Topic Catastrophes
Alert Ready system expands to floods, fires in B.C., not heat domes
May 4, 2022 by The Canadian PressVICTORIA – An automated alert system will be ready to warn British Columbians of spring flooding and summer wildfires but not yet for extreme heat, Public Safety Minister Mike Farnworth said Tuesday. Farnworth told a news conference the Alert Ready…
Officials advocate for federal funding to upgrade dikes after floods
April 29, 2022 by The Canadian PressOTTAWA – The mayor of Abbotsford, B.C., says expecting local governments to shoulder the cost of infrastructure upgrades to protect their communities from flooding has been a “monumental mistake.” Henry Braun made the comment to a Senate standing committee on…
Does your client think overland flood coverage is standard?
April 28, 2022 by Jason ContantBrokers have another golden opportunity to educate clients on the importance of overland flood coverage. A recent survey of Canadian homeowners conducted by rate aggregator LowestRates.ca found that 30% of 544 respondents were unaware that coverages like overland flood are…
Extreme heat should be labelled a natural disaster, new report urges
April 20, 2022 by Mia Rabson - THE CANADIAN PRESSOTTAWA – Governments should consider extreme heat a natural disaster as climate change raises the risk of soaring summer temperatures in much of Canada, a new report says. Irreversible Extreme Heat, penned by experts at the Intact Centre on Climate…
B.C. mayors dealing with flooding and wildfire damage call on feds to deliver funds
April 12, 2022 by Camille Bains - THE CANADIAN PRESSVANCOUVER – British Columbia mayors whose communities were devastated by last year’s flooding and wildfires want the federal government to deliver billions of dollars in promised funding as soon as possible. Abbotsford Mayor Henry Braun said he was among 28…
How cattle will help manage B.C. wildfire risk
April 8, 2022 by Brenna Owen - THE CANADIAN PRESSA handful of ranchers in British Columbia’s Interior are getting ready to graze their cattle in concentrated areas near homes and community infrastructure, where they’ll eat the grasses that dry over the summer and heighten the wildfire risk. As part…
What Canadians can expect of future hurricane seasons
April 7, 2022 by David GambrillAtlantic Canadians can expect to see more and increasingly intense hurricanes, as sea surface temperatures continue to warm up as a result of climate change. “Warmer sea surface temperatures fuel stronger hurricanes,” Swiss Re Canada CEO Monica Ningen observed during…
P&C industry’s input on coastal protection
April 6, 2022 by Alyssa DiSabatinoNova Scotia community and industry stakeholders have shared their input on the Coastal Protection Act, and an Insurance Bureau of Canada representative says the financial case for supporting the act is clear. Passed in 2019, the legislation aims to restrict…
Exiting the commercial hard market may be prolonged: Insurers
April 5, 2022 by David GambrillCanada’s P&C insurers are exposed to historically-high inflation rates, which may prolong the hard market in commercial lines, Canada’s association of home, auto and business warns. “On the commercial side, I think this inflation is either going to prolong the…
How Canada’s top court just bolstered pandemic BI exclusions
April 1, 2022 by David GambrillCanada’s top court has dismissed the appeal in a nuclear reactor case that trial lawyers might have used as a precedent to challenge the physical damage policy exclusions found in many pandemic-related business interruption insurance cases. As is customary, the…
Risk of flood loss is now on par with primary perils: Swiss Re
March 31, 2022 by Alyssa DiSabatinoSecondary peril events such as flooding are becoming just as big of a threat — or worse — to global property and casualty insurers than primary perils, Swiss Re Institute’s recent sigma study finds. “The loss potential from single flood…
One step closer to a National Flood Insurance Program
March 29, 2022 by Alyssa DiSabatinoThe industry is one step closer to getting updated flood maps, and a new national flood insurance program to protect homeowners in high-risk flood zones is in the works, says Canada’s public safety minister. Flood maps are being developed in…