Topic Property
COVID-19 compounds ongoing real estate insurance challenges
September 8, 2020 by Adam MalikThe global pandemic isn’t necessarily causing a large number of problems around insurance issues in the real estate sector, but it’s clogging up the pathway to making things better. “The way we’re thinking about real estate and insurance is that,…
More than one way to define a Cat
September 3, 2020 by Greg MeckbachIf you disagree with a co-worker on exactly what a catastrophe is, both of you could be right. There is no single standard definition of a “Cat,” with the industry’s loss costs — and even media coverage — among the…
Lawsuit filed against makers of Montreal-area dike that burst, flooding town
September 3, 2020 by The Canadian PressMONTREAL – A Montreal-area town says its insurance company is suing the maker of a dike that burst last spring, flooding streets and forcing thousands of residents from their homes. Officials from Ste-Marthe-sur-le-Lac said Tuesday legal action has been filed…
Winds fan flames of B.C. wildfire as crews race to battle the blaze
September 1, 2020 by The Canadian PressCANAL FLATS, B.C. – Wind gusts fanned the flames of a wildfire near a village at the southern end of Columbia Lake in British Columbia late Saturday, increasing the size of the blaze by about four square kilometres. The BC…
Hurricane warnings: Is it crying wolf when storms aren’t as bad as expected?
August 31, 2020 by David GambrillWhile Hurricane Laura’s insured damage estimates in the United States range anywhere between $4 billion to $12 billion, the post-tropical storm predicted for Atlantic Canada did not quite reach the level of intensity initially forecast for the Maritimes last Thursday.…
What could happen when carriers disagree over commercial property pandemic exclusions
August 31, 2020 by Greg MeckbachWith commercial insurers adding pandemic exclusions to property and business interruption, it can be difficult to place a risk with multiple insurers unless they agree on what that exclusion should look like, a Quebec broker suggests. Some clients, especially during…
Adjusting Calgary’s hailstorm: The rationale for bringing in U.S. Cat adjusters
August 28, 2020 by Greg MeckbachDuring the hail storm this past June that damaged tens of thousands of Alberta homes, adjusting firm CRU Group struggled to find enough qualified independent catastrophe adjusters in Canada, and wound up resorting to bringing in people from the United…
What brokers can do more of to help their clients protect against flood risk
August 27, 2020 by David GambrillCanadians understand that flood damage has increased, but they don’t necessarily know to protect their homes against it, according to joint research conducted by RSA Canada and World Wildlife Fund (WWF) Canada. The research suggests an opportunity for Canadian P&C…
How your advice can help flood-proof future real estate development
August 26, 2020 by Adam MalikThere’s not enough collaboration between stakeholders in Canada’s real estate sector and risk professionals with information about natural hazards, and real estate investments could drown as a result, an expert warned. If real estate is constantly being exposed to damage…
The impact of MGAs getting more business
August 25, 2020 by Greg MeckbachIt is taking longer to get insurance placed through managing general agents because MGAs are getting more business in the hard market, one Ontario broker suggests. Many commercial accounts, which previously would have been handled by retail brokers, are now…
CU webinar: Claims experts discuss how to adjust increasing number of NatCats
August 25, 2020 by David GambrillIn an era when $1-billion claims events have become commonplace, Canadian claims executives are turning their minds to how to adjust natural disasters that follow closely upon the heels of one another. Canadian Underwriter will be bringing the discussion to…
Survivor recalls deadly Manitoba tornado hitting Jeep
August 24, 2020 by The Canadian PressVIRDEN, Man. – James Blacksmith closes his eyes and goes back to the moment he saw a pine tree viciously uprooted from the earth and topple onto his Jeep’s roof. Within seconds, the windows burst from the force of a…