Topic Catastrophes
Is Fort McMurray still insurable?
April 26, 2024 by Jason ContantEditor’s note: An earlier version of this article incorrectly stated that the 2016 Fort McMurray wildfire cost nearly $6 billion in insured damage, citing 2016 loss totals for that year from Insurance Bureau of Canada. However, the $6 billion total…
Insurers to discuss ‘Plan B’ for federal earthquake insurance backstop
April 23, 2024 by David GambrillCanada’s property and casualty insurers are starting to discuss a ‘Plan B’ for an earthquake backstop, given the federal government’s slow progress on establishing a national flood insurance program. Insurance Bureau of Canada president and CEO Celyeste Power talked about…
Are underwriters pricing for new tech in homes?
April 22, 2024 by David GambrillGlobally, the property and casualty insurance industry may be underestimating the vulnerability of property that uses technology to adapt to climate change, a speaker told attendees at the 38th Swiss Re Outlook breakfast held in Toronto last Tuesday. Also, property…
Flood and fire preparedness measures underway in N.W.T. town
April 22, 2024 by The Canadian PressThe Town of Hay River has been through a lot over the last couple of years, having first contended with serious flooding in 2022 and then devastating wildfires in 2023. With the memories of those crises still fresh in the…
Why ICLR is heading West
April 19, 2024 by Philip PoradoAs part of a partnership with Wawanesa Insurance, the Institute for Catastrophic Loss Reduction (ICLR) will set up a new ICLR Climate Resilience Centre in Winnipeg. Wawanesa is providing office space and operating funds for the new centre. The centre…
Wildfire clean-up continues in Enterprise, NWT
April 17, 2024 by Tom Taylor, Local Journalism Initiative Reporter, NWT News/North – The Canadian PressEnterprise’s 2024 spring carnival was a sorely needed opportunity for celebration in a community that has been through more than most over the last few months. “It was just great fun,” said Sandra McMaster, who became the community’s new mayor…
Before likely ‘ferocious’ wildfire season, fire chiefs worry about drop in volunteers
April 12, 2024 by Lyndsay Armstrong – The Canadian PressAs Canada looks ahead to what experts fear could be another devastating wildfire season, fire chiefs say they are worried about the dwindling number of volunteers available to combat the rising threat. Ken McMullen, president of the Canadian Association of…
Drought, heat raise risk of repeat of last summer’s record-breaking wildfires
April 10, 2024 by The Canadian PressPersistent drought and months of above-average temperatures have raised the risk of a repeat of last year’s record-breaking wildfires. Federal officials say conditions are already ripe for an early and above-normal fire risk from Quebec all the way to British…
Why this MGA is betting on carbon insurance
April 9, 2024 by Jason ContantSpecialist insurance provider CFC has entered the voluntary carbon market (VCM) with the launch of a carbon delivery insurance product that safeguards the purchase of carbon credits. VCMs are decentralized markets in which individuals or organizations buy credits to voluntarily…
Why climate change on the farm equates to a big bill
April 8, 2024 by Amanda Stephenson – The Canadian PressTo get an idea of the financial toll extreme weather is taking on this country’s agriculture industry, look no further than the government of Saskatchewan’s books. The prairie province had forecast a more than $1 billion surplus for the fiscal…
B.C. to get wildfire training and education centre in response to expert task force
April 5, 2024 by The Canadian PressBritish Columbia’s premier says a training and education centre for wildfire fighters will be established in response to recommendations by a task force that looked into last year’s catastrophic wildfires. David Eby says the centre at Thompson Rivers University in…
What’s new in restoration and adjuster national licensing?
April 4, 2024 by Jason ContantThe trend of insurers owning restoration firms and third-party vendors may not continue, particularly since controlling costs remains a priority for carriers, sources tell Canadian Underwriter. It also looks like a national adjusting licensing standard or cross-provincial licensing will not…