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How to make earthquake insurance sexy

June 28, 2019 by Jason Contant

Quebec’s financial regulator, the Autorité des marchés financiers (AMF), is working with the property and casualty insurance industry to make the earthquake insurance product more attractive to insurers, brokers and consumers. In its 2017-2020 Strategic Plan released Thursday, AMF said

News CatastrophesClaimsInsurance

Can Canadian P&C companies be “too big to fail”?

June 27, 2019 by David Gambrill

If a major disaster such as an earthquake hits Canada, are some Canadian insurance companies simply “too big to fail”? After the financial crisis of 2007-08, the systemic risk of multiple companies going bankrupt following an extreme catastrophe event is

News InsuranceMarkets / Coverages

Does an earthquake endorsement cover sinkhole damage?

May 28, 2019 by Jason Contant

If a home collapses into a sinkhole, is there coverage under a standard homeowner’s policy or earthquake endorsement? Not under many homeowner’s policies, but possibly under the earthquake endorsement, depending on the policy language and if the quake caused the

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Is sinkhole damage covered under a standard home insurance policy?

May 7, 2019 by Jason Contant

Editor’s Note: This story has been edited to include additional comments.   Is damage from a sinkhole covered under a standard homeowner’s policy? “Earth movement” is typically excluded under a standard policy, but an earthquake endorsement may provide coverage. The

News Catastrophes

Some earthquake deductibles too high: IBC

April 5, 2019 by Greg Meckbach

Brokers are telling the Insurance Bureau of Canada that for some homeowner clients, the deductible on earthquake coverage is so high that the clients could still end up broke after a major tremor. “Right now, the deductible on some of

News InsuranceMarkets / CoveragesRisk

What lies behind the unexpected Alberta quake

March 6, 2019 by Jason Contant

Perhaps the largest-ever earthquake to hit a section of central Alberta caused no immediate reports of damage, but knocked out power for more than 4,000 customers. Could fracking be the culprit? In this case, Alberta Energy Regulator (AER) is probing

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Executive challenges brokers regarding earthquake take-up rates in Quebec

February 8, 2019 by Jason Contant

Sparks flew during a recent conference discussion about mortgage impairment and earthquake loss, when a senior reinsurance company executive drew a link between the practices of Quebec brokers and the low take-up rates of earthquake insurance in the province. Philipp

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New Brunswick earthquake ‘widely felt’

January 11, 2019 THE CANADIAN PRESS

GRAND BAY-WESTFIELD, N.B. – A minor earthquake rattled windows and knocked dishes off shelves in a small community in southern New Brunswick on Thursday. “It felt like something ran into the building _ it was a big bang,” said Troy

News Risk

Strong Oregon quake felt in Vancouver and Sidney, B.C.

August 23, 2018 The Canadian Press

VANCOUVER – A magnitude 6.2 earthquake that hit nearly 300 kilometres off the south-central coast of Oregon early Wednesday was strong enough to be felt in British Columbia. Data from the United States Geological Survey shows residents in Vancouver and

News Markets / Coverages

Small earthquake detected off coast of B.C.

June 4, 2018 The Canadian Press

HAIDA GWAII, B.C. – A small earthquake has been detected off of British Columbia’s coast. Earthquakes Canada says the 4.2-magnitude quake struck Saturday afternoon, 94 kilometres west of the village of Masset, B.C., in the Haida Gwaii archipelago. The agency

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Windsor tremor shows quake risk exists anywhere in Canada

April 23, 2018 by Greg Meckbach

Earthquakes do hit southern Ontario from time to time but the area hit last week has a low risk of experiencing property damage arising from earthquakes, an Insurance Bureau of Canada official told Canadian Underwriter. Natural Resources Canada reported that

News InsuranceMarkets / CoveragesProducts

Aviva just embedded earthquake coverage into B.C. home policies. Quebec could be next.

April 12, 2018 by Jason Contant

Aviva Canada is embedding earthquake coverage in all of its homeowner and tenant insurance policies in British Columbia, coverage that is typically offered as an endorsement. The insurer is also conducting a needs analysis to determine if it will introduce the