Topic
Climate Change
After July floods took four lives, Nova Scotia plans flood plain mapping by 2026
November 17, 2023 Michael Tutton - THE CANADIAN PRESSHALIFAX – A plan is now in place to create the kind of detailed flood plain maps that some of Nova Scotia’s emergency managers have said they lacked when torrential flooding occurred in July. Byron Rafuse, deputy minister of the…
How to tame increasingly ferocious NatCats
November 6, 2023 David GambrillEscalating natural catastrophe losses are top of mind for specialty insurers in several different commercial lines, most notably property, said Jeff Coulson, director of claims for commercial specialty at Echelon Insurance. There were 15 declared Cats (events causing insured claims…
Coastal storms: Could U.S. scenario happen here?
November 1, 2023 Philip PoradoIncreasing intensity of hurricanes making landfall along the U.S. coastline, sparked largely by climate change, has resulted in significant insured losses for several years. And storms seem to be getting worse. That trend impacts insurability and, going forward, “property values…
NatCats increasingly a factor in why insurers fail
October 17, 2023 by David GambrillAdd natural catastrophes to the list of reasons why insurance companies fail. “It is important to note that the factors that lead to insurer failures are not unique to any one country, or to any single business strategy,” the Property…
Summer storms bring Cat damages past $3 billion
October 16, 2023 by Alyssa DiSabatinoA series of summer storms in Ontario caused over $340 million in insured losses, bringing this years’ to date catastrophe losses to over $3 billion, with another calendar quarter left. Laura Twidle, president and CEO of Catastrophe Indices and Quantification…
Devil in the details: Canada’s proposed flood program
October 13, 2023 by David GambrillWhen Canadian homeowners finally get access to Canada’s proposed national flood insurance program, P&C insurance industry professionals are curious how it will will affect the country’s real estate and mortgage industries. The question has already come up in the United…
Canadian municipalities looking to become ‘spongier’ to build climate resilience
October 10, 2023 Morgan Lowrie - THE CANADIAN PRESSMONTREAL – From green roofs in Toronto to Vancouver’s rain city strategy, Canadian cities are looking to become “sponges” in order to help mitigate some of the effects of extreme rainfall events. In Montreal, Mayor Valerie Plante announced last week…
How to mobilize claims repairs in a flood-prone city
October 5, 2023 by Alyssa DiSabatinoHow do you mobilize a claims response when capacity and labour shortage issues are extending property restoration timelines in disaster-prone regions? Bring your recovery team closer to the repairs. At least, that’s the strategy First Onsite is taking. The restoration…
How much B.C.’s catastrophic wildfires will cost insurers
October 4, 2023 by Alyssa DiSabatinoB.C.’s summer wildfires clocked in as the costliest insured event ever recorded in the province, and the tenth costliest insured event in Canada’s history, Insurance Bureau of Canada (IBC) said. Wildfires in the Okanagan and Shuswap regions of B.C. will…
B.C. disaster response outdated and inaccessible for evacuees: ombudsperson
October 4, 2023 Brieanna Charlebois - THE CANADIAN PRESSVANCOUVER – Emergency support programs for disaster evacuees in British Columbia are outdated, under-resourced, inaccessible and poorly communicated, according to a report by the province’s ombudsperson. Ombudsperson Jay Chalke’s report on the government’s response to wildfires and severe flooding in…
NDP introduces disaster management bill as B.C. legislature opens
October 3, 2023 The Canadian PressVICTORIA – New disaster management legislation has been introduced in British Columbia on the first day of the fall legislative session that will see four official parties in the chamber. Emergency Management Minister Bowinn Ma said Tuesday the legislation will…
Where 2023 Cat losses stand after summer storms
September 20, 2023 by David GambrillSummer storms in Alberta and the Prairies caused more than $300 million in insured losses, bringing the cumulative total of Cat losses to date in Canada to more than $2 billion — with another financial quarter to go in 2023.…