Topic Environmental
Debris from cargo ship spill last fall spreading along B.C. coast: beach cleaners
March 7, 2022 by The Canadian PressTOFINO, B.C. – A volunteer organization that has been cleaning up debris from a cargo ship that lost 109 containers off the B.C. coast last fall says the incident should be a wake-up call to the need for more urgent…
Parametric insurance: a solution for businesses of any size?
March 4, 2022 by Alyssa DiSabatinoNatural catastrophes can affect businesses of any size, and parametric insurance can provide solutions for small accounts, too — not just large ones, panellists said at a Canadian Underwriter webinar on Wednesday. Parametric insurance is a type of index-based insurance…
B.C. climate change initiative needs to look further than recovery, expert says
February 25, 2022 by Dirk Meissner - THE CANADIAN PRESSVICTORIA – A disaster expert who led recovery teams after the earthquake and tsunami in the Indian Ocean that killed more than 230,000 people says British Columbia’s climate response strategy must protect the province from future environmental events. The B.C.…
How reinsurers are helping banks to assess their climate risk
February 24, 2022 by Alyssa DiSabatinoAfter Canada’s solvency regulator said the financial sector must better respond to climate-related risks, one Munich Re executive says the global reinsurer is working closely with banks and other federally regulated financial institutions on their climate risk approach. Banks, he…
A 2-step process for the P&C industry to meet Paris Climate Agreement targets
February 23, 2022 by Alyssa DiSabatinoGlobal reinsurer Munich Re’s CEO said we will not meet the Paris Climate Agreement targets without a “technological restructuring.” The executive explained what that might look like — and how to get insurers back on track towards meeting the targets…
B.C. budget includes $2.1B in disaster relief
February 23, 2022 by Dirk Meissner - THE CANADIAN PRESSVICTORIA – British Columbia has earmarked $2.1 billion to fund disaster recovery efforts and future response to the threats posed by wildfires, floods and heat waves in a budget that forecasts a $5.5-billion deficit. Finance Minister Selina Robinson said Tuesday…
Cat trends: How 2021 deviated from the norm
February 22, 2022 by Jason ContantLast year saw a shift from “normal” catastrophic losses by quarter and even geographical location, data from Catastrophe Indices and Quantification Inc. (CatIQ) show. Both the third and fourth quarters of 2021 had “well above average” average catastrophes in terms…
Politicians condemn violence at Coastal GasLink construction site in northern B.C.
February 22, 2022 by Hina Alam - THE CANADIAN PRESSPoliticians are denouncing what police have called a violent confrontation in separate attacks against officers and employees at a construction site for a natural gas pipeline being built across northern British Columbia. Federal Public Safety Minister Marco Mendicino called the…
Canada has existing options if Line 5 shuts down, environmental report argues
February 17, 2022 by James McCarten - THE CANADIAN PRESSWASHINGTON – Viable alternatives to Line 5 already exist if the controversial cross-border pipeline gets shut down, says a new report from a Canadian environmental group looking to bridge the ideological gulf in the public debate over North America’s continuing…
Study suggests climate change made B.C. floods at least twice as likely
February 16, 2022 by Bob Weber - THE CANADIAN PRESSCatastrophic floods that swamped much of southern British Columbia last fall were at least twice as likely because of climate change, suggests new research from Environment Canada. The study, now undergoing peer review, concludes that the likelihood of similar events…
How the P&C industry should shift its thinking about climate risk
February 11, 2022 by Jason ContantCanada’s P&C insurance industry needs to adapt its climate risk business model to focus more on loss prevention rather than indemnity, a speaker says Thursday at an industry event. And pricing needs to be forward-looking rather than based on historical…
Governments announce $228 million agriculture recovery fund after B.C. floods
February 8, 2022 by The Canadian PressVICTORIA – Agricultural producers affected by devastating flooding in British Columbia last November can apply for recovery funds through a $228-million package announced Monday by the provincial and federal governments. The total losses for the agricultural sector from flooding that…