Keyword
National Flood Insurance Program.
Three necessities for Canada’s national flood insurance program
March 21, 2024 by Jason ContantCanada’s upcoming national flood insurance program needs to specify exclusions, phase in risk-based premiums, and provide incentives for flood resilience measures, the Canadian Climate Institute (CCI) says in a recent blog. A low-cost flood insurance program should drive safer decisions…
Devil in the details: Canada’s proposed flood program
October 13, 2023 by David GambrillWhen Canadian homeowners finally get access to Canada’s proposed national flood insurance program, P&C insurance industry professionals are curious how it will will affect the country’s real estate and mortgage industries. The question has already come up in the United…
Canada’s P&C insurers react to federal cabinet shuffle
July 27, 2023 by Jason ContantCanadian property and casualty insurers will be working with new cabinet ministers in the areas of emergency preparedness, public safety (including cybersecurity and auto theft), and housing, infrastructure and communities (including climate resilience), following Prime Minister Justin Trudeau’s major cabinet…
What Canada’s national flood insurance program could look like
March 31, 2023 by Jason ContantCanada’s upcoming national flood insurance program will likely take characteristics from flood models in both France and Britain, Insurance Brokers Association of Canada (IBAC) CEO Peter Braid told Canadian Underwriter in an interview. In its 2023 budget, the federal government…
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…
Swiss Re report shows trajectory of insured flood losses
September 2, 2022 by Alyssa DiSabatinoInsured flood losses doubled to $80 billion during 2011-20 compared to the previous decade, and global flood losses reached $20 billion alone in 2021, Swiss Re reports. “Increased wealth, larger populations and urbanization have raised flood risk exposures across the…
Feds’ task force reveals preferred flood insurance models
August 30, 2022 by Alyssa DiSabatinoA federal government task force on flood insurance is leaning toward the public insurer and layered public insurer models of flood insurance programs for Canada. The public insurer model features a Crown corporation that underwrites comprehensive flood insurance through the…
Canada’s most-exposed flood regions
June 10, 2022 by Alyssa DiSabatinoQuebec has the highest historical average annual loss (AAL) for flood faced by any region across the country, at $861.3 million, but Yukon’s average annual loss per residential address (RA) stands at $925, well above Quebec’s $229 loss per residence.…
Which model will Canada’s national flood insurance program follow?
June 9, 2022 by Alyssa DiSabatinoAfter undergoing actuarial review, two possible flood insurance models are the “most promising” for private-public engagement within the upcoming national flood insurance program, a federal government official suggests. One model is based on a pool for high-risk homeowners, among…
One step closer to a National Flood Insurance Program
March 29, 2022 by Alyssa DiSabatinoThe industry is one step closer to getting updated flood maps, and a new national flood insurance program to protect homeowners in high-risk flood zones is in the works, says Canada’s public safety minister. Flood maps are being developed in…
Advice to Canadian industry from former U.S. government flood insurance CEO
February 10, 2020 by Greg MeckbachA former head of the United States National Flood Insurance Program has some frank advice for Canadian insurance professionals concerned about the lack of affordable overland flood coverage insurance for high-risk properties. “Look at what they have done south of…
Wind and Rain
October 12, 2017 Angela Stelmakowich, EditorConsider US$70 billion to US$90 billion. US$15 billion. US$25 billion to US$37 billion. These are just some of the many loss estimates — insured, economic and other — meant to pin down the spiralling, drenched mess that Harvey has created…