Editor’s note: An earlier version of this article incorrectly stated that the 2016 Fort McMurray wildfire cost nearly $6 billion in insured damage, citing 2016 loss totals for that year from Insurance Bureau of Canada. However, the $6 billion total…
Canada’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…
Globally, the property and casualty insurance industry may be underestimating the vulnerability of property that uses technology to adapt to climate change, a speaker told attendees at the 38th Swiss Re Outlook breakfast held in Toronto last Tuesday. Also, property…
The Town of Hay River has been through a lot over the last couple of years, having first contended with serious flooding in 2022 and then devastating wildfires in 2023. With the memories of those crises still fresh in the…
As part of a partnership with Wawanesa Insurance, the Institute for Catastrophic Loss Reduction (ICLR) will set up a new ICLR Climate Resilience Centre in Winnipeg. Wawanesa is providing office space and operating funds for the new centre. The centre…
Although the federal government committed to forge ahead with its long-awaited flood insurance backstop Tuesday, Canada’s property and casualty insurance industry notes the 2024 federal budget was light on details – and funding. The insurance industry has been negotiating with…
Enterprise’s 2024 spring carnival was a sorely needed opportunity for celebration in a community that has been through more than most over the last few months. “It was just great fun,” said Sandra McMaster, who became the community’s new mayor…
As Canada looks ahead to what experts fear could be another devastating wildfire season, fire chiefs say they are worried about the dwindling number of volunteers available to combat the rising threat. Ken McMullen, president of the Canadian Association of…
Persistent drought and months of above-average temperatures have raised the risk of a repeat of last year’s record-breaking wildfires. Federal officials say conditions are already ripe for an early and above-normal fire risk from Quebec all the way to British…
Specialist insurance provider CFC has entered the voluntary carbon market (VCM) with the launch of a carbon delivery insurance product that safeguards the purchase of carbon credits. VCMs are decentralized markets in which individuals or organizations buy credits to voluntarily…
It won’t be long before June arrives, bringing with it the 2024 hurricane season. That might be a problem for Canada’s adjusters and insurers given many are still managing residual claims from Hurricane Fiona’s 2022 battering of the East coast.…
To get an idea of the financial toll extreme weather is taking on this country’s agriculture industry, look no further than the government of Saskatchewan’s books. The prairie province had forecast a more than $1 billion surplus for the fiscal…