Keyword
flooding
Spring flooding in Ontario and Quebec caused more than $223 million in insured damage: CatIQ
September 1, 2017 by Canadian UnderwriterTwo significant spring storm and flooding events in eastern Ontario and western Quebec resulted in more than $223 million in insured damage, according to information from Toronto-based Catastrophe Indices and Quantification Inc. (CatIQ) released on Friday. Between April 5 and…
Economic losses from Hurricane Harvey could be as high as US$70-90 billion: preliminary RMS estimate
August 31, 2017 by Canadian UnderwriterEconomic losses caused by wind, storm surge and inland flood from Hurricane Harvey could be as high as US$70-90 billion, according to preliminary estimates from Risk Management Solutions, Inc. (RMS). The Newark, Calif.-based global risk modelling and analytics firm said…
Government of Canada creates expert panel on climate change adaptation
August 29, 2017 by Canadian UnderwriterThe Government of Canada announced on Tuesday that it is creating an expert panel on adapting to climate change. Minister of Environment and Climate Change, Catherine McKenna, announced the launch of the Expert Panel on Climate Change Adaptation and Resilience Results in a statement from Environment and Climate Change Canada (ECCC). The expert panel will advise the federal government on measuring progress on adaptation and climate resilience to better understand how federal, provincial and territorial adaptation efforts are building Canada’s resilience to climate change, for…
Insured losses from Harvey’s wind, storm surge as much as US$2.3 billion: AIR Worldwide
August 29, 2017 by Canadian UnderwriterHarvey-related winds and storm surge in Texas are expected to produce industry insured losses amounting to between US$1.2 billion and US$2.3 billion, AIR Worldwide reported Monday afternoon as flooding in southeastern Texas continued to strand residents and wreak havoc. Included…
Insured costs for Cyclones Debbie and Cook in New Zealand upgraded to NZ$109 million from NZ$84 million in June
August 28, 2017 by Canadian UnderwriterThe Insurance Council of New Zealand (ICNZ) has upgraded the insured costs associated with Cyclones Debbie and Cook to NZ$109 million from the NZ$84.4 million estimate in June. The two cyclones swept through New Zealand during April (Cyclone Debbie from…
Harvey creating life-threatening flooding in southeastern Texas, early damage estimate up to US$2 billion
August 28, 2017 by Canadian UnderwriterCatastrophic and life-threatening flooding persisted over parts of southeastern Texas as of early Monday morning despite Harvey being downgraded from an anticipated Category 3 hurricane to a tropical storm. “Do not attempt to travel in the affected areas if you…
Heavy rains lead to water rescues in Kansas City area
August 22, 2017 Jim Suhr - THE ASSOCIATED PRESSKANSAS CITY, Mo. – Several streets were flooded and blocked off from traffic in the Kansas City area on Tuesday after overnight rains pounded the region, prompting numerous rescues of stranded motorists and others who scrambled to safety atop rooftops.…
Fewer and less intense cat events significantly lower global economic losses to US$44 billion in H1 2017: Swiss Re
August 17, 2017 by Canadian UnderwriterTotal global economic losses from disasters were US$44 billion in the first half of 2017, down significantly from US$117 billion in H1 2016, as a result of fewer and less intense events, according to preliminary sigma estimates from Swiss Re.…
Australian insurers welcome Senate committee call for government to rethink funding for natural disaster mitigation
August 14, 2017 by Canadian UnderwriterInsurance Council of Australia (ICA) has welcomed a report by the Senate Economics References Committee supporting the council’s call for the federal government to invest in natural disaster mitigation and resilience, as well as back risk-based pricing. This spring, ICA…
Summer storm floods Saskatoon streets, cuts power and forces mall to close
August 9, 2017 The Canadian Press (CPSTF)SASKATOON – A summer storm that swamped Saskatoon submerged streets, knocked out power in some neighbourhoods and forced a city mall to close. Market Mall shut down Tuesday afternoon after rain, which dumped more than 50 millimetres on some parts…
Insurers should ensure consumers are ‘better able to understand’ home insurance policies: CCIR
August 9, 2017 by Canadian UnderwriterIn a paper released Wednesday, Canada’s insurance regulators’ association suggests that insurers need to better educate consumers so they can understand the terms – including limitations, exclusions and deductibles – of their property insurance contracts, while sharing aggregated property risk…
Changing climate patterns, nat cats affecting electrical grid, Swiss Re and Johns Hopkins study finds
July 25, 2017 by Canadian UnderwriterChanging climate patterns are putting additional strain on both power generation and transmission, and presenting another risk factor for natural disaster mitigation and recovery in North America’s Pacific Northwest region, suggests a new study from Swiss Re and the Johns…