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Keyword
overland flood

News CatastrophesInsurance

The ‘touchy topic’ in Canadian home insurance

September 6, 2018 by Greg Meckbach

Lack of flood coverage in high-risk areas raises the controversial question of whether owners of high-risk properties should have their insurance premiums subsidized. Overland flood coverage was generally unavailable on home insurance policies in Canada until 2015. Now dozens of

News InsuranceMarkets / Coverages

Where Canada sits with overland flood insurance

June 5, 2018 by Greg Meckbach

Five years after massive flooding caused more than $4 billion in uninsured losses in Alberta, more than a dozen insurers representing about three-fourths of Canada’s property insurance market are now covering overland flood. Sixteen insurers representing 77% of the market

News ClaimsInsuranceMarkets / Coverages

How new overland flood policies affect disaster assistance eligibility

May 29, 2018 by Jason Contant

Given recent flooding in Grand Forks and other areas of B.C., questions remain about the interplay between overland flood policies and how Disaster Financial Assistance (DFA) in B.C. factors into the response. Various insurance coverages for overland flood are new,

News CatastrophesClaimsInsurance

Report to government suggests hot opportunity for brokers right now

May 14, 2018 by Jason Contant

Brokers in British Columbia looking to place overland flood cover should review a recent study that found polled respondents did not have access to overland flood insurance, did not know about it, or found it unaffordable. Even more alarming, most

News Climate ChangeInsurance

Canada starting to build a “culture of climate resilience,” insurers say

January 24, 2018 by David Gambrill

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

News CatastrophesClaimsInsuranceMarkets / Coverages

Frustrated brokers ready to drop carriers over flood confusion

November 24, 2017 Greg Meckbach, Associate Editor

Swirling in the eddies of confusion about overland coverage, frustrated Canadian brokers are threatening to drop carriers and are worried about errors and omission (E&O) claims related to overland flood insurance. Canada-wide, there is a “host of wordings out there”

Feature Catastrophes

Buyer Beware

October 30, 2017 Glenn McGillivray, Managing Director, Institute for Catastrophic Loss Reduction

Insurers have expertise in flood risk and have access to specific property information, but municipalities, with access to infrastructure data, are in a much better position to advise owners on how to assess their land for flood risk.

News CatastrophesClaimsConstructionInsuranceMarkets / Coverages

Quality of construction workmanship a major factor in water losses: RSA Canada CEO

October 27, 2017 Greg Meckbach, Associate Editor

Aging infrastructure and deteriorating construction standards are among the “major factors” leading to the challenges Canadian property insurers face when dealing with water losses, brokers heard Thursday during the CEO Panel at the Insurance Brokers Association of Ontario convention. “The

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

Windsor residents ‘disappointed’ with Ontario government response after August flooding: NDP

September 22, 2017 by Canadian Underwriter

Policy makers “need to look more closely” at government programs intended to help people recover from natural disasters, and these programs “may evolve” in the coming years, Ontario Municipal Affairs Minister Bill Mauro said Thursday. During question period at Queen’s

News AssociationsInsuranceLegislation / RegulationMergers and Aqcuisitions

Insurers should ensure consumers are ‘better able to understand’ home insurance policies: CCIR

August 9, 2017 by Canadian Underwriter

In 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

Feature Mergers and Aqcuisitions

Close to Home

July 28, 2017 Robert Lajdziak, Insurance Business Consultant, Insurance Practice; and Valerie Monet Senior Director, Insurance Practice, J.D. Power

The lack of policy coverage understanding by consumers represents a major threat to home insurers’ reputations. Educating consumers now, in advance of damaging perils like flooding, could
encourage policyholder understanding and discourage dissatisfaction with insurers should such an event occur.

News CatastrophesInsuranceMergers and AqcuisitionsProductsReinsurance

MSA calls for ‘sustainable solution for underinsurance’ in overland flood

June 27, 2017 by Canadian Underwriter

A potential solution to overland flood risk in Canada “could follow” the model of Britain’s Flood Re, MSA Research Inc. suggested in a report released Monday to Canadian Underwriter. Toronto-based MSA released its Quarterly Outlook Report for Q1 2017. In