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Topic Catastrophes

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Tropical storm Isaias expected to bring heavy rain, wind gusts to eastern Canada

August 4, 2020 by THE CANADIAN PRESS

HALIFAX – A tropical storm that has lashed parts of the eastern United States should be diminished in strength by the time it reaches eastern Canada, the Canadian Hurricane Centre says. Centre forecaster Chris Fogarty said that Isaias was on

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What the court said when “surface water” appeared in the policy exclusion, but not in the flood endorsement

July 31, 2020 by Greg Meckbach

The Co-operators has to pay a Mississauga banquet hall facility nearly $1 million – about double the amount it originally paid on a sewer backup policy – for losses arising from an historic 2013 rain storm, the Court of Appeal

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Swiss Re Group books $2.5 billion for pandemic-related losses

July 31, 2020 by David Gambrill

Swiss Re today reported COVID-19 claims and reserves totalling $2.5 billion across the Group, resulting in a net loss of $1.1 billion in the first half of 2020 (all figures in U.S. dollars). “Based on current information and a prudent

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The business line that drove Intact’s profitability in 2020 Q2

July 31, 2020 by Greg Meckbach

If you placed homeowner’s insurance with Intact during 2020 Q2, your business helped propel Canada’s largest P&C insurer to its most profitable second-quarter personal property result in more than 10 years. Intact Financial Corp. reported that its combined ratio in

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Who’s getting funding for new research in wildfire prediction, responses

July 31, 2020 by THE CANADIAN PRESS

KAMLOOPS, B.C. – A university located in the heart of one of British Columbia’s most volatile forest fire regions will lead new research in wildfire prediction, prevention and response. Thompson Rivers University in Kamloops was chosen for the research that

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How B.C. adjusters are preparing for major earthquake

July 29, 2020 by Greg Meckbach

When the next huge earthquake hits British Columbia, some independent adjusting firms may temporarily re-locate offices inland, perhaps even as far east as Alberta. Kernaghan Adjusters is aiming to be “up and running fairly quickly if we get into an

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P&C insurers can handle severe weather events, but for how long?

July 27, 2020 by Adam Malik

Canadian property and casualty insurers should be able to manage well financially for the time being, despite currently dealing with a pandemic and the fourth-most expensive natural catastrophe in the country’s history, says global credit rating agency DBRS Morningstar. However,

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Adjuster reacts to B.C. earthquake

July 24, 2020 by Greg Meckbach

The earthquake earlier this week off the coast of Vancouver Island does not seem to have caused any insured property losses, but the industry is nonetheless encouraging all British Columbians to be prepared in any case for a large disaster.

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Separate quakes hit off B.C. and Alaska, but cause no damage, tsunami

July 22, 2020 by THE CANADIAN PRESS

VANCOUVER – A moderate earthquake has occurred off northwest Vancouver Island but emergency officials in British Columbia say it has not produced a tsunami. Earthquakes Canada says the magnitude 5.4 quake struck at 4:33 a.m. and was centred 285 kilometres

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Facing a perfect storm of events, insurers brace for a ‘turbulent future’

July 21, 2020 by Adam Malik

With natural catastrophes starting to hit, the economy in rough shape, and the courts poised to weigh in on potential business interruption exposures, insurance companies are buckling in for a rough ride ahead, a recent report warns. Natural catastrophe (NatCat)

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Storm causes damage but Edmonton Oilers arena structurally sound: mayor

July 17, 2020 by THE CANADIAN PRESS

Edmonton’s mayor says a preliminary assessment shows storm damage to Rogers Place is not structural and the arena will be able to hold upcoming National Hockey League games. Don Iveson says photos of Thursday night’s flooding and damage to the

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How many claims the Calgary hail storm caused

July 16, 2020 by Greg Meckbach

The industry is dealing with more than 70,000 claims arising from last month’s hail storm in Alberta, but it’s not clear yet how much of the bill will get picked up by reinsurers, the Insurance Bureau of Canada reports. The