Topic Environmental
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…
How insurers can manage losses as NatCat events ramp up
December 18, 2023 by Philip PoradoWhatever’s driving increasingly devastating storms over the past decade, one thing is certain — insurers have watched NatCat losses ramp up over the past decade. “It used to be an unusual year where you’d have more than a billion dollars…
Canada to pilot options for national emergency response agency in 2024
December 15, 2023 by Mia Rabson - THE CANADIAN PRESSOTTAWA – A new national emergency response agency may consist of regional response teams that Ottawa can call into action when disaster strikes, Emergency Preparedness Minister Harjit Sajjan said in a recent interview. It is clear some kind of federal…
How restoration firms are growing in Canada
December 14, 2023 by Alyssa DiSabatinoWith natural disasters on the rise, restoration firms are responding to the growing need through expansions and acquisitions, according to recent announcements. Intact subsidiary On Side Restoration has acquired Superior Disaster Services Ltd., in a deal that closed Dec.…
Power outages drag on after powerful windstorm sweeps through the Maritimes
December 13, 2023 by The Canadian PressHALIFAX – Tens of thousands of residents across the Maritimes woke up Tuesday without electricity as utility crews scrambled to repair downed power lines after a powerful windstorm roared over the region on Monday. More than 23,000 Nova Scotia Power…
Climate change battering municipal finances across Canada
December 11, 2023 by Thomas MacDonald - THE CANADIAN PRESSMONTREAL – The hamlet of Gore, Que., had the foresight to start preparing for more intense annual flooding due to climate change a decade ago. That’s when the rural township 60 kilometres northwest of Montreal began quadrupling the size of…
B.C. wrings out after atmospheric river brings torrential rain and wind
December 6, 2023 by The Canadian PressVANCOUVER – Residents in coastal and southern British Columbia are mopping up after an atmospheric river brought torrential rain and wind, while disrupting travel and utility services. The B.C. River Forecast Centre says Metro Vancouver, the south coast and Lower…
Is your board looking at their own diversity?
December 5, 2023 by Jason ContantIt’s no longer sufficient for insurance industry board members to talk about diversity across the organization — boards need to actively look at their own diversity and address any gaps, KPMG suggested in a recent thought leadership piece. “To build…
1,000 homes evacuated in Quebec’s Laurentians region over fears dike could burst
December 4, 2023 by The Canadian PressMONTREAL – Residents of two municipalities in Quebec’s Laurentians region have been ordered to leave their homes because of the risk a nearby dike could burst. The evacuation order was issued Sunday night for about 1,000 homes near the Kiamika…