Topic Catastrophes
How climate change may heat up your liability lines
February 7, 2020 by David GambrillLook for climate change to heat up Canada’s liability lines over the next 10 years, as lawsuits begin to fly against the alleged corporate perpetrators of greenhouse gas emissions. Climate liability is an emerging risk for Canadian property and casualty…
What underwriters can learn from Cloudy with a Chance of Meatballs
February 6, 2020 by Greg MeckbachHail is a major driver of insured property damage in Canada, but testing resilience of roofing material by dropping steel balls on it has limited value, a CatIQ Connect speaker suggested Wednesday. Roy Wright, president and CEO of the Insurance…
What the regulator found when asking if fire following earthquake is covered in Quebec
February 5, 2020 by Greg MeckbachMost Quebec homeowners are covered for fire following earthquake, according to a survey by the province’s regulator, which canvassed about 90% of insurers doing business in Quebec. The results of the Quebec Autorite des Marches Financiers (AMF) survey indicate that…
This is how much severe weather claims could cost in 10 years
February 3, 2020 by Jason ContantLarge losses will become larger, and the average annual severe weather claims paid by insurers in Canada could more than double over the next 10 years, according to a new report from the Insurance Institute of Canada. Since 2013, severe…
A hurricane with snow: RSA Canada reports on Newfoundland’s winter Cat
January 29, 2020 by David GambrillWith the Canadian army now finished its snow-clearing mission in St. John’s, and an eight-day state of emergency now lifted, RSA Canada’s claims team on the ground expects a slow and steady stream of claims from Newfoundland & Labrador’s record-breaking…
Ottawa’s latest response to calls for government flood insurance
January 27, 2020 by Greg MeckbachIt’s been three years since brokers called for a government backstop for residential flood losses, but Ottawa is not specifically committing to any particular model of government-run insurance for homes at high risk of flood. At the moment it is…
What’s new in 2020 with Intact Centre home flood risk assessment training
January 23, 2020 by Greg MeckbachWant to share basement flood horror stories with other brokers or home inspectors, and hear how industry peers tackled their problems? The Home Flood Risk Assessment Training Course, launched in 2018, now has discussion sessions, said Daniel Filippi, program manager…
Canada’s biggest insurance losses in 2019
January 22, 2020 by Greg MeckbachInsured damage from floods, rain, snow and windstorms reached $1.3 billion in 2019, the Insurance Bureau of Canada (IBC) reported Tuesday, citing data from Catastrophe Indices and Quantification Inc. (CatIQ) “Like 2018, no single event in 2019 caused the high…
Edmonton fire chief says people must adapt to more wildfires
January 21, 2020 by Bob Weber - THE CANADIAN PRESSEDMONTON – In a few weeks, Ken Block will hang up his uniform as head of Edmonton Fire Rescue and head Down Under to assume command of 5,000 firefighters in Australia. “I’m really looking forward to getting over there,” the…
Why green concerns have experts seeing red
January 20, 2020 by Adam MalikThe World Economic Forum is sounding the alarm that the top most-likely global risks are all environment-related. In the group’s 15th annual Global Risk Report, survey respondents listed their Top 5 most-likely top global risks in 2020: extreme weather climate…
Should the industry have a specific line of business for ‘catastrophe’?
January 16, 2020 by Jason ContantIs it time the insurance industry starts zeroing in on a single definition of catastrophe? Traditionally, the industry would offer a named perils policy outlining specific catastrophe coverages or an all-risks policy, which covered risks unless they were specifically excluded.…
Natural disaster bills continue to climb: Public Safety Canada
January 9, 2020 by Mia Rabson - THE CANADIAN PRESSOttawa’s bills for dealing with natural disasters neared half a billion dollars in two of the last three years amid a warning to Canadians that this country was one of the worst affected by climate change in 2018. Data from…