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How much these four Alberta cats cost insurers in 2020
September 10, 2020 by Greg MeckbachFour Alberta catastrophes this year have cost insurers a grand total of about $2 billion, the Insurance Bureau of Canada confirmed this week. A hailstorm June 13, affecting mainly northeast Calgary, topped the list as it caused about $1.2 billion…
How much insurers paid out for Fort Mac’s spring flood
June 2, 2020 by Adam MalikInsurers paid out more $228 million in insured damage for spring flooding in Fort McMurray, Alta., that occurred a little over a month ago. Catastrophe Indices and Quantification Inc. (CatIQ) released the numbers this week, noting that commercial properties took…
First month in eastern Canada sees storm damage of almost $100 million
February 19, 2020 by Jason ContantA January storm in southern Ontario and Quebec caused more than $95 million in insured damage, mostly from damage to personal property, according to estimates from Catastrophe Indices and Quantification Inc. (CatIQ). The majority ($81.6 million) of the insured damage…
The thinking behind IBAC’s ‘light-hearted’ flood and earthquake education campaign
February 13, 2020 by Greg MeckbachWhile the Insurance Brokers Association of Canada (IBAC) is encouraging homeowners to contact brokers about earthquake and overland flood risk, it is not aiming to shock or scare the living daylights out of consumers. “We consciously chose not to use…
Advice to Canadian industry from former U.S. government flood insurance CEO
February 10, 2020 by Greg MeckbachA former head of the United States National Flood Insurance Program has some frank advice for Canadian insurance professionals concerned about the lack of affordable overland flood coverage insurance for high-risk properties. “Look at what they have done south of…
What underwriters can learn from Cloudy with a Chance of Meatballs
February 6, 2020 by Greg MeckbachHail is a major driver of insured property damage in Canada, but testing resilience of roofing material by dropping steel balls on it has limited value, a CatIQ Connect speaker suggested Wednesday. Roy Wright, president and CEO of the Insurance…
Flooded with new exposure
December 2, 2019 David Gambrill, Editor-in-ChiefLaura Twidle, managing director at Catastrophe Indices and Quantification Inc. (CatIQ), adds a new twist on why the P&C industry is inundated with flood claims. Hint: It’s not just climate change
Have insured cat losses already reached $1 billion this year?
September 13, 2019 by Jason ContantThe “alarming trend” towards increasingly severe and frequent weather events causing higher insurance payouts continues in 2019, with close to $900 million in insured losses recorded already so far this year. In 2018, insured damage from severe weather across Canada…
CatIQ acquired by Switzerland-based PERILS
June 17, 2019 by Jason ContantZurich, Switzerland-based PERILS AG announced Monday that it has acquired Catastrophe Indices & Quantification Inc. (CatIQ). Established in 2014, CatIQ is widely recognized as the most reliable source of catastrophe loss and exposure information in Canada. PERILS, a subsidiary of…
March winter storm costs insurers over $124 million
April 12, 2019 by Jason ContantA mid-March winter storm that struck central and eastern Canada caused over $124 million in insured damage, Catastrophe Indices and Quantification Inc. (CatIQ) said Thursday. The storm hit Ontario on Mar. 14 and continued through Quebec, New Brunswick and Nova…
How the cat season so far compares to 2018
March 26, 2019 by Jason ContantIt seems that the Canadian catastrophe season is off to a strong start, with five events so far this quarter compared to the normal one. “I will say that we have had an anomalous start to the year,” said Laura…
Early storm warning for insurers: $40 million for January storm in eastern Canada
March 6, 2019 by Jason ContantA winter storm in late January that brought snowfall, freezing rain, rain and strong winds to eastern Canada caused over $39 million in insured damage, according to Catastrophe Indices and Quantification Inc. (CatIQ). Most of the damage occurred on Jan.…