Keyword
flood
Flood and fire preparedness measures underway in N.W.T. town
April 22, 2024 The Canadian PressThe Town of Hay River has been through a lot over the last couple of years, having first contended with serious flooding in 2022 and then devastating wildfires in 2023. With the memories of those crises still fresh in the…
What’s on Dec? | Episode 14 | Flood: An Indigenous perspective
April 15, 2024 by Canadian UnderwriterIndigenous communities in Canada are disproportionately affected by flood risk. Federal government statistics show that about 10% of Canadians live in high-risk flood zones, but the inverse is true for First Nations people — 90% live in high-risk flood areas. …
Coroner’s inquest opens into Quebec firefighter flood deaths in May 2023
April 15, 2024 The Canadian PressA coroner’s inquest is underway into the deaths of two volunteer Quebec firefighters who perished during a flood rescue last May in the Charlevoix region. Coroner Andrée Kronström is hearing from witnesses at the courthouse in La Malbaie, Que., during…
How insurers can help manage flood risk in Indigenous communities
February 20, 2024 by Jason ContantInsurers need to play a greater role in helping to manage high-risk flood areas in Indigenous communities, a tribal chief said during the CatIQ Connect conference earlier this month. “At some point, you as insurers are going to have to…
Flood, avalanche risks remain elevated throughout B.C.’s South Coast
January 30, 2024 The Canadian PressThe flood and avalanche risks remain elevated throughout British Columbia’s South Coast, where atmospheric rivers continue to bring heavy rains along with unseasonably warm temperatures. B.C.’s River Forecast Centre is maintaining a flood warning for the Squamish River, saying flows…
Should insurers help customers build back better…or not at all?
January 4, 2024 Philip PoradoIncreased severity and frequency of NatCats has Canada’s P&C insurance ecosystem seeking ways to add resilience to the claims process. This includes build back better initiatives to encourage adding things like hurricane straps or hail-resistant shingling to roof rebuilds to…
Can Canada’s P&C industry catch up to NatCats?
December 14, 2023 Philip PoradoIn much of Nova Scotia, last summer was hell. The Tantallon wildfire in May and June generated $165 million in insured damage, mostly for personal property, by the time the flames went out July 4. In a normal year, residents…
B.C. wrings out after atmospheric river brings torrential rain and wind
December 6, 2023 The Canadian PressVANCOUVER – Residents in coastal and southern British Columbia are mopping up after an atmospheric river brought torrential rain and wind, while disrupting travel and utility services. The B.C. River Forecast Centre says Metro Vancouver, the south coast and Lower…
Why secondary perils are of primary concern to insurers
August 25, 2023 by David GambrillSo-called “secondary perils” are now of primary concern for insurers, and the P&C industry needs to change its language and focus accordingly, Moody’s RMS says. Secondary perils include insured damage losses caused by natural catastrophes such as wildfires, hail or…
What’s driving Intact’s high personal property combined ratio?
August 3, 2023 by Jason ContantIntact Financial Corporation (IFC) saw an elevated combined ratio (undiscounted) of 119.2% in its Canadian personal property segment in 2023 Q2, driven in part by twice the expected level of Cat losses. The 119.2% combined ratio in Intact’s personal property…
Which peril might bankrupt the Canadian P&C industry?
June 28, 2023 Canadian Underwriter StaffOttawa’s effort to build policy around flood risk in the face of climate change is important, but it overlooks a peril that could be far more catastrophic for Canadian P&C insurers, Alister Campbell, president and CEO of Property and Casualty…
Are you covered for driving through flood water?
June 5, 2023 by Jason ContantBritish Columbia’s Civil Resolution Tribunal (CRT) has ruled in favour of the province’s public auto insurer after finding it properly classified a water-damaged vehicle under collision coverage. At issue was whether Insurance Corporation of British Columbia (ICBC) correctly determined water…