Topic Environmental
How Cats will impact insurers’ and reinsurers’ pricing and investments
November 3, 2022 by Philip PoradoRising cleanup costs following catastrophic weather events mean P&C insurers and reinsurers may have to adjust what they cover, and how they invest, global financial markets watchdog Fitch Ratings says. As Canada braces for its third year in a row…
New storm brings rain, wind and snow to several regions of B.C.
November 3, 2022 by The Canadian PressVANCOUVER, Wash. – The latest in a series of vigorous mid-fall storms is bringing wind, rain and snow to large sections of British Columbia. Snow or rainfall warnings are posted across most of southern B.C., the central Interior, Prince George…
City of Ottawa awaits answers on derecho storm compensation
October 31, 2022 by Cindy Tran - THE CANADIAN PRESSOTTAWA – More than five months after a powerful storm damaged property and left people without power for days, the City of Ottawa has yet to be reimbursed by the provincial government for its recovery costs. The derecho, a line…
New storm approaches B.C. as province cleans up after first powerful fall tempest
October 28, 2022 by The Canadian PressVANCOUVER – BC Hydro says electricity has been restored to most of its more than 100,000 customers blacked out during the first powerful storm of British Columbia’s late-arriving fall, but forecasters warn more foul weather is on the way. The…
B.C.’s ‘vulnerable’ Fraser Valley needs flood control plan, Senate committee warns
October 27, 2022 by The Canadian PressOTTAWA – The Senate Committee on Agriculture and Forestry is calling for a comprehensive flood control plan for British Columbia’s Fraser Valley following last year’s catastrophic floods. Last November, historic rainfall caused flooding of 15,000 hectares of land, affecting more…
How ESG affects the entire insurance supply chain
October 20, 2022 by Jason ContantImplementing environmental, social and governance (ESG) strategies will create a ripple effect impacting the entire insurance supply chain and billions of dollars in investments, said George Longo, president and CEO of MGA Excess Underwriting. “The ripple effect is going to…
Mining industry digs into alternative methods as risks rise
October 20, 2022 by Ian Bickis - THE CANADIAN PRESSIn the North, some mines risk leaking acid if the permafrost melts, while across Canada heavier rainfall will add strain to tailings dams and a lack of it could throw operations. While no strangers to extreme weather, the growing risks…
Fiona officially the costliest extreme weather event in Atlantic Canada
October 19, 2022 by Jason ContantHurricane Fiona is the costliest extreme weather event ever recorded in Atlantic Canada, at $660 million in insured damage, according to preliminary estimates from Catastrophe Indices and Quantification Inc. (CatIQ). The long-lived and powerful storm on Sept. 24 is also…
How insurers benefit from a green balance sheet
October 17, 2022 by Alyssa DiSabatinoCanada’s property and casualty insurers can grow their premiums and pay out fewer claims if they insure and invest in natural assets, including riverbanks, ponds and wetlands, according to case studies contained in the Intact Centre on Climate Adaptation’s new…
Nova Scotia legislation would require storm readiness by telecommunications companies
October 13, 2022 by The Canadian PressHALIFAX – Nova Scotia is proposing legislation that would require telecommunications companies to be better prepared for weather events like post-tropical storm Fiona or risk stiff fines. Amendments to the Emergency Management Act and the Emergency 911 Act would…
Climate Changed: Catastrophe experts say retreat from flood risk is ‘critical option’
October 12, 2022 by Amy Smart - THE CANADIAN PRESSVANCOUVER – All climate disasters are not created equal and the Institute for Catastrophic Loss Reduction recommends retreat in the face of only one type of threat. “In our opinion, retreat is not an option that is important for most…
Munich Re to stop its backing for new oil and gas fields
October 11, 2022 by The Associated PressBERLIN (AP) – Munich Re, one of the world’s biggest insurance companies, said Thursday that it will stop backing new oil and gas fields beginning next April. The company said it will also no longer invest in or insure new…