Canada saw 117 recorded tornadoes across the country during the 2022 season, tying 2021 for the highest-ever single season on record, according to the Northern Tornadoes Project (NTP). As with 2021, 29 of the tornadoes reached up to EF2 on…
VANCOUVER – All climate disasters are not created equal and the Institute for Catastrophic Loss Reduction recommends retreat in the face of only one type of threat. “In our opinion, retreat is not an option that is important for most…
One way homeowners and insurers can reduce annual hail damage is to use impact-resistant asphalt shingle roofs instead of standard shingles, finds a new report. A new Institute for Catastrophic Loss Reduction benefit-cost analysis report shows annual hail…
Human-altered stream flows, such as dams, canals or areas of heavy urbanization, are at a greater risk of flooding, new research finds. And this could potentially impact flood risk ratings, P&C industry experts say. A study by researchers at the…
A severe earthquake in the Montreal area could cause between $10 billion and $30 billion in economic losses from fire damage, according to a new study from the Institute for Catastrophic Loss Reduction (ICLR). “This loss would be virtually fully…
The Institute for Catastrophic Loss Reduction (ICLR) and home building company Doug Tarry Homes Ltd. have joined forces for a pilot project on increasing the resilience of homes to high wind and tornado events. High winds contributed in part to…
The Institute for Catastrophic Loss Reduction (ICLR) and Insurance Bureau of Canada (IBC) want to restore direct insurance industry involvement in the building code process. “At some point in the distant past, perhaps four decades ago or more, the Canadian…
Emergency generators not only temporarily provide electricity during a power outage, but can also mitigate property damage and help reduce insured losses, says a new report from the Institute for Catastrophic Loss Reduction (ICLR). These generators can help reduced insured…
Although property damage as a result of the wildfires in British Columbia has been “light” so far this year, the industry must remain vigilant as this could change quickly, said Glenn McGillivray, managing director of the Institute for Catastrophic Loss…
Spring flooding in New Brunswick may have been “historic” and “record-setting,” but it didn’t meet the $25-million threshold of a catastrophe event. Catastrophe Indices and Quantification (CatIQ) told Canadian Underwriter Monday the flooding was a “notable event,” meaning it caused…
As hundreds of wildfires burn across British Columbia, one disaster mitigation expert is recommending that Canada reconsiders how it finances fire suppression costs. Last year, B.C. alone paid out more than $560 million in fire suppression costs, and it is…
Insurers are monitoring about 75 wildfires in northern Ontario this that have resulted in mandatory evacuation orders or alerts in the cottage country districts of Parry Sound and Sudbury, among other areas. “Based on what we are seeing, there aren’t…