Topic Environmental
‘Atmospheric river’ could bring 300 millimetres of rain to parts of southern B.C.
January 26, 2024 by The Canadian PressOfficials in B.C. are warning of heavy rainstorms for the South Coast region starting on Saturday. Environment and Climate Change Canada says West Vancouver Island and the Coast Mountains could receive up to 300 millimetres of rain over five days,…
Why personal property results should concern insurers
January 26, 2024 by Jason ContantEven though overall financial results for the Canadian P&C insurance industry were only slightly worse in 2023 compared to the previous year, personal property lines should raise concerns for underwriters, according to a new report from the Property and Casualty…
Months after request, Nova Scotia silent on possible buyout of flooded Halifax homes
January 24, 2024 by Keith Doucette – The Canadian PressHALIFAX – Frustration is building with a lack of a commitment from the Nova Scotia government to buy and demolish some of the Halifax area homes ravaged by massive flooding last July. Halifax Regional Council sent a letter on Oct.…
Alberta releases liability estimate for well cleanup
January 23, 2024 by Bob Weber - The Canadian PressAlberta’s oil and gas producers spent nearly $700 million in 2022 on cleaning up the hundreds of thousands of old wells that dot the province, the regulator’s first report on the extent of those liabilities indicates. That’s 65 per cent…
Brokerage sees nearly 200% increase in cold weather claims
January 18, 2024 by Jason ContantWith temperatures plummeting across Canada recently, one insurance brokerage has seen a 191% increase in cold weather-related claims in the early days of 2024 compared to 2023. “Over the past couple of weeks, we’ve seen almost three times as many…
More than 100 wildfires still burning after B.C.’s record wildfire season
January 17, 2024 by Ashley Joannou - The Canadian PressMore than 100 wildfires are still listed as burning in British Columbia thanks to a combination of a busy wildfire season, extreme drought and generally warmer and drier conditions through December. Forrest Tower of the BC Wildfire Service said that…
Snowstorm inbound for Metro Vancouver as winter weather rages across Canada
January 16, 2024 by The Canadian PressVANCOUVER – Environment Canada says a snowstorm is expected to hit Metro Vancouver, Greater Victoria and beyond, bringing up to 20 centimetres of accumulation and possible freezing rain to southern British Columbia. The weather agency has issued a snowfall warning…
Ten per cent of country’s insured losses in Alberta alone
January 12, 2024 by Alyssa DiSabatinoFor all the smoke, fire and flood that happened across Canada this year, damage to property in Alberta alone exceeded $330 million, according to estimates from Catastrophe Indices and Quantification Inc. (CatIQ). That’s nearly 10% of all insured losses across…
What’s at risk if the national flood insurance program stalls
January 10, 2024 by Alyssa DiSabatinoInsurers will need to be informed about their role in the national flood insurance program by Spring 2024 if it’s to be operational before the next federal election, an Insurance Bureau of Canada (IBC) executive tells Canadian Underwriter. The…
Wildfires in Alberta burned 10 times more area in 2023 than the five-year average
January 5, 2024 by Colette Derworiz - THE CANADIAN PRESSAlberta Wildfire says it saw an average number of wildfires last year, but the area burned across the province set a record. The province saw a total of 1,088 wildfires that burned about 22,000 square kilometres from March 1 to…
Why your clients may be exposed to more climate change claims
January 4, 2024 by David GambrillYour business clients may face increased exposure to climate change liability claims, based on a recent decision by the Federal Court of Appeal (FCA). “With strong language, the Federal Court of Appeal affirmed the ‘existential challenge’ posed by climate change…
Should insurers help customers build back better…or not at all?
January 4, 2024 by Philip PoradoIncreased severity and frequency of NatCats has Canada’s P&C insurance ecosystem seeking ways to add resilience to the claims process. This includes build back better initiatives to encourage adding things like hurricane straps or hail-resistant shingling to roof rebuilds to…