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Catastrophes


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$400M Ontario windstorm ‘not quite’ the new normal

June 15, 2018 by Jason Contant

If water is the new fire, then what is weather? For Paul Kovacs, executive director of the Institute for Catastrophic Loss Reduction (ICLR), weather is definitely what will be taking the lion’s share of payouts in the next quarter century.

News BrokersCatastrophes

New basement flood awareness training for home insurance brokers

June 14, 2018 by Greg Meckbach

A course on basement flooding risk will likely be available to Canadian property and casualty insurance brokers within the next year, Blair Feltmate, head of the Intact Centre on Climate Adaptation, told Canadian Underwriter Monday. The Intact Centre also plans

News CatastrophesClaimsInsurance

What the May 4 windstorm can teach the industry about catastrophe modelling

June 13, 2018 by Jason Contant

Rare events like the May 4 windstorm that primarily affected southern Ontario often cause the most damage, but are also the most difficult to generalize in catastrophe modelling predictions, according to a Canadian weather forecasting and research firm. “While the

News CatastrophesClaimsInsurance

More hurricanes, or just better detection?

June 7, 2018 by Jason Contant

Is the number of Canadian hurricanes getting larger, or are we just better at detecting them? Bob Robichaud, warning preparedness meteorologist with the Canadian Hurricane Centre (CHC), raised the question during a webinar on the Institute for Catastrophic Loss Reduction

News CatastrophesClaimsInsurance

Does Canada have the adjusting resources to handle back-to-back catastrophes?

June 6, 2018 by Jason Contant

Does Canada’s property and casualty industry have enough resources in place to adjust major catastrophes that occur in tandem or right on the heels of each other? Industry resources in Ontario were tested after a severe ice storm in April,

News CatastrophesClaimsClimate ChangeInsurance

May windstorm largest insured event in Ontario in five years: CatIQ

June 1, 2018 by Jason Contant

The early May windstorm that struck Ontario and parts of Quebec topped $410 million, the costliest insured event since the 2013 Toronto floods, Catastrophe Indices and Quantification Inc. (CatIQ) said Friday. The majority of the damage from the windstorm –

News CatastrophesInsuranceMarkets / Coverages

These structures can help prevent the spread of wildfires in Canada

May 24, 2018 Bill Graveland - THE CANADIAN PRESS

CALGARY – A University of Calgary study says there need to be more wide, open spaces to prevent catastrophic wildfires like the one that devastated the city of Fort McMurray in northeastern Alberta two years ago. Researchers from the university’s

News CatastrophesClaimsInsurance

No hard market despite 2017 hurricane losses: Fairfax

May 17, 2018 by Greg Meckbach

Despite nearly US$100 billion in hurricane losses in 2017, insurance buyers are not experiencing a hard market like they did after the 2001 terror attacks that brought the World Trade Centre down, the head of Fairfax Financial Holdings Ltd. suggests.

News CatastrophesClaims

Two-year deadline for Fort McMurray insurance claims extended

May 17, 2018 The Canadian Press

FORT MCMURRAY, Alta. – Deadlines have been extended for hundreds of insurance claims that remain unresolved more than two years after a wildfire dubbed “The Beast” tore through Fort McMurray and surrounding areas in the Regional Municipality of Wood Buffalo.

News CatastrophesClaimsInsurance

Report to government suggests hot opportunity for brokers right now

May 14, 2018 by Jason Contant

Brokers in British Columbia looking to place overland flood cover should review a recent study that found polled respondents did not have access to overland flood insurance, did not know about it, or found it unaffordable. Even more alarming, most

News CatastrophesClimate ChangeInsurance

‘Many more significant losses’ due to climate change: Economical execs

May 11, 2018 by Greg Meckbach

Climate change was top of mind Monday for executives at Economical Insurance, which was hit with 11 weather catastrophes in 2017. “Climate change has resulted in many more significant losses from water and wind events,” said Gerald Hooper, a former

insPRESS CatastrophesClaimsInsurance

Catastrophe Response Unit Delivers when Big Insurer Clients Call

May 10, 2018 by CRU Adjusters

TORONTO, May 10, 2018 /insPRESS/ – Kyle Winston, President and CEO of CRU GROUP, announced today that 5 of Canada’s largest property insurers had already sought and received significant assistance from CRU GROUP’s Catastrophe Response Unit Inc. within the past week.