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Afterburn

April 8, 2020 Greg Meckbach, Associate Editor

Home insurers in Quebec may be on the hook for major fire losses on their property policies in the aftermath of an earthquake

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What the regulator found when asking if fire following earthquake is covered in Quebec

February 5, 2020 by Greg Meckbach

Most Quebec homeowners are covered for fire following earthquake, according to a survey by the province’s regulator, which canvassed about 90% of insurers doing business in Quebec. The results of the Quebec Autorite des Marches Financiers (AMF) survey indicate that

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Why eastern Canadian quakes may be stronger than you think

January 27, 2020 by Jason Contant

Major improvements in Canada’s proposed 2020 seismic hazard model means that there is an increased earthquake hazard all across Canada, including up 50% in some places. “The big change we’ve made in the 2020 model for eastern Canada has really

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Southwestern Quebec sees slight shaking from earthquake

January 13, 2020 The Canadian Press

OTTAWA – Southwestern Quebec got a slight shaking from a minor earthquake early this morning. Earthquake Canada says the 3.4 magnitude tremor was detected at 5:38 a.m. in the Salaberry-de-Valleyfield region and could be felt in the Montreal area –

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This is how much fire following an earthquake in Montreal could cost

November 19, 2019 by Jason Contant

A severe earthquake in the Montreal area could cause between $10 billion and $30 billion in economic losses from fire damage, according to a new study from the Institute for Catastrophic Loss Reduction (ICLR). “This loss would be virtually fully

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Earthquake knocks out power in Saskatchewan communities

August 16, 2019 The Canadian Press

ESTERHAZY, Sask. – A small earthquake shook parts of southeastern Saskatchewan Thursday night, knocking out power and rattling homes in the region. The United States Geological Survey confirms the 4.1-magnitude quake happened 17 kilometres east of Esterhazy around 8:30 p.m.

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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

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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

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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

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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

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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