Canadian Underwriter

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Catastrophes


News CatastrophesInsuranceLegal

One-in-100-year rainfall leads to lawsuit against forestry firm

April 12, 2018 by Greg Meckbach

A company responsible for culvert maintenance is facing a lawsuit over the shutdown of a railway after an “unprecedented” summer rainfall event in northwestern Ontario. The case raises an issue about the appropriate size of culverts for contemporary rainstorms. For

News CatastrophesClaimsClimate ChangeInsurance

Bigger floods coming to Canada: Intact Centre head

April 10, 2018 by Greg Meckbach

If you think the most expensive floods in Canadian history were big, you haven’t seen anything yet. “The manifestation of climate change and extreme weather events is still yet to come,” said Blair Feltmate, head of the Intact Centre on

News CatastrophesClaimsClimate ChangeInsuranceReinsurance

Industry understanding of wildfire risk needs improvement: CEO

April 10, 2018 by Greg Meckbach

The property and casualty insurance industry needs to get a better understanding of wildfire risk in Canada because we will experience more disasters like Fort McMurray in the future, a reinsurance company executive warned Monday. “We think [the industry] needs

News CatastrophesInsurance

Could Calgary see 2013 flooding again?

April 9, 2018 Colette Derworiz - THE CANADIAN PRESS

EDMONTON – Provincial officials are keeping a close eye on creeks and streams across Alberta as temperatures start to rise. During last week’s monthly snow survey by Alberta Environment and Parks, all of the river basins across the province still

News CatastrophesLegislation / Regulation

Alberta tables legislation to clarify responsibilities in natural disasters

April 5, 2018 The Canadian Press

EDMONTON – The Alberta government has introduced legislation to better define roles and responsibilities for decision-makers when natural disaster strikes. The proposed changes, tabled by Municipal Affairs Minister Shaye Anderson, will also provide minimum emergency management training for elected officials

News CatastrophesInsuranceMarkets / Coverages

Desjardins offers free flood coverage to eligible clients in low-risk areas

March 23, 2018 by Jason Contant

One Canadian insurer is not waiting for consumer take-up of its flood insurance coverage — it is automatically tacking the endorsement onto the policies of eligible clients who live in low-risk areas. Desjardins General Insurance Group (DGIG) told Canadian Underwriter

News CatastrophesInsuranceMarkets / Coverages

Ask B.C. residents if they are covered for wildfire. 25% will tell you this…

March 21, 2018 by Jason Contant

As many as 25% of British Columbians say they don’t know if they have insurance for wildfire and severe weather emergencies, according to a survey released Monday by the provincial public safety ministry. Fewer than half of British Columbians have

News CatastrophesInsuranceLegalReinsurance

Arbitration glitch sidetracks $147-million Fort Mac reinsurance dispute

March 21, 2018 by David Gambrill

A $147-million reinsurance dispute involving Fort McMurray wildfire claims got off to a rocky start because the insurer and its reinsurers could not initially agree on the method of arbitration. At the heart of the matter was a broad reference

Feature Catastrophes

Alberta: Canada’s poster child for climate risk

March 21, 2018 David Gambrill, Editor-in-Chief

Canadian reinsurers see the spread of catastrophe risk becoming increasingly concentrated in Alberta, where a population boom has led to unparalleled storm exposure.

News CatastrophesClaimsInsurance

Southwestern Ontario storm that flooded Brantford cost insurers $57 million

March 20, 2018 by Jason Contant

A February storm that affected Brantford, Ont., as well as other areas of southwestern Ontario and Quebec, is estimated to have cost more than $57 million in insured damaged, Catastrophe Indices and Quantification Inc. (CatIQ) said Tuesday. Between Feb. 19

News CatastrophesReinsurance

Munich Re not saying how many Canadian jobs may be cut as part of worldwide staff reductions

March 19, 2018 by Greg Meckbach

Munich Re, which spent over $4 billion in 2017 for three hurricanes alone, is not saying how many jobs – if any – it is cutting in Canada. Published reports Thursday quoted Munich Re officials as saying the German reinsurer

News CatastrophesClimate Change

Third Nor’easter in two weeks pummels Atlantic Canada

March 14, 2018 Michael Tutton - THE CANADIAN PRESS

HALIFAX –  A small steeple that’s a part of Halifax’s urban landscape toppled early Wednesday in a fierce winter storm that left thousands of Maritimers facing power outages, school closures and flight cancellations. Rev. Betsy Hogan, the minister at the