Topic Environmental
Why insureds might need parametric coverage alongside conventional policies
June 1, 2022 by Megan LinkinWhen Hurricane Ida made landfall on Aug. 29, 2021, a handful of parametric insurance policies in Swiss Re Corporate Solutions’ portfolio were affected and potentially triggered. By Sept. 1, all relevant data for determining if the hurricane’s winds met policy-defined…
Could hurricanes in Canada worsen?
June 1, 2022 by Alyssa DiSabatinoThe trend of above-average hurricane seasons is expected to continue this year and Canadian insurers should heed this warning by preparing Atlantic businesses for more severe hurricanes, according to Allianz Global Corporate & Specialty’s Atlantic Hurricane Season Outlook 2022. “Although Canada…
OSFI posts new guidance on climate risk stress testing
May 26, 2022 by Alyssa DiSabatinoThe Office of the Superintendent of Financial Institution’s (OSFI) newly released draft of Climate Risk Management may mean P&C insurers will have to include climate scenario analysis as a part of their stress testing — and it may require insurers to…
Auto insurance: How to handle acid spill claims
May 26, 2022 by Jason ContantInsurers would be well-advised to have experts and claim-handling protocols on hand to identify unique claim situations such as the two sulphuric acid spills in Trail, B.C. several years ago, two forensic engineers say. On Apr. 10 and May 23,…
Emergency alerts when severe weather happens can be improved: Environment Minister
May 26, 2022 by Mia Rabson - THE CANADIAN PRESSOTTAWA – Emergency weather alerts that are broadcast over the mobile network should be improved to make sure they are getting to the right people at the right time, Environment Minister Steven Guilbeault said Wednesday. Guilbeault is in Germany for…
How to speed up claims response for NatCats
May 25, 2022 by Yasser Korany, Mario Delorme and Mazen HabashExtreme weather events have become common, some bringing unprecedented levels of destruction to structures and facilities, overwhelming owners, property managers and insurers. In response, nearly all major insurers have created centralized Cat units dedicated to handling claims arising from extreme…
Was derecho storm damage caused by climate change?
May 25, 2022 by Alyssa DiSabatinoThe Long Weekend derecho storm in Ontario and Quebec, which spawned a tornado in Uxbridge, Ont., and resulted in over 1,000 kilometers of damage, is “very difficult” to credit as a climate change event, even though the industry is seeing…
Stakes are high for farmers as 2022 crop shapes up to be most expensive in history
May 25, 2022 by Amanda Stephenson - THE CANADIAN PRESSCALGARY – The stakes are high as Canadian farmers take to the fields to plant 2022’s crop, which some are saying could find a place in the record books as “the most expensive ever.” On her family’s farm northeast of…
First Cat of the year predicted after powerful “derecho” storm
May 24, 2022 by Alyssa DiSabatinoA series of powerful thunderstorms that affected Ontario and parts of Quebec this weekend is already being billed by the industry as the first major Cat of 2022. And while industry experts anticipate a large number of insured damages, one…
How modern tech companies are leaving old insurance policies in the dust
May 19, 2022 by Jason ContantModern tech companies are moving along at a much faster pace than the insurance policies designed to protect them, says Michael Brunero, head of tech, media and intellectual property (IP) at CFC Underwriting. “We started to realize the policy that…
Kenora, Ont., residents told to watch for possible flooding amid rising water levels
May 16, 2022 by The Canadian PressA city in northwestern Ontario is monitoring water levels and telling residents to watch for the possibility of flooding. That comes after an evacuation order was issued by the City of Kenora on Friday that said hundreds of residents were…
Heavy flooding forces residents of Northwest Territories town from their homes
May 13, 2022 by The Canadian PressHAY RIVER, N.W.T. – About 3,500 residents have been ordered to evacuate a town in the Northwest Territories as volatile water levels never before experienced in some areas cause extensive flooding and damage. People in Hay River, on the south…