Keyword
overland flood
Canada starting to build a “culture of climate resilience,” insurers say
January 24, 2018 by David GambrillCanada 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…
Frustrated brokers ready to drop carriers over flood confusion
November 24, 2017 Greg Meckbach, Associate EditorSwirling 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”…
Buyer Beware
October 30, 2017 Glenn McGillivray, Managing Director, Institute for Catastrophic Loss ReductionInsurers 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.
Quality of construction workmanship a major factor in water losses: RSA Canada CEO
October 27, 2017 Greg Meckbach, Associate EditorAging 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…
Windsor residents ‘disappointed’ with Ontario government response after August flooding: NDP
September 22, 2017 by Canadian UnderwriterPolicy 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…
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…
Close to Home
July 28, 2017 Robert Lajdziak, Insurance Business Consultant, Insurance Practice; and Valerie Monet Senior Director, Insurance Practice, J.D. PowerThe 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.
MSA calls for ‘sustainable solution for underinsurance’ in overland flood
June 27, 2017 by Canadian UnderwriterA 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…
Fairfax-Allied World deal among the ‘most noteworthy’ of recent insurance M&A announcements: Willis Re
January 3, 2017 by Canadian UnderwriterThe merger agreement between Fairfax Financial Holdings Ltd. and Allied World Assurance Company Holdings AG – announced Dec. 18 – reflects “the view that the new U.S. government may provide a more favorable corporate tax environment” and demonstrates “that scale…
Flood insurance ‘must be affordable:’ IBAC
December 16, 2016 by Canadian UnderwriterResidential flood insurance should be available and affordable and the government should provide a backstop without being an “insurer of first resort,” the Insurance Brokers Association of Canada said in a document released this week. Personal flood insurance “must be…
Maintaining Focus
November 1, 2016 The CIP Society - Insurance Institute of CanadaBrokerages would, no doubt, welcome efforts by sales team members to become the best performers possible. But pursuit of sales cannot trump the primary goal of a brokerage: to serve as a trusted advisor to clients. With the ever-changing landscape – including introduction of new products – awareness, understanding and focus is crucial to meeting the specific needs of each particular client.
National model building code should account for anticipated climate change: Auditor General report
May 31, 2016 by Canadian UnderwriterCanada’s federal environment and climate change department “should work with partners” to figure out how to produce data used to measure intensity, duration and frequency of storms, and the National Research Council should “incorporate climate change trends” when developing structural…