Topic Catastrophes
Canada’s most exposed insurance lines
May 31, 2022 by Jason ContantExposure related to insuring personal lines of business in general continues to see steady growth in the Canadian P&C insurance industry, with a whopping $9.3 trillion of personal property assets in Canada now insured against fire, according to Catastrophe Indices…
Adjusters stretched thin after back-to-back storms
May 31, 2022 by Alyssa DiSabatinoManitoba has experienced one of the wettest springs on record, and the back-to-back storms and flooding have stretched adjusters’ resources very thin, claims professionals say. Strong winds and a rainstorm that occurred in Manitoba last evening have continued into today. This event…
Hot summer temperatures, big storms to sweep much of Canada, Weather Network predicts
May 31, 2022 by David Friend - THE CANADIAN PRESSTORONTO – Seasonal or higher than normal temperatures across much of the country will offer Canadians a chance to enjoy the summer, but predictions from a prominent national forecaster warn the humidity could welcome a rather stormy few months. Chris…
War and other factors loom over shipping sector: report
May 27, 2022 by Philip PoradoWhile fewer total losses of cargo ships worldwide is good news for marine insurers, the number of shipping casualties rose during 2021, said Allianz Global Corporate & Specialty’s (AGCS) annual Safety & Shipping Review. Globally, 54 total vessel losses were…
Emergency alerts when severe weather happens can be improved: Environment Minister
May 26, 2022 by Mia Rabson - THE CANADIAN PRESSOTTAWA – Emergency weather alerts that are broadcast over the mobile network should be improved to make sure they are getting to the right people at the right time, Environment Minister Steven Guilbeault said Wednesday. Guilbeault is in Germany for…
How to speed up claims response for NatCats
May 25, 2022 by Yasser Korany, Mario Delorme and Mazen HabashExtreme weather events have become common, some bringing unprecedented levels of destruction to structures and facilities, overwhelming owners, property managers and insurers. In response, nearly all major insurers have created centralized Cat units dedicated to handling claims arising from extreme…
Was derecho storm damage caused by climate change?
May 25, 2022 by Alyssa DiSabatinoThe Long Weekend derecho storm in Ontario and Quebec, which spawned a tornado in Uxbridge, Ont., and resulted in over 1,000 kilometers of damage, is “very difficult” to credit as a climate change event, even though the industry is seeing…
First Cat of the year predicted after powerful “derecho” storm
May 24, 2022 by Alyssa DiSabatinoA series of powerful thunderstorms that affected Ontario and parts of Quebec this weekend is already being billed by the industry as the first major Cat of 2022. And while industry experts anticipate a large number of insured damages, one…
The window of opportunity to address increasing drought and expanding drylands is vanishing
May 10, 2022 by The Canadian PressBy Margot Hurlbert, Canada Research Chair, Climate Change, Energy and Sustainability, University of Regina – THE CONVERSATION This article was originally published on The Conversation, an independent and nonprofit source of news, analysis and commentary from academic experts. Disclosure information…
Construction to begin on flood mitigation project west of Calgary
May 5, 2022 by The Canadian PressCALGARY – Nine years after a catastrophic flood caused billions of dollars in damage to parts of Calgary and surrounding communities, work is to begin on a dam to protect the area from rising water in the future. Premier Jason…
Insurance Act changes may help Alberta as insurers retreat from oil and gas
May 4, 2022 by Philip PoradoMajor insurers continue to announce they’ll cease issuing coverage to the oil and gas industry, which remains economically critical to Alberta and other Canadian provinces – and is poised to experience a demand boost as Europe seeks alternatives to Russian…
Why Barrie’s 2021 tornado damage was “largely preventable”
May 4, 2022 by Jason ContantMore than 35 years after a deadly tornado in Barrie, Ont. – the site of another strong tornado last year – the industry is still looking for modernizations to the Ontario Building Code and tornado protection construction practices. “Since before…