Canada is starting to create a culture of climate resilience, particularly around overland flood risk, says the Insurance Bureau of Canada (IBC), an association of Canada’s home, auto and business insurers. “We’re encouraged and fairly optimistic that the wheels are…
A recent earthquake off the coast of Alaska, which prompted a brief tsunami warning for British Columbia, resulted in no immediate reports of damage — but what if it did strike Canada’s westernmost province? A 2013 study by catastrophe modelling…
A winter storm that caused storm surges and extensive power outages in Atlantic Canada in early January may not have been a catastrophe event, but it was definitely significant, Catastrophe Indices and Quantification Inc. (CatIQ) told Canadian Underwriter Monday. CatIQ…
MONTREAL – While people in British Columbia are mindful of the fact they could eventually face some of the strongest earthquakes in the world, at least one study warns there’s a lack of awareness of the risk in Eastern Canada.…
Canadian insured losses from catastrophic events in 2017 totaled $1.33 billion, CatIQ Inc. reports, the fifth time that’s happened over the past seven years. “It’s becoming increasingly common to have Canadian annual insured losses to be greater than $1 billion,”…
Using postal codes to determine auto insurance rates could come to an end if the Progressive Conservatives win the next Ontario election. “Geographic discrimination should be eliminated while not raising rates on other parts of the province,” a spokesperson for…
New Brunswick tabled amendments to the province’s Insurance Act Wednesday to protect innocent co-insureds in cases of intimate partner violence and property damage. Most home insurance policies exclude payment for loss or damage caused by an intentional or criminal act…
Ford F-series Super Duty trucks dominated the Insurance Bureau of Canada (IBC)’s 2017 list of Top 10 stolen vehicles because they are perfect for both individuals committing ‘opportunistic’ crimes such as joyriding and for organized crime rings looking to sell…
The Insurance Bureau of Canada (IBC) is welcoming the climate change provisions in the Government of Ontario’s newly released Long-Term Infrastructure Plan (LTIP). The provincial government released LTIP on Tuesday. The plan includes investment in public infrastructure, such as hospitals,…
An effort to forbid Ontario insurers from terminating a policyowner’s contract on the basis of a claim arising from a declared public emergency highlights concerns over the lack of a government backstop for home flood coverage, an Insurance Bureau of…
Ontario’s recent minimum wage hike up to $15 per hour ruffled a few feathers within the business community, but the new legislation didn’t raise much of a fuss within the property and casualty (P&C) insurance sector. “On this particular issue,…
Nearly three months after torrential downpours gave rise to more than $100 million in insured losses in and near Windsor, the Ontario government announced Monday it has expanded the number of property owners eligible for disaster relief. “Expanding the original…