Topic Catastrophes
Intact wins the battle, but loses the war, in Alberta wildfire claim
April 7, 2021 by David GambrillIntact Insurance has lost its appeal over procedural unfairness in an Alberta wildfire property damage claim, even though an umpire in the case made a decision based on information that was not placed on the record by either the claimant…
Review hears closing arguments into proposed reservoir to protect Calgary from floods
April 7, 2021 by Colette Derworiz - THE CANADIAN PRESSEDMONTON – A lawyer for Alberta Transportation says there’s a serious and urgent need for a proposed reservoir that could protect Calgary from future flooding. Ron Kruhlak made the comment during his closing argument Tuesday before the Natural Resources Conservation…
Pandemic distraction: Is Canada ready for the next big disaster?
March 30, 2021 by David GambrillFocused narrowly on responding to the COVID-19 global pandemic — and preparing for the next one — Canada may be losing sight of preparing for other, potentially more likely disaster scenarios, P&C insurance industry executives commented at the Swiss Re…
Feds seek post-pandemic ideas to prepare for next major disaster
March 16, 2021 by The Canadian PressOTTAWA – The federal government is looking beyond COVID-19 to prepare for the next large-scale calamity – be it another pandemic, a tsunami or cyberattack. In a notice posted today, Defence Research and Development Canada seeks proposals for studies, technology…
Why home insurance was so profitable for Intact in 2020
March 11, 2021 by Greg MeckbachThe hard market in home insurance is helping Canada’s largest P&C insurer make a healthy profit. But insurers need to maintain pricing discipline in personal property because weather catastrophe costs are increasing over time, suggests the chief financial officer at…
Advice from the U.S.: Canada needs exit strategy from national flood
March 4, 2021 by Greg MeckbachCanada needs to proceed with caution if it wants to establish a taxpayer-supported program to write flood insurance for high-risk homes, an American speaker warned the Canadian P&C industry during CatIQ Connect. “Be very careful with a federal flood insurance…
How (and when) to turn a post-earthquake fire Cat into a kitten
March 3, 2021 by David GambrillHuge insurance bills for natural disasters such as fire following earthquake could be substantially reduced by paying for improvements that amount to a fraction of the damage estimates. But timing is everything when recommending how to “build back better,” says…
Why reinsurers are watching how UK top court defined ‘occurrence’ in business interruption dispute
March 2, 2021 by Greg MeckbachThe British Supreme Court’s interpretation of the word “occurrence,” in its recent COVID-19 business interruption ruling, should not be applied to reinsurance excess of loss treaties, Guy Carpenter experts argue in a recent paper. In a decision released on Jan.…
Why Canada should invest in ‘macrogrids’ for greener, more reliable electricity
February 25, 2021 by The Canadian PressThis article was originally published on The Conversation, an independent and nonprofit source of news, analysis and commentary from academic experts. Disclosure information is available on the original site. Authors: Brett Dolter, Assistant Professor, Economics, University of Regina; Blake Shaffer,…
Property restoration space has ‘big capacity’ issue: Brindamour
February 19, 2021 by Greg MeckbachIntact Financial Corp. is aiming to build capacity in what CEO Charles Brindamour calls the “super-fragmented” restoration contractor industry. “Our thought process with On Side [Restoration] is very much consistent with what we tried to do with BrokerLink a decade…
How to increase the take-up of earthquake insurance
February 18, 2021 by Jason ContantWhen broader government assistance is available for earthquake insurance, the take-up rates for private earthquake insurance appear to be suppressed, according to a new study on the difference between earthquake insurance rates in B.C.’s Lower Mainland and neighbouring Washington State…
What’s making it harder to estimate property Cat claims
February 17, 2021 by Greg MeckbachRecent price increases in building materials means it is harder than normal to predict the cost of repairing property damage, restoration experts say. Restoration contractor Peak Services handled several thousand claims after the June 13, 2020, record hail storm in…