Canadian Underwriter

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Catastrophes


News Catastrophes

Some earthquake deductibles too high: IBC

April 5, 2019 by Greg Meckbach

Brokers are telling the Insurance Bureau of Canada that for some homeowner clients, the deductible on earthquake coverage is so high that the clients could still end up broke after a major tremor. “Right now, the deductible on some of

News CatastrophesClimate ChangeInsurance

Long-range weather forecast: more flood claims for the P&C industry

April 3, 2019 by Jason Contant

Coastal flooding is expected to increase in many areas of Canada, bringing with it increased risk of damage to coastal infrastructure, according to a report released Tuesday by the federal government. “Local sea level is projected to rise, and increase

News CatastrophesInsurance

Canada ‘much closer’ to national flood program: IBC

April 2, 2019 by Greg Meckbach

The industry is making progress on getting a national flood insurance program, but a key challenge is getting all provinces, territories and Ottawa to agree on how it should work, the Insurance Bureau of Canada’s CEO suggested Tuesday. Unlike Britain

News CatastrophesClaimsInsurance

How the cat season so far compares to 2018

March 26, 2019 by Jason Contant

It seems that the Canadian catastrophe season is off to a strong start, with five events so far this quarter compared to the normal one. “I will say that we have had an anomalous start to the year,” said Laura

News CatastrophesClaims

Calgary flood protection a provincial election issue

March 25, 2019 Lauren Krugel - THE CANADIAN PRESS

CALGARY – NDP Leader Rachel Notley pledged more flood protection for Calgary on Friday as she and United Conservative rival Jason Kenney accused each other of dithering on another project to help prevent a repeat of the 2013 deluge that

News CatastrophesClimate Change

How climate change affects Canada’s hurricane risk

March 21, 2019 Ryan P. Mulligan, Associate Professor in Civil Engineering, Queen's University - THE CANADIAN PRESS

This article was originally published on The Conversation, an independent and nonprofit source of news, analysis and commentary from academic experts. Disclosure information is available on the original site.     When tropical cyclone Idai made landfall near Beira, Mozambique

News Catastrophes

Manitoba flooding could be worse than 2009

March 19, 2019 Steve Lambert THE CANADIAN PRESS

WINNIPEG – Heavy snowfall in the United States has raised the threat of flooding in Manitoba’s Red River Valley this spring. The Manitoba government says conditions have worsened since its first flood outlook last month. The province says, with average

News CatastrophesReinsuranceRisk

Wildfire catastrophe models need improvement: Reinsurer

March 8, 2019 by Greg Meckbach

The world’s second-largest reinsurer is looking for partners in the artificial intelligence space to help the reinsurer get a better idea of how much insured damage future wildfires could cause. Swiss Re is working with the Massachusetts Institute of technology

News CatastrophesClaimsInsurance

Early storm warning for insurers: $40 million for January storm in eastern Canada

March 6, 2019 by Jason Contant

A winter storm in late January that brought snowfall, freezing rain, rain and strong winds to eastern Canada caused over $39 million in insured damage, according to Catastrophe Indices and Quantification Inc. (CatIQ). Most of the damage occurred on Jan.

News CatastrophesClaimsLegal

Next step for $2-billion building collapse lawsuit against Loblaws

February 21, 2019 by Greg Meckbach

A $2-billion class-action lawsuit against Canada’s largest food retailer could reach the Supreme Court of Canada. The bodily injury lawsuit against Loblaw Companies Limited was filed in 2015 in Ontario by victims of a 2013 commercial building collapse in Bangladesh.

News CatastrophesClaims

Judge questions wildfire mitigation plan

February 14, 2019 Sudhin Thanawala - THE ASSOCIATED PRESS

SAN FRANCISCO – A U.S. judge who has berated Pacific Gas & Electric Corp. for its role in California wildfires demanded Thursday that the utility answer more questions about its efforts to clear trees and branches that can fall on

News CatastrophesClaimsInsurance

What the industry learned from the costliest catastrophe of 2018

February 7, 2019 by Jason Contant

The sheer volume of claims following the windstorm that swept through southern Ontario and Quebec last May led to critical service disruptions, after so many consumers called at once to report their claims to their insurers. “I’m not sure people