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News Catastrophes

The insured damage cost of December’s windstorm in eastern Canada

January 13, 2022 by Alyssa DiSabatino

The windstorm that swept across Ontario, Quebec and the Atlantic provinces between Dec. 11 and 14 caused more than $152 million in insured damage, according to estimates from Catastrophe Indices and Quantification Inc. (CatIQ).  The eastern Canada windstorm brought strong

News Insurance

What Intact paid for Cats last quarter

January 12, 2022 by Jason Contant

Intact 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

News CatastrophesClaimsClimate Change

Can we blame climate change for B.C. ‘atmospheric river?’

December 2, 2021 by Greg Meckbach

We can’t say for sure that climate change has caused the heavy rainfall and severe floods and landslides currently affecting British Columbia, but global warming is making disasters like this more likely, a Swiss Re speaker suggested Thursday. “Warmer air

The roof of Mary Queen of Peace elementary school was torn off after Hurricane Larry crossed over Newfoundland's Avalon Peninsula in the early morning hours, in St. John's, Saturday, Sept. 11, 2021. THE CANADIAN PRESS/Paul Daly
News CatastrophesClaimsClaims Canada

Hurricane Larry will probably cost the industry this much

October 27, 2021 by Greg Meckbach

Insurers will probably pay out $25 million towards claims from Hurricane Larry. That is the initial estimate from Catastrophe Indices and Quantification Inc. (CatIQ), the Insurance Bureau of Canada said Wednesday in a press release. Hurricane Larry made landfall on

News Insurance

Is it time for a public-private partnership for cyber risk?

October 18, 2021 by Jason Contant

There will be a point at which a cyber tail event will be too expensive for the insurance industry, as a whole, to cover, a speaker said Thursday during the CatIQ Connect virtual conference. “That’s where we are already starting

The small town of Okotoks was hit hard by the June floods of 2013, with the river valley rushing and raging through wiping out pedestrian bridges, campgrounds, river banks and pathways.
News CatastrophesClaimsClaims CanadaClimate ChangeInsurance

Progress report: Canada-wide flood mapping is well underway

June 16, 2021 by Greg Meckbach

A nationwide estimate of coastal, pluvial, and fluvial flood hazard is one part of the ongoing effort to come up with a national approach to insuring or re-locating homes at high risk of flood, a federal government official suggests. Flood

News CatastrophesClaimsClaims CanadaClimate Change

Where Canada sits with national low-cost residential flood insurance 

June 10, 2021 by Greg Meckbach

Six possible flood insurance models for homes at high risk of flood are about to go through an actuarial review, a federal government official suggests. The Task Force on Flood Insurance and Relocation is going to hand off those possible

News CatastrophesClaimsClaims CanadaClimate ChangeReinsurance

Advice from the U.S.: Canada needs exit strategy from national flood

March 4, 2021 by Greg Meckbach

Canada needs to proceed with caution if it wants to establish a taxpayer-supported program to write flood insurance for high-risk homes, an American speaker warned the Canadian P&C industry during CatIQ Connect. “Be very careful with a federal flood insurance

News AdjustersCatastrophesClaimsClaims CanadaConstructionInsuranceRestoration

What’s making it harder to estimate property Cat claims

February 17, 2021 by Greg Meckbach

Recent price increases in building materials means it is harder than normal to predict the cost of repairing property damage, restoration experts say. Restoration contractor Peak Services handled several thousand claims after the June 13, 2020, record hail storm in

News Insurance

$2 billion is the new $1 billion for insured Canadian NatCat events

January 5, 2021 by Jason Contant

Insured losses from natural catastrophes in Canada totalled nearly $2.5 billion last year, Toronto-based Catastrophe Indices and Quantification Inc. (CatIQ) reported Monday. “The years where annual catastrophic insured losses were below $1 billion seem to be a thing of the

News Insurance

Ontario wind storm costs the industry $87 million

December 15, 2020 by Jason Contant

Add $87 million to the more than $2.1 billion that the Canadian property and casualty insurance industry has paid out in claims thus far in 2020. An Ontario windstorm in November hit the Greater Toronto Area, the areas of Hamilton,

News CatastrophesClaimsClaims CanadaReinsuranceRisk

How Ottawa is trying to lower earthquake related property losses

December 7, 2020 by Greg Meckbach

Natural Resources Canada is hoping to help insurers cut their loss costs with a yet-to-be released earthquake early warning system. The warning system could provide seconds to tens of seconds of warning before a location is affected by strong shaking,