Topic
Climate Change
Why Intact CEO predicts more rate increases for homeowners
September 16, 2021 by Greg MeckbachDespite a significant industry-wide drop, over three years, in home insurance loss ratios, the CEO of Canada’s biggest carrier is predicting rate increases. “In home insurance, our perspective is that we will see a mid- to upper-single-digit rate increase environment,”…
Centre of storm Larry could travel across Avalon Peninsula
September 8, 2021 by Greg MeckbachLarge Atlantic Ocean waves will soon affect Canada’s east coast as Hurricane Larry continues to move north. UPDATE – Hurricane Larry makes landfall in eastern Newfoundland “Significant swells will begin to reach the east coast of the United States and…
3 things that can reduce risk of property cat loss recurrence: Aviva Canada CEO
August 24, 2021 by Greg MeckbachFire resistant cement board siding, hail-resilient asphalt shingles and backwater valves are among the measures property owners can implement now to protect their assets from climate-related disasters, Aviva Canada CEO Jason Storah suggested Tuesday. “We have enough scientific data to…
Intact Centre, Insurance Bureau react to latest Liberal election promise
August 19, 2021 by Greg MeckbachWednesday’s Liberal election promise answers a call from Canada’s property and casualty insurance industry for a national standard for scoring properties on their resilience to weather-related disasters. In a speech in British Columbia Wednesday, Prime Minister Justin Trudeau promised a…
Maritime farmers ship hay to drought-stricken Prairies
August 18, 2021 Amanda Stephenson - THE CANADIAN PRESSCALGARY – Farmers in the Maritimes are pitching in to help their drought-stricken Prairie counterparts facing a “devastating” situation. On his farm in the Annapolis valley north of Halifax on Tuesday, Tim Marsh was busy baling hay that will ship…
How insurers plan to advocate for climate adaptation in federal election
August 17, 2021 by Greg MeckbachAdapting properties and communities to be more resilient to climate-related disasters should be a federal election issue, an Insurance Bureau of Canada official told Canadian Underwriter Monday. “We will be very active throughout the federal election in advocating for adaptation…
Elsa’s forecasted impact on the Maritimes
July 7, 2021 by David GambrillTropical Storm Elsa is tracking to hit the Maritimes this weekend as a post-tropical storm, potentially dumping up to 50 mm of rain in areas of New Brunswick, Nova Scotia and Prince Edward Island. Currently hitting the Gulf Coast of…
Lytton fire raises questions about possible subrogation
July 5, 2021 by David GambrillAs the British Columbia Wildfire Service works with the RCMP to investigate the cause of a fire last week that burned down 90% of the village of Lytton, preliminary reports that the fire originated in the town — and not…
Progress report: Canada-wide flood mapping is well underway
June 16, 2021 by Greg MeckbachA nationwide estimate of coastal, pluvial, and fluvial flood hazard is one part of the ongoing effort to come up with a national approach to insuring or re-locating homes at high risk of flood, a federal government official suggests. Flood…
How much property coverage capacity Canada’s oil sands has lost
June 15, 2021 by Greg MeckbachThe withdrawal of “hundreds of millions” of capacity for property risks related to Canada’s oil sands is creating a new challenge for brokers trying to place insurance for oil and gas clients, a broker executive reports. Some insurers have taken…
Where Canada sits with national low-cost residential flood insurance
June 10, 2021 by Greg MeckbachSix possible flood insurance models for homes at high risk of flood are about to go through an actuarial review, a federal government official suggests. The Task Force on Flood Insurance and Relocation is going to hand off those possible…
How P&C insurers are using their muscle to reduce carbon
June 2, 2021 by David GambrillGlobal P&C insurers are not only setting ambitious carbon reduction targets for themselves, but they are also using their investment clout to restrict cover for high polluters in the oil and gas sectors, a commentary released by DBRS Morningstar Wednesday…