling the Insurance Bureau of Canada that for some homeowner clients, the deductible on earthquake coverage is so high that the clients could still end up broke after a major tremor. “Right now, the deductible on some of…
Long-range weather forecast: more flood claims for the P&C industry
April 3, 2019 by Jason ContantCoastal flooding is expected to increase in many areas of Canada, bringing with it increased risk of damage to coastal infrastructure, according to a report released Tuesday by the federal government. “Local sea level is projected to rise, and increase…
Canada ‘much closer’ to national flood program: IBC
April 2, 2019 by Greg MeckbachThe industry is making progress on getting a national flood insurance program, but a key challenge is getting all provinces, territories and Ottawa to agree on how it should work, the Insurance Bureau of Canada’s CEO suggested Tuesday. Unlike Britain…