Topic
Climate Change
New claims-management service launches certificate program for insurers
November 11, 2022 by Alyssa DiSabatinoA new claims management program, which enables insurance companies to divert waste from landfills by recycling flooring and drywall during the claims and restoration process, has officially launched its certification program. The EcoClaim certificate program will enable insurers to…
Nicole to be typical fall storm, but officials warn of outages where Fiona hit hard
November 11, 2022 The Canadian PressHALIFAX – Environment Canada says the Category 1 hurricane that hit Florida early this morning will feel like a typical fall storm when the weather system makes its way to the East Coast this weekend. But officials are warning to…
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…
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…
How ESG affects the entire insurance supply chain
October 20, 2022 by Jason ContantImplementing environmental, social and governance (ESG) strategies will create a ripple effect impacting the entire insurance supply chain and billions of dollars in investments, said George Longo, president and CEO of MGA Excess Underwriting. “The ripple effect is going to…
Mining industry digs into alternative methods as risks rise
October 20, 2022 Ian Bickis - THE CANADIAN PRESSIn the North, some mines risk leaking acid if the permafrost melts, while across Canada heavier rainfall will add strain to tailings dams and a lack of it could throw operations. While no strangers to extreme weather, the growing risks…
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…
How insurers benefit from a green balance sheet
October 17, 2022 by Alyssa DiSabatinoCanada’s property and casualty insurers can grow their premiums and pay out fewer claims if they insure and invest in natural assets, including riverbanks, ponds and wetlands, according to case studies contained in the Intact Centre on Climate Adaptation’s new…
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…
How carriers can save money — and the environment — through claims
October 12, 2022 by Alyssa DiSabatinoA new claims solution may help carriers save costs during the claims process while also saving the environment. Through the new EcoClaims pilot program — which diverts waste from landfills by recycling flooring and drywall during the claims and restoration…
Munich Re to stop its backing for new oil and gas fields
October 11, 2022 The Associated PressBERLIN (AP) – Munich Re, one of the world’s biggest insurance companies, said Thursday that it will stop backing new oil and gas fields beginning next April. The company said it will also no longer invest in or insure new…
GRC policy includes increased compliance costs for rebuild, court rules
October 5, 2022 by David GambrillGuaranteed replacement cost (GRC) coverage for rebuilding a flooded home in an area regulated by a conservation authority includes the increased regulatory compliance costs required for the rebuild, Ontario’s Superior Court has ruled in Emond v. Trillium Mutual Insurance Company.…