Topic
Climate Change
OSFI responds to industry’s concerns re: climate risk reporting
March 20, 2024 by David GambrillCanada’s solvency regulator has tweaked its climate risk reporting guidelines in response to input from the property and casualty insurance industry. In several ways, OSFI has responded positively to concerns expressed by P&C insurers over how climate change-related risk and…
Active spring wildfire season may be in store for B.C. as drought persists
March 19, 2024 Ashley Joannou – The Canadian PressBritish Columbia needs a drenching of rain to alleviate the tinder dry conditions that have forecasters worried about the potential for another difficult wildfire season. Cliff Chapman, director of operations for the BC Wildfire Service, said parts of the province…
How winter storms tally this year compared to last
March 15, 2024 by Alyssa DiSabatinoMaritimers were digging out for days after historic levels of snowfall dropped atop Nova Scotia and P.E.I. in early February. The multi-day storm produced nearly 5 feet of snow in Cape Breton, N.S. Then about two weeks later, Nova Scotians…
B.C. orchards and vineyards to get $70M to replant after disastrous weather
March 14, 2024 The Canadian PressBRITISH COLUMBIA — Farmers in British Columbia will get an extra $70 million to replant and strengthen fruit orchards and vineyards after two years of weather-related disasters, says Premier David Eby. The commitment comes after a devastating cold snap in…
Night once brought firefighting reprieve, but no longer, Canadian study shows
March 13, 2024 Brenna Owen - The Canadian PressBRITISH COLUMBIA — The darkness of night has traditionally signalled reprieve for wildland firefighters, but a new Canadian study shows that’s changing, and drought is the driving force. The availability of bone-dry fuels is the key mechanism promoting extreme fire…
Federal disaster aid for Fraser Valley floods, landslides taking too long: B.C. MP
March 12, 2024 Mia Rabson - The Canadian PressThe federal government estimates it will need to pay almost $3.4 billion for its share of the disaster recovery bills for flooding and landslides that devastated British Columbia’s Fraser Valley in November 2021. But more than two years after that…
What Western Canada’s deep freeze cost insurers
March 11, 2024 by David GambrillCanada’s property and casualty insurers rang in 2024 by paying out $180 million to repair damage caused by Western Canada’s deep freeze in mid-January. Insurance Bureau of Canada (IBC) released the figure Monday, which is based on industry claims totals…
‘Clean slate’ to reshape B.C. wine industry, after climate-related catastrophes
March 11, 2024 Brenna Owen - The Canadian PressThe heart of British Columbia’s wine industry is reeling after suffering a litany of climate-related hits, resulting in two years of crop losses in the southern Interior. Record-breaking heat. Wildfires and smoke that repeatedly contaminated grapes. A destructive cold snap…
How home insurance premiums are trending
March 6, 2024 by Jason ContantCanadian home insurance policyholders should brace for price increases this year following a nearly 8% year-over-year increase since the beginning of the year, according to internal data from rate comparison site My Choice Financial. Canada’s home insurance landscape is poised for…
How clients can be motivated on climate action
March 5, 2024 by Jason ContantMeasures to help mitigate climate change are a known commodity, it’s just a matter of motivating the public, government and regulators to take action, speakers suggested Monday at an industry event. Climate change is irreversible, but its rate can be…
High winds, icy conditions leave many without power in Ontario and Quebec
February 29, 2024 The Canadian PressExtreme weather conditions were expected to continue across Canada on Thursday after a sharp cold front with high winds hit vast areas of Quebec and Ontario, knocking out power lines and leaving tens of thousands of people in the dark…
As planet warms, ferocious snowfalls like the one that hit Nova Scotia could increase
February 26, 2024 Hina Alam, The Canadian PressATLANTIC CANADA – Forecasters say a warming global climate could actually cause some parts of Canada to see colder conditions, including heavy snowfalls like the one that hit parts of the Maritimes this week. There’s a direct relationship between the…