Parts of Canada have been hit with several major snowstorms in succession this winter, and while none of the severe storms individually will likely be declared catastrophes (i.e. resulting in more than $30 million of insured damage), they may be…
EDMONTON — The Alberta and federal governments say they will work together to understand what happened around a nine-month delay in notifying the public about toxic seepage from an oilsands tailings pond. Alberta Environment Minister Sonya Savage and federal Environment…
FREDERICTON — The New Brunswick government announced Wednesday it is capping financial compensation for properties that repeatedly experience damage from climate-related disasters. Public Safety Minister Kris Austin said the changes, which take effect immediately, will increase to $200,000 the total…
A growing global protection gap in NatCat and cyber will require more collaboration between public entities and private companies, lest consumers become increasingly uninsurable, the Global Federation of Insurance Associations (GFIA) said in a new report. The report identified a…
FREDERICTON — The New Brunswick government is hoping for a quiet spring season along the province’s Saint John River, but officials say it’s too early to predict flooding. Kyle Leavitt, director of New Brunswick Emergency Management Operations, says melting of…
If Canada’s property and casualty insurance industry wants Canadian homeowners to “build back better” after a natural catastrophe, it may have to revisit its foundational promise to restore a homeowner’s property to the condition it was in before the disaster.…
VANCOUVER — The first day of spring is exactly one week away, but extreme winter conditions still persist on British Columbia’s southern and southeastern mountain passes as snowfall warnings are posted for most routes. Environment Canada says anywhere from 15…
Aviva Canada now offers parametric excess rain coverage to help clients better cope with climate change, using a white label tech solution by Swiss-based parametric InsurTech company CelsiusPro. “We are pleased to have successfully completed the configuration and launch of…
To ensure commercial P&C’s market relevance, insurers will need to find a way to address the “structurally changing nature of risk,” by closing protection gaps, said a recent McKinsey report. There’s been a change in commercial insurance penetration in…
OTTAWA – Canada’s overworked disaster assistance program is being overhauled so that future projects would only be eligible for aid if they take into account the need to adapt to climate change. Emergency Preparedness Minister Bill Blair, who was in…
Insurance Bureau of Canada (IBC) is applauding the federal government’s latest disaster assistance for flood recovery costs associated with British Columbia’s costliest severe weather event, but is stressing the urgent need for action on a national flood insurance program. The…
Another provincial government is changing the way it provides disaster financial assistance by capping assistance for claims related to the same type of disaster at $200,000. New Brunswick is increasing the maximum payout for structural damage to $200,000, setting a…