Topic Alberta
Recent Alberta storms: Two Cat tornadoes and record-breaking hail
August 8, 2022 by Jason ContantTwo tornadoes in southern Alberta that damaged homes and vehicles in July have been declared catastrophes by Catastrophe Indices and Quantification Inc. (CatIQ), Insurance Bureau of Canada (IBC) confirmed to Canadian Underwriter Monday. The July 7 tornado near Bergen and…
Is the personal lines hard market abating?
August 4, 2022 by Jason ContantPersonal lines in Canada’s property and casualty insurance industry still appear to be in the grip of a hard market cycle, with both personal auto and property premium rates generally showing high, single-digit rate increases. On average, personal auto quoted…
Hail as big as tennis balls, softballs and eggs fell in Alberta: Environment Canada
August 3, 2022 by The Canadian PressEnvironment and Climate Change Canada says hail ranging from the size of a pea to a softball fell in central Alberta on Monday. Sara Hoffman, who is a meteorologist with the agency, says although the storm that passed through the…
2021 Cat frequency ties 2008 for second place
August 3, 2022 by Glenn McGillivraySevere weather cost Canadian insurers $2.25 billion in 2021, placing the year in the Top 5 for losses according to Catastrophe Indices and Quantification Inc. (CatIQ). Last year, 14 events with $25 million in claims or higher were declared nationwide,…
Will this week’s weather events result in Cat damages?
July 25, 2022 by Alyssa DiSabatinoWhile Europe is experiencing record-breaking heat waves, western Canada had some severe heat and storms of its own between July 16-20. And although they were expected to have caused millions in damage, it won’t breach catastrophe territory, according to Aon’s…
The factors driving increased car rental times in Canada
July 25, 2022 by Jason ContantLength of rental (LOR) for collision replacement-related rentals in Canada jumped nearly six days year-over-year, driven in part by ever-changing parts availabilities and repair backlogs, said car rental agency Enterprise Rent-A-Car. The overall Canadian LOR was 16 days in 2022…
Risk management outlooks crop up for farm insurers
July 20, 2022 by Alyssa DiSabatinoFarmers across Canada are being buffeted by a mix of drought conditions and hail damage in June and July, but insurers may be able to increase farmers’ risk management through drought and hail outlooks, experts explain. Southern Ontario farmers…
Storm causes property damage in southeast Alberta
July 19, 2022 by The Canadian PressMEDICINE HAT, Alta. – Alberta Emergency Alert says a storm has caused damage to homes and vehicles in the southeastern corner of the province. It initially called it a tornado, but now says it was a storm with dangerous and…
New captive may help Alberta’s energy industry spread risk
July 18, 2022 by Philip PoradoAt least one insurer has taken Alberta up on its newly legislated option to domicile captive insurance companies in the province. The Captive Insurance Companies Act in Alberta, formerly Bill 76, came into force July 1. NFP this week announced…
BrokerLink closes three more acquisitions across Canada
July 15, 2022 by Jason ContantBrokerLink is continuing its expansion into Alberta, Ontario and Atlantic Canada with the acquisition of three more brokerages over the past couple months. A subsidiary of Intact Financial Corporation, BrokerLink closed the acquisition of New Brunswick-based McTague Insurance on June…
Are businesses covered for a telecom’s “maintenance oops”?
July 11, 2022 by Alyssa DiSabatinoDespite Interac payment systems and phone lines being down, most businesses will not have insurance coverage for any type of income loss as a result of the national Rogers outage on Friday, says one insurance expert. The outage, which…
IBC’s thoughts on Premier’s mission to end “unfair” postal code rating
July 8, 2022 by Alyssa DiSabatinoOntario drivers may soon see the end of “unfair” rating of auto insurance policies based on postal codes, says Ontario Premier Doug Ford, and the Insurance Bureau of Canada agrees it may be time to modernize territorial rating. “I know…