Topic
Climate Change
How many Canadian properties are at high risk of wildfire?
May 2, 2023 by Jason ContantApproximately 300,000 properties across Canada are at a high wildfire risk, with another million carrying a minor risk of being impacted by wildfires during the typical mortgage term, according to Vancouver-based software and data analytics company Minerva Intelligence Inc. Minerva…
Hot spell hikes risks of flooding, avalanches and fire across British Columbia
April 27, 2023 The Canadian PressVANCOUVER – As British Columbia heads into its first warm spell of the year, forecasters are warning the heat could raise avalanche and flood risks, while the danger of wildfires has already nudged up to a “moderate” rating in some…
What kind of retentions insurers took on during reinsurance renewals
April 24, 2023 by David GambrillAlthough pricing caught most people’s attention during the January reinsurance renewal season, the terms and conditions were restricted, contributing to why Canada’s primary insurers are retaining more risk for high-frequency secondary perils. “Over the last number of years, there’s been…
Oilsands emissions could be underestimated by current measuring methods, study says
April 24, 2023 Bob Weber - THE CANADIAN PRESSNew federal research suggests greenhouse gas emissions from the Alberta oilsands may be significantly underestimated, adding to a growing pile of studies that say our understanding of what is going into the atmosphere is incomplete. In a paper published last…
Insurer successfully defends flood exclusion in water damage endorsement
April 21, 2023 by David GambrillA Quebec home insurer successfully defended a flood exclusion to its policy’s water damage endorsement, on the basis that the insurer would not cover water damage that “occurs when a flood reaches the surface of the ground on the premises.”…
Can risk management companies close the talent gap?
April 20, 2023 Jason ContantA high percentage of today’s pool of risk managers has been working in the industry a long time, and the next largest group are fairly new to the business. Those in the younger group “are excited about what they’ve done…
Water levels reach flood stage in New Brunswick
April 19, 2023 The Canadian PressRising water levels from melting snow and warmer temperatures are starting to affect roads in parts of New Brunswick. New Brunswick’s River Watch officials say water levels in the lower Saint John River have reached flood stage, and they are…
How the P&C industry can avoid another record year for NatCat damages
April 18, 2023 by Alyssa DiSabatinoIf Canadian insurers want to avoid another year of more than $3.1 billion in insured damages, age-old quandaries such as the national flood program, land use policies, and building codes need to be revisited, said panellists at Swiss Re’s 37th…
What Canada’s national flood insurance program could look like
March 31, 2023 by Jason ContantCanada’s upcoming national flood insurance program will likely take characteristics from flood models in both France and Britain, Insurance Brokers Association of Canada (IBAC) CEO Peter Braid told Canadian Underwriter in an interview. In its 2023 budget, the federal government…
Feds commit money for new national flood insurance program
March 29, 2023 by David GambrillCanada’s federal government finally put numbers to a low-cost flood insurance program, committing $31.7 million over three years to protect households at high risk of flooding and without access to adequate insurance. Details about the program remain up for discussion,…
Largest recorded Alberta earthquake not natural, from oilsands wastewater: study
March 23, 2023 Bob Weber THE CANADIAN PRESSEDMONTON — The largest recorded earthquake in Alberta’s history was not a natural event, but most likely caused by disposal of oilsands wastewater, new research has concluded. “This event was caused by wastewater disposal,” said Ryan Schultz, a Canadian seismologist…
Will the multi-billion-dollar Cat loss trend continue indefinitely?
March 22, 2023 by Jason ContantGlobal insured losses from natural catastrophes reached US$125 billion in 2022, the second consecutive year in which insured losses from NatCats exceeded US$100 billion, according to the latest sigma study from Swiss Re Institute. And it looks like this trend…