Topic
Catastrophes
New Brunswick to set caps on disaster financial assistance for homeowners
March 16, 2023 The Canadian PressFREDERICTON — The New Brunswick government announced Wednesday it is capping financial compensation for properties that repeatedly experience damage from climate-related disasters. Public Safety Minister Kris Austin said the changes, which take effect immediately, will increase to $200,000 the total…
How the protection gap affects Canada
March 15, 2023 by Alyssa DiSabatinoA growing global protection gap in NatCat and cyber will require more collaboration between public entities and private companies, lest consumers become increasingly uninsurable, the Global Federation of Insurance Associations (GFIA) said in a new report. The report identified a…
N.B. hopes for quiet spring but asks residents to be prepared for possible floods
March 15, 2023 The Canadian PressFREDERICTON — The New Brunswick government is hoping for a quiet spring season along the province’s Saint John River, but officials say it’s too early to predict flooding. Kyle Leavitt, director of New Brunswick Emergency Management Operations, says melting of…
What is the P&C insurance sector’s role in “building back better”?
March 13, 2023 by David GambrillIf Canada’s property and casualty insurance industry wants Canadian homeowners to “build back better” after a natural catastrophe, it may have to revisit its foundational promise to restore a homeowner’s property to the condition it was in before the disaster.…
South B.C. highway passes see more snow, Avalanche Canada urges caution as storm hits
March 13, 2023 The Canadian PressVANCOUVER — The first day of spring is exactly one week away, but extreme winter conditions still persist on British Columbia’s southern and southeastern mountain passes as snowfall warnings are posted for most routes. Environment Canada says anywhere from 15…
Six to 10% of Canadian homes aren’t insurable for flooding, industry stats show
March 10, 2023 by David GambrillWhen it comes to Canadian homes being resilient against severe water damage wrought by climate change, a significant portion of them aren’t insurable for flooding, says Aviva Canada CEO Jason Storah. Storah was speaking to Canadian Underwriter about the company’s…
Aviva Canada now offers parametric solution for severe rain
March 8, 2023 by David GambrillAviva Canada now offers parametric excess rain coverage to help clients better cope with climate change, using a white label tech solution by Swiss-based parametric InsurTech company CelsiusPro. “We are pleased to have successfully completed the configuration and launch of…
Why commercial insurers’ biggest risk is relevancy
March 6, 2023 by Alyssa DiSabatinoTo ensure commercial P&C’s market relevance, insurers will need to find a way to address the “structurally changing nature of risk,” by closing protection gaps, said a recent McKinsey report. There’s been a change in commercial insurance penetration in…
Federal disaster aid program being overhauled to include climate adaptation
February 27, 2023 Mia Rabson - THE CANADIAN PRESSOTTAWA – Canada’s overworked disaster assistance program is being overhauled so that future projects would only be eligible for aid if they take into account the need to adapt to climate change. Emergency Preparedness Minister Bill Blair, who was in…
Window for action on national flood insurance program is now, IBC says
February 24, 2023 by Jason ContantInsurance Bureau of Canada (IBC) is applauding the federal government’s latest disaster assistance for flood recovery costs associated with British Columbia’s costliest severe weather event, but is stressing the urgent need for action on a national flood insurance program. The…
Government caps disaster assistance, lowers threshold for property buyouts
February 23, 2023 by Jason ContantAnother provincial government is changing the way it provides disaster financial assistance by capping assistance for claims related to the same type of disaster at $200,000. New Brunswick is increasing the maximum payout for structural damage to $200,000, setting a…
How automation’s shifting on-site claims work to bigger losses
February 23, 2023 Philip PoradoCOVID-19 accelerated development of process efficiencies for insurance adjusters. Pre-pandemic, data-gathering and communications systems began shifting many claims to desk teams, creating efficiencies for adjusters by reserving site visits for complex cases. “What COVID did was expedite some of that…