Topic
Catastrophes
How Cats will impact insurers’ and reinsurers’ pricing and investments
November 3, 2022 Philip PoradoRising cleanup costs following catastrophic weather events mean P&C insurers and reinsurers may have to adjust what they cover, and how they invest, global financial markets watchdog Fitch Ratings says. As Canada braces for its third year in a row…
City of Ottawa awaits answers on derecho storm compensation
October 31, 2022 Cindy Tran - THE CANADIAN PRESSOTTAWA – More than five months after a powerful storm damaged property and left people without power for days, the City of Ottawa has yet to be reimbursed by the provincial government for its recovery costs. The derecho, a line…
B.C.’s ‘vulnerable’ Fraser Valley needs flood control plan, Senate committee warns
October 27, 2022 The Canadian PressOTTAWA – The Senate Committee on Agriculture and Forestry is calling for a comprehensive flood control plan for British Columbia’s Fraser Valley following last year’s catastrophic floods. Last November, historic rainfall caused flooding of 15,000 hectares of land, affecting more…
P&C insurers call for a real estate climate risk score
October 26, 2022 by David GambrillCanadian P&C insurers are banding with Canada Mortgage and Housing Corporation (CMHC) to push for the disclosure of a real estate “climate score,” indicating the likelihood of a building or property being damaged during a natural catastrophe. Insurance Bureau of…
Communication around claims must be top priority: CEOs
October 24, 2022 by David GambrillSupply chain pressures and labour shortages mean Canada’s P&C industry and its suppliers need to focus on communications around claims service to maintain consumer trust and high service levels, insurance executives told a broker conference last week. Matthew Turack, group…
Fiona officially the costliest extreme weather event in Atlantic Canada
October 19, 2022 by Jason ContantHurricane Fiona is the costliest extreme weather event ever recorded in Atlantic Canada, at $660 million in insured damage, according to preliminary estimates from Catastrophe Indices and Quantification Inc. (CatIQ). The long-lived and powerful storm on Sept. 24 is also…
Nova Scotia legislation would require storm readiness by telecommunications companies
October 13, 2022 The Canadian PressHALIFAX – Nova Scotia is proposing legislation that would require telecommunications companies to be better prepared for weather events like post-tropical storm Fiona or risk stiff fines. Amendments to the Emergency Management Act and the Emergency 911 Act would…
Climate Changed: Catastrophe experts say retreat from flood risk is ‘critical option’
October 12, 2022 Amy Smart - THE CANADIAN PRESSVANCOUVER – All climate disasters are not created equal and the Institute for Catastrophic Loss Reduction recommends retreat in the face of only one type of threat. “In our opinion, retreat is not an option that is important for most…
No way to enforce fire codes on First Nations, and new law would be costly: document
October 5, 2022 Stephanie Taylor - THE CANADIAN PRESSOTTAWA – There is no way to enforce building or fire codes on First Nations and pursuing a legislative fix would require significant time and money, federal officials warn in an internal briefing document. But Blaine Wiggins, the senior director…
How Hurricane Ian will strain insurers’ capacity
October 3, 2022 Philip PoradoHurricane Ian’s Florida landfall last week and subsequent return to the Carolinas means it’s shaping up to be one of the costliest storms in U.S. history. But, while the storm that arrived on the heels of Hurricane Fiona caused massive…
What happened to the ‘quiet’ hurricane season?
September 30, 2022 by Jason ContantNot long ago, hurricane season began very quietly with no North Atlantic hurricanes in all of August. But now it appears 2022 could produce a record-breaking hurricane. Property data provider CoreLogic is predicting Hurricane Ian could be the costliest Florida…
What claims adjusters are seeing from Fiona
September 28, 2022 by Jason ContantClaims adjusters are seeing a wide variety of personal and commercial lines claims in the wake of post-tropical storm Fiona – everything from food spoilage and infrastructure claims to total losses. “Currently, we are seeing claims for personal and commercial…