Topic NWT
Canada’s most-exposed flood regions
June 10, 2022 by Alyssa DiSabatinoQuebec has the highest historical average annual loss (AAL) for flood faced by any region across the country, at $861.3 million, but Yukon’s average annual loss per residential address (RA) stands at $925, well above Quebec’s $229 loss per residence.…
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…
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…
Beware the tax implications of unlicensed insurance
May 3, 2022 by Jason ContantIf you’re looking to place a risk through an insurer that’s not licensed to write business in Canada, it’s important to understand the requirements around filing federal and provincial taxes, as well as special broker licenses. Although direct placement with…
A car crashes in Ontario: Why Canadian auto insurers pay attention
April 13, 2022 by Daniel StrigbergerPeople love to visit Ontario. Unfortunately, some of them get into car accidents. Why should a visitor’s auto insurer care about accidents in Ontario? Because when a non-resident is involved in an auto accident in the province, their insurers will…
Former Aviva Canada VP now CEO of TD Insurance
July 7, 2021 by Greg MeckbachJames Russell, a former senior executive with The Dominion of Canada General Insurance Company and Aviva Canada, is now leading The Toronto-Dominion Bank’s property and casualty insurers. Russell’s appointment results from a re-assignment of several TD senior managers. Russell has…
Northwest Territories government to pay repair costs from spring flooding
June 30, 2021 by The Canadian PressYELLOWKNIFE – The government of the Northwest Territories says it will cover the cost to repair or replace homes damaged by spring flooding. The government says 70 homes were affected in Fort Simpson, 16 to 18 in Jean Marie River…
Flooding forces 700 people out of their homes in Fort Simpson, N.W.T.
May 12, 2021 by The Canadian PressFORT SIMPSON, N.W.T. – A mayor in the Northwest Territories was watching for movement in slabs of ice and snow sitting on top of one of two rivers threatening his community on Tuesday. About 700 of Fort Simpson’s 1,200 residents…
Three insurers refuse deal to sell Canadian diamond mine for $166 million
October 13, 2020 by The Canadian PressCALGARY – A deal to sell the suspended Ekati Diamond Mine in the Northwest Territories for about $166 million has fallen through after bond issuers refused to go along with it. Owner Dominion Diamond Mines ULC says the offer by…
Briefing Note: Territories
July 13, 2020 by Canadian Underwriter StaffNunavut and the Northwest Territories are feeling the effects of insurers pulling out of both areas. “We had Aviva Elite, who wrote probably all of the mobile homes in the Northwest Territories, discontinue writing [that line],” says Mark Harris, the…
Where wildfire and flood risk is higher this summer
May 27, 2019 by David Friend - THE CANADIAN PRESSThe weather this summer could be starkly different across the country, according to the latest long range forecast from The Weather Network. Chief meteorologist Chris Scott predicts the wet weather that Ontario and Quebec have experienced in May will continue…
Pushed by climate change: Lake in Northwest Territories falls off cliff
December 9, 2015 by The Canadian PressYELLOWKNIFE – In a dramatic example of how climate change is altering the Arctic landscape, a small northern lake has fallen off a cliff after bursting through the melting earthen rampart that restrained it. A video released Wednesday by the…