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Catastrophes

News CatastrophesInsurance

Ottawa’s latest response to calls for government flood insurance

January 27, 2020 by Greg Meckbach

It’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

News CatastrophesClaimsClaims CanadaInsurance

Canada’s biggest insurance losses in 2019

January 22, 2020 by Greg Meckbach

Insured 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

News CatastrophesInsuranceRisk

Why green concerns have experts seeing red

January 20, 2020 by Adam Malik

The 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

News CatastrophesInsuranceMarkets / Coverages

Should the industry have a specific line of business for ‘catastrophe’?

January 16, 2020 by Jason Contant

Is 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.

News CatastrophesClimate Change

Natural disaster bills continue to climb: Public Safety Canada

January 9, 2020 Mia Rabson - THE CANADIAN PRESS

Ottawa’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

News CatastrophesClaimsMarkets / CoveragesReinsurance

What reinsurance renewals on Jan. 1 told us about the market

January 2, 2020 by David Gambrill

Reinsurance 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

Feature CatastrophesClaims CanadaClimate Change

Bright skies ahead

January 1, 2020 Adam Malik, Managing Editor

Catastrophes 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

Feature BrokersCatastrophesClaimsInsurance

Executive Outlook 2020 | Silvy Wright, Northbridge

December 27, 2019 by David Gambrill

Silvy 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

News CatastrophesInsuranceRisk

Why the Fort McMurray wildfire wasn’t worse

December 10, 2019 by Jason Contant

A 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

Feature Catastrophes

Flooded with new exposure

December 2, 2019 David Gambrill, Editor-in-Chief

Laura 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

News CatastrophesClaimsInsurance

Removing crane downed in Halifax during Dorian cost $2 million: minister

November 28, 2019 The Canadian Press

HALIFAX – 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

News CatastrophesClaimsClaims Canada

Thousands displaced by this apartment fire won’t go home this year

November 18, 2019 by Greg Meckbach

More 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