Keyword
flood
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…
Flood warning for part of northwest B.C., other rivers rising as heat grips province
May 17, 2023 The Canadian PressVANCOUVER — A flood watch covered the Skeena region of northwestern British Columbia Tuesday as unseasonably warm temperatures swelled rivers in many areas of the province. B.C.’s River Forecast Centre posted the warning for the Skeena and Bulkley rivers and…
Communities along Ottawa River declare emergency over flood
May 4, 2023 The Canadian PressCommunities in eastern Ontario have declared states of emergency over flood risks as water levels are expected to peak today on the Ottawa River. Whitewater Region Mayor Neil Nicholson says water is backed up along most of the township’s riverbanks…
Hot spell hikes risks of flooding, avalanches and fire across British Columbia
April 27, 2023 The Canadian PressVANCOUVER – As British Columbia heads into its first warm spell of the year, forecasters are warning the heat could raise avalanche and flood risks, while the danger of wildfires has already nudged up to a “moderate” rating in some…
Water levels reach flood stage in New Brunswick
April 19, 2023 The Canadian PressRising water levels from melting snow and warmer temperatures are starting to affect roads in parts of New Brunswick. New Brunswick’s River Watch officials say water levels in the lower Saint John River have reached flood stage, and they are…
N.B. hopes for quiet spring but asks residents to be prepared for possible floods
March 15, 2023 The Canadian PressFREDERICTON — The New Brunswick government is hoping for a quiet spring season along the province’s Saint John River, but officials say it’s too early to predict flooding. Kyle Leavitt, director of New Brunswick Emergency Management Operations, says melting of…
Window for action on national flood insurance program is now, IBC says
February 24, 2023 by Jason ContantInsurance Bureau of Canada (IBC) is applauding the federal government’s latest disaster assistance for flood recovery costs associated with British Columbia’s costliest severe weather event, but is stressing the urgent need for action on a national flood insurance program. The…
Government caps disaster assistance, lowers threshold for property buyouts
February 23, 2023 by Jason ContantAnother provincial government is changing the way it provides disaster financial assistance by capping assistance for claims related to the same type of disaster at $200,000. New Brunswick is increasing the maximum payout for structural damage to $200,000, setting a…
Extension covering “influx of water” trumps broad form flood exclusion
February 6, 2023 by David GambrillA commercial property policy extension granting coverage for an “influx of water derived from natural sources” trumps a policy’s broad form flood exclusion, Alberta’s Appeal Court has found in a 2-1 split decision. A bowling alley in Fort McMurray, Alta.,…