Topic
Catastrophes
Ottawa’s latest response to calls for government flood insurance
January 27, 2020 by Greg MeckbachIt’s been three years since brokers called for a government backstop for residential flood losses, but Ottawa is not specifically committing to any particular model of government-run insurance for homes at high risk of flood. At the moment it is…
Canada’s biggest insurance losses in 2019
January 22, 2020 by Greg MeckbachInsured damage from floods, rain, snow and windstorms reached $1.3 billion in 2019, the Insurance Bureau of Canada (IBC) reported Tuesday, citing data from Catastrophe Indices and Quantification Inc. (CatIQ) “Like 2018, no single event in 2019 caused the high…
Why green concerns have experts seeing red
January 20, 2020 by Adam MalikThe World Economic Forum is sounding the alarm that the top most-likely global risks are all environment-related. In the group’s 15th annual Global Risk Report, survey respondents listed their Top 5 most-likely top global risks in 2020: extreme weather climate…
Should the industry have a specific line of business for ‘catastrophe’?
January 16, 2020 by Jason ContantIs it time the insurance industry starts zeroing in on a single definition of catastrophe? Traditionally, the industry would offer a named perils policy outlining specific catastrophe coverages or an all-risks policy, which covered risks unless they were specifically excluded.…
Natural disaster bills continue to climb: Public Safety Canada
January 9, 2020 Mia Rabson - THE CANADIAN PRESSOttawa’s bills for dealing with natural disasters neared half a billion dollars in two of the last three years amid a warning to Canadians that this country was one of the worst affected by climate change in 2018. Data from…
What reinsurance renewals on Jan. 1 told us about the market
January 2, 2020 by David GambrillReinsurance renewals at Jan. 1, 2020 reflected an “asymmetrical” market, featuring a mixed bag of rate increases or decreases (depending on the specific business line or territory), as well as significant rate increases in the retrocession markets, according to Guy…
Bright skies ahead
January 1, 2020 Adam Malik, Managing EditorCatastrophes have hit Canadian P&C adjusters hard, causing many to wonder if the industry has the capacity to handle increasing workloads. Why adjusters see sunnier times ahead
Executive Outlook 2020 | Silvy Wright, Northbridge
December 27, 2019 by David GambrillSilvy Wright, President, CEO, Northbridge Financial Corporation The industry’s top priority should be helping our customers effectively navigate volatile market conditions. The challenges being faced in both commercial and personal lines are considerable, from rising auto repair costs, required auto…
Why the Fort McMurray wildfire wasn’t worse
December 10, 2019 by Jason ContantA young, mobile population with strong safety training contributed to a successful evacuation during Canada’s costliest disaster three years ago in Fort McMurray, Alta., an author said recently at Insurance Bureau of Canada’s (IBC) inaugural Commercial Insurance Symposium. “Most work…
Flooded with new exposure
December 2, 2019 David Gambrill, Editor-in-ChiefLaura Twidle, managing director at Catastrophe Indices and Quantification Inc. (CatIQ), adds a new twist on why the P&C industry is inundated with flood claims. Hint: It’s not just climate change
Removing crane downed in Halifax during Dorian cost $2 million: minister
November 28, 2019 The Canadian PressHALIFAX – Nova Scotia’s transportation minister says the cost of removing a construction crane that toppled in downtown Halifax during post-tropical storm Dorian is at least $2-million. Lloyd Hines says the province is examining invoices from an engineering firm and…
Thousands displaced by this apartment fire won’t go home this year
November 18, 2019 by Greg MeckbachMore than 1,000 residents displaced by a major electrical fire in 2018 will not be moving back into their apartment building this year. A fire broke out Aug. 21, 2018 in the electrical room of 650 Parliament Street, a high-rise…