Topic Environmental
Why recent Calgary storm is not like 2013 flooding
June 16, 2022 by Jason ContantAlthough home to many of the costliest natural disasters in Canada, Alberta appears to have dodged a bullet with the latest rainfall event in the Calgary area. The City of Calgary declared a local state of emergency earlier this week…
Flood of atmospheric rivers in B.C. cost $675 million in insured damage: CatIQ
June 16, 2022 by The Canadian PressVANCOUVER – November’s floods in British Columbia that swamped homes and farms, swept away roads and bridges and killed five people are now the most costly weather event in provincial history. The Insurance Bureau of Canada made the statement as…
The latest insolvency risk: climate change
June 15, 2022 by Jason ContantA single large-scale natural disaster can cause the sudden failure of an otherwise solvent insurer, warns a new report from the Property and Casualty Insurance Compensation Corporation (PACICC). The latest installment of PACICC’s Why Insurers Fail series found the “traditional”…
P&C industry must get better at modelling secondary perils: reinsurance exec
June 13, 2022 by Jason ContantThe property and casualty insurance industry in Canada and globally needs to improve its modelling and understanding of secondary perils, which have seen increased frequency over the past decade, says a speaker from Swiss Re during an industry event. “We…
Rebuild of Lytton, B.C., after devastating wildfire to begin by September: minister
June 13, 2022 by Sarah Ritchie - THE CANADIAN PRESSOTTAWA – Rebuilding in the fire-ravaged village of Lytton, B.C., is likely to begin in September, according to the province’s minister of public safety. That would be 15 months after an out-of-control wildfire swept through and burned 90 per cent…
Canada’s most-exposed flood regions
June 10, 2022 by Alyssa DiSabatinoQuebec has the highest historical average annual loss (AAL) for flood faced by any region across the country, at $861.3 million, but Yukon’s average annual loss per residential address (RA) stands at $925, well above Quebec’s $229 loss per residence.…
Which model will Canada’s national flood insurance program follow?
June 9, 2022 by Alyssa DiSabatinoAfter undergoing actuarial review, two possible flood insurance models are the “most promising” for private-public engagement within the upcoming national flood insurance program, a federal government official suggests. One model is based on a pool for high-risk homeowners, among…
Is wind the new water?
June 8, 2022 by Alyssa DiSabatinoWhen a storm hits, it’s no surprise that extreme wind can be a significant driver of insured losses — but wind may actually edge out water as the industry’s costliest weather event, said one industry expert. “From 2008 to…
B.C. report calls for co-ordinated heat alert system to prevent future deaths
June 8, 2022 by Dirk Meissner - THE CANADIAN PRESSVICTORIA – British Columbia is better prepared to withstand a hot weather emergency like that which caused more than 600 deaths last summer, but more must be done to protect people and communities, says the chief medical officer at the…
Aviva Canada’s eco-friendly approach to claims
June 7, 2022 by Alyssa DiSabatinoAviva Canada is piloting an eco-friendly claims process, part of its plan to become a net-zero company by 2040. Notably, the company is mobilizing its efforts to respond to climate change by recycling and sorting materials during the claims process.…
How the derecho impacted claims service levels
June 7, 2022 by Jason ContantIt’s only natural claims adjusting service levels will drop, given the large number of claims arising from the derecho that struck parts of Ontario and Quebec in May, says the president of the Canadian Independent Adjusters’ Association (CIAA). “Things like…
Flood watches remain in parts of B.C.
June 7, 2022 by The Canadian PressVANCOUVER – Emergency officials say as many as 20 buildings are flooded in three northwestern British Columbia communities. But a break in the weather has slowed rising waterways across the region. The Regional District of Kitimat-Stikine ordered the evacuation of…