Topic Environmental
What Intact paid for Cats last quarter
January 12, 2022 by Jason ContantIntact paid out an estimated $186 million for catastrophe losses in 2021 Q4, the company reported. “Approximately 55% of the catastrophe losses were in our Canada segment, with half in personal property,” IFC says in a press release. “This mostly…
Canadian insured Cat losses exceed $2 billion — again
January 11, 2022 by Jason ContantCanadian insured losses topped $2 billion for the second year in a row, according to estimates from Catastrophe Indices and Quantification Inc. (CatIQ). “2021 saw much discussion of a ‘new normal’ for Canadians, but when it comes to insured losses,…
Excess of loss case should be heard in Canada, not New York: court
January 10, 2022 by David GambrillSeveral excess insurers have lost their bid to have a lawsuit take place in New York instead of Ontario in a mining insurance case brought before the Ontario Superior Court of Justice. Nine of 22 excess insurers argued that the…
Atmospheric river packing several powerful rainstorms heading for southern B.C.
January 10, 2022 by The Canadian PressVANCOUVER – Power has been restored in two Vancouver Island communities that lost electricity early last week as snow, ice and wind storms pounded parts of British Columbia, but forecasters warn another powerful system is on the way. BC Hydro…
Insurance isn’t enough: Governments need to do better on natural disaster resilience
January 7, 2022 by The Canadian PressBy Anne E. Kleffner, Professor, Risk Management and Insurance, University of Calgary and Mary Kelly, Chair in Insurance and Professor, Finance, Wilfrid Laurier University This article was originally published on The Conversation, an independent and nonprofit source of news, analysis…
B.C. farmers ‘white knuckling’ their way through extreme cold after floods, heat dome
January 4, 2022 by Amy Smart - THE CANADIAN PRESSVANCOUVER – Richard Bosma’s cows had been home for less than a week after an evacuation due to flooding in Abbotsford, B.C., before temperatures plummeted on his farm. Bosma, who credits his faith with helping him remain resilient in a…
Main B.C. highway to reopen to essential traffic by Monday after storms
December 16, 2021 by Hina Alam and Amy Smart - THE CANADIAN PRESSVANCOUVER – A key highway link between British Columbia’s Lower Mainland and the rest of the province will reopen to essential traffic by the end of the day on Monday, five weeks after it was heavily damaged by severe rainstorms.…
Climate change expected to push up payouts
December 13, 2021 by Philip PoradoIt’s likely Canada’s not fully prepared for flood risks faces today, let alone for what climate change could bring, Judith Ellison, catastrophe modelling manager at JBA Risk Management told a Dec. 2 CatIQ Connect Quarterly session. She noted many properties…
More than 80,000 customers remain without power in windswept Ontario: Hydro One
December 13, 2021 by The Canadian PressTORONTO – More than 80,000 Ontarians remained without power Sunday, a day after violent winds blew through the southern part of the province. Utility Hydro One says 450,000 customers lost power during the wind storm, and crews were still working…
B.C. flooding is the costliest severe weather event in province’s history
December 10, 2021 by Jason ContantIt’s official — the massive flooding in southern British Columbia is the costliest severe weather event in the province’s history. In a press release issued late Thursday by Insurance Bureau of Canada (IBC), Catastrophe Indices and Quantification Inc. (CatIQ) said…
Canada on track to reduce fossil fuel use by 62% by 2050
December 10, 2021 by Amanda Stephenson - THE CANADIAN PRESSCALGARY – A new forecast says Canada is on track for a significant reduction in fossil fuel use by 2050, even as electricity demand grows and demand for crude oil continues. In a new report on long-term Canadian energy supply…
Diverse coastal protections can help limit storm risk
December 9, 2021 by Canadian Underwriter StaffBoth constructed solutions like dykes and seawalls and greener approaches like saltmarsh restoration and dune replenishment can help combat financial and social costs that result from severe storms, a new report noted. “Rising seas, swollen atmospheric rivers and post-tropical storms…