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Flood policy education: What brokers are up against

November 30, 2022 by David Gambrill

Half of Canadian homeowners have not purchased additional coverage for water damage, relying on a standard homeowner policy that does not cover risk of overland flood or water seepage into the home. Endorsements are available to extend coverage for water

Flood in a house with furniture floating
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Vacancy permit doesn’t require daily attendance for eight months during repairs

June 10, 2022 by David Gambrill

Belair does not have to pay a condo claimant more than $1,500 in daily mileage costs accrued over almost eight months, during which time flood damage in the insured’s unit was being repaired. Belair Insurance Company insured a condominium owned

News CatastrophesInsuranceMergers and Aqcuisitions

Parts of Wisconsin, Illinois recovering from flooding; 6,800 buildings affected in Illinois

July 14, 2017 Ivan Moreno - THE ASSOCIATED PRESS

BURLINGTON, Wis. – Flooding in the Midwest closed roadways and knocked out power to thousands, including a suburban Chicago hospital that was forced to close, but residents in the Wisconsin city of Burlington appeared upbeat even as portions of streets

News CatastrophesClimate ChangeInsuranceMarkets / CoveragesMergers and AqcuisitionsProducts

Majority of polled Canadians unaware of flood risks and responsibilities, half would not consider purchasing overland flood coverage: survey

May 5, 2017 by Jason Contant

Homeowners in Canada lack awareness of flood risk and the protection options available to them to reduce that risk, suggests a new study from researchers at the Interdisciplinary Centre on Climate Change and Partners for Action research network at Ontario’s

News CatastrophesInsuranceMergers and AqcuisitionsReinsurance

Impact of Fort McMurray wildfire softened by reinsurance risk sharing: DBRS

April 26, 2017 by Canadian Underwriter

Most Canadian insurers were able to generate positive underwriting results in Alberta through their use of reinsurance risk sharing following the Fort McMurray wildfire, credit ratings agency DBRS Limited said in a commentary released on Wednesday. The commentary, titled 2016

News CatastrophesInsuranceMergers and Aqcuisitions

Aon unit pegs economic loss from Matthew at US$15 billion

April 24, 2017 by Canadian Underwriter

Hurricane Matthew, which is estimated to have caused $150 million in economic losses in Canada alone and killed more than 600 in the Western hemisphere, set several records, Impact Forecasting LLC said in a report released Monday. Hurricane Matthew officially

News CatastrophesConstructionInsuranceMarkets / Coverages

Infrastructure Canada to contribute more than $20.5 million to protect three Alberta communities from flood risks

October 13, 2016 by Canadian Underwriter

Infrastructure Canada announced on Thursday that it will contribute more than $20.5 million to help protect three Alberta communities from flood risks. The new federal funding for three disaster mitigation projects was announced in Canmore, Alta. for projects in Canmore,

News CatastrophesConstructionInsuranceMergers and Aqcuisitions

West Virginia Governor calls special legislative session to address “unprecedented” June flood costs

September 19, 2016 by Canadian Underwriter

Earl Ray Tomblin, the Governor of West Virginia, announced on Friday an extraordinary session of the state legislature to address the state’s share of costs associated with flooding in late June of this year. “The June flooding was unprecedented in

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Muskoka, Ontario residents launch $900 million suit against province over flood damage

September 19, 2016 Keith Leslie - THE CANADIAN PRESS

TORONTO – Residents, cottage and business owners on some of the biggest lakes in Muskoka are launching a $900-million class-action suit against the Ontario government because of flooding caused by high water levels. People living on Lakes Muskoka, Lake Joseph

News CatastrophesInsuranceMarkets / Coverages

Louisiana floods to cost U.S. economy between US$10-15 billion: Aon Benfield’s Impact Forecasting

September 8, 2016 by Canadian Underwriter

The recent flooding in Louisiana is expected to cost the economy of the United States between US$10 billion and US$15 billion, with public and private insured losses expected in the low-digit single billions, according to Aon Benfield’s latest Global Catastrophe

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Southern Louisiana flooding results in significant property damage: AIR Worldwide

August 16, 2016 by Canadian Underwriter

Extensive precipitation-induced flooding in southern Louisiana, from west of Baton Rouge to Mississippi, has resulted in six deaths, tens of thousands of rescues and significant property damage, catastrophe modelling firm AIR Worldwide said in media advisory issued late Monday. AIR

News CatastrophesClimate ChangeInsuranceMergers and Aqcuisitions

Ontario, City of Burlington support Home Adaptation Assessment Program pilot launch

August 9, 2016 by Canadian Underwriter

Burlington, Ont. will serve as the pilot site for Intact Centre on Climate Change’s (ICCA) Home Adaptation Assessment Program (HAAP), meant to enhance homeowner awareness of how to reduce flood-related damage and limit the level of losses seen during events