Topic Catastrophes
Is climate change driving up the risk of wildfires in Canada?
January 8, 2020 by Mia Rabson - THE CANADIAN PRESSOTTAWA – Canadian wildfire experts say Canada is very vulnerable to the kind of devastating wildfires ravaging Australia right now. More than 12.5 million acres (about 5.1 million hectares) of bushland have burned in Australia since October and prime forest-fire…
What reinsurance renewals on Jan. 1 told us about the market
January 2, 2020 by David GambrillReinsurance renewals at Jan. 1, 2020 reflected an “asymmetrical” market, featuring a mixed bag of rate increases or decreases (depending on the specific business line or territory), as well as significant rate increases in the retrocession markets, according to Guy…
‘Growing cost’ of climate change prompts this insurer to stop covering oil sands
January 2, 2020 by Greg MeckbachThe Hartford has added its name to the list of insurers who will not write new business in Canada’s oil sands. Connecticut-based Hartford Financial Services Group Inc. announced Dec. 20 it will stop insuring companies that generate more than 25%…
How climate change will change the way you do business in the future
December 13, 2019 by Adam MalikWhen pricing property coverage in the future, it’s time for the industry to ask itself: “How are we going to deal with changes in weather?” Historically, insurance products have been priced based on data and loss history, observes Ernest Mashingaidze,…
How D&O insurance is entering unknown territory
December 11, 2019 by Adam MalikGone are the days of directors and officers insurance being put to the test due to guidance misses or financial misstatements. Nowadays, the biggest threats are coming from so-called “bad news” events like product recalls, disasters and cyberattacks. And the…
Why the Fort McMurray wildfire wasn’t worse
December 10, 2019 by Jason ContantA young, mobile population with strong safety training contributed to a successful evacuation during Canada’s costliest disaster three years ago in Fort McMurray, Alta., an author said recently at Insurance Bureau of Canada’s (IBC) inaugural Commercial Insurance Symposium. “Most work…
Removing crane downed in Halifax during Dorian cost $2 million: minister
November 28, 2019 by The Canadian PressHALIFAX – Nova Scotia’s transportation minister says the cost of removing a construction crane that toppled in downtown Halifax during post-tropical storm Dorian is at least $2-million. Lloyd Hines says the province is examining invoices from an engineering firm and…
What the Bank of Canada sees as “transition risks”
November 22, 2019 by Ian Bickis - THE CANADIAN PRESSTORONTO – Bank of Canada governor Stephen Poloz wasn’t asked about climate change risks at a discussion about economic change and emerging risks on Thursday, so he brought them up himself. “It’s about the transition risk, right, as everyone’s portfolio…
Thousands displaced by this apartment fire won’t go home this year
November 18, 2019 by Greg MeckbachMore than 1,000 residents displaced by a major electrical fire in 2018 will not be moving back into their apartment building this year. A fire broke out Aug. 21, 2018 in the electrical room of 650 Parliament Street, a high-rise…
A new way to make insurance for high-risk homes in flood plains affordable
November 14, 2019 by Adam MalikAmphibious architecture could be the key to mitigating flood risk and making insurance affordable for those living and working in floodplains, according to one expert. The technology allows structures to float as water levels rise. Amphibious construction and retrofitting of…
Evacuation order lifted nearly two months after crane collapse
November 6, 2019 by The Canadian PressHALIFAX – The last three businesses evacuated when a crane collapsed in downtown Halifax are being allowed to return to their locations, almost two months after a storm toppled it. The final stage of the crane and debris removal from…
How B.C. plans to address nat cat risk management
October 29, 2019 by Dirk Meissner - THE CANADIAN PRESSVICTORIA – The challenges of preventing and responding to devastating wildfires and floods in British Columbia and the prospect of more disasters to come has prompted the government to reassess its emergency management laws. The Emergency Program Act needs to…