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Canada’s most-exposed flood regions

June 10, 2022 by Alyssa DiSabatino

Quebec 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.

Five small wooden toy block houses are surrounded by murky brown water, up to their windows.
News CatastrophesInsuranceLegislation / RegulationMarkets / CoveragesReinsurance

Which model will Canada’s national flood insurance program follow?

June 9, 2022 by Alyssa DiSabatino

After 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

News Insurance

Audit finds ‘no formal tracking’ of IT security incidents at Public Safety Canada

February 17, 2021 Jim Bronskill - THE CANADIAN PRESS

OTTAWA – An internal review has uncovered weak security practices when it comes to information technology at Public Safety Canada – from lax controls on the use of portable flash drives to inadequate awareness and training. The review found employees

News CatastrophesClimate Change

Natural disaster bills continue to climb: Public Safety Canada

January 9, 2020 Mia Rabson - THE CANADIAN PRESS

Ottawa’s bills for dealing with natural disasters neared half a billion dollars in two of the last three years amid a warning to Canadians that this country was one of the worst affected by climate change in 2018. Data from

News CatastrophesInsurance

Natural disaster recovery: Who owns the risk?

January 31, 2018 by David Gambrill

Canadians are not fully aware of their exposure to natural catastrophe risks, triggering a conversation at the C4 2018 conference in Ottawa about who is responsible for shouldering the heavy load of mounting disaster recovery costs. Organized by Catastrophe Indices

News CatastrophesInsuranceMarkets / Coverages

Will feds get involved in flood coverage for high-risk homes?

November 16, 2017 Greg Meckbach, Associate Editor

Despite calls from the industry for public sector involvement in covering flood risk to high-risk residential properties, the federal government has not committed to any programs that would lead to public sector involvement in flood coverage. Canadian Underwriter asked Public

News CatastrophesInsurance

Manitoba expands flood mapping for three priority watersheds

October 13, 2017 by Canadian Underwriter

The province of Manitoba will add vital information to its flood mapping inventory for three of its priority watersheds, the provincial and federal governments announced on Thursday. Manitoba Infrastructure Minister Ron Schuler announced the expanded flood mapping inventory for watersheds

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Aviva Canada beefs up identity theft offering to protect customers

October 3, 2017 by Canadian Underwriter

Aviva Canada is marking the beginning of Cyber Security Awareness Month (October) with the announcement that it is introducing enhancements to its identity theft coverage at no additional cost to existing customers. The coverage features widespread financial protection if a

Blair Feltmate, PhD, Associate Professor, Faculty of Environment and Chair, Climate  Change Adaptation Project (Canada), University of Waterloo
Feature

Good Natured

August 26, 2017 Blair Feltmate, Head; and Natalia Moudrak, Director of the Infrastructure Adaptation Program, Intact Centre on Climate Adaptation, University of Waterloo

Wetlands are increasingly seen as an unexpected gift — one with the potential to keep on giving — in Canada’s continuing efforts to reduce costs from urban and rural flooding. The only proviso is that stakeholders, including municipal governments, need to support protective approaches that allow these valuable areas to remain as is.

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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

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Chubb increases insurance capacity for terrorism, political risk

June 13, 2017 by Canadian Underwriter

Chubb Limited announced Monday it will offer “new increased capacity,” up to US$150 million or 150 million euros, covering terrorism political risk and war risks. “Chubb has increased its terrorism and political violence capacity per account by 300% in the

News InsuranceLegalMarkets / CoveragesMergers and AqcuisitionsTechnology

Bank of Canada warns of cyberattack vulnerabilities in financial sector

June 13, 2017 Mike Blanchfield and Jim Bronskill - THE CANADIAN PRESS

OTTAWA – Canada’s interconnected banks are vulnerable to a cascading series of cyberattacks that could undermine broad confidence in the financial system, the Bank of Canada warns. The structural vulnerability could allow for the easy spread of an initial attack