663 articles for fort mcmurray
Canada’s first wildfire Cat of 2024? Fort Nelson, B.C., on the brink
May 13, 2024 by David GambrillFort Nelson, B.C., is about 1.5 km away from becoming the first major natural catastrophe of Canada’s 2024 wildfire season. The town’s mayor noted wind conditions are putting the community in peril, and evacuation orders have been given to approximately…
Fort Mac bowling alley covered for water damage despite flood exclusion
March 1, 2022 by David GambrillA Fort McMurray, Alta., bowling alley is entitled to coverage for water damage sustained in the April 2020 flooding, despite its insurance policy containing a clear flood exclusion. The Alberta Court of Queen’s Bench found Intact included a coverage extension…
FirstOnSite fortifies its complex commercial team in the Prairies Region
December 11, 2020 FirstOnSite RestorationMISSISSAUGA, ON., DEC. 11, 2020/insPRESS/ – FirstOnSite Restoration, Canada’s leading independent disaster restoration services provider, has fortified its commercial team in the Prairies with the promotion of Mark Ahearn to Senior Project Manager for Complex Claims, Prairies. FirstOnSite’s growth and…
How much insurers paid out for Fort Mac’s spring flood
June 2, 2020 by Adam MalikInsurers paid out more $228 million in insured damage for spring flooding in Fort McMurray, Alta., that occurred a little over a month ago. Catastrophe Indices and Quantification Inc. (CatIQ) released the numbers this week, noting that commercial properties took…
Arbitration glitch sidetracks $147-million Fort Mac reinsurance dispute
March 21, 2018 by David GambrillA $147-million reinsurance dispute involving Fort McMurray wildfire claims got off to a rocky start because the insurer and its reinsurers could not initially agree on the method of arbitration. At the heart of the matter was a broad reference…
Lessons from the field in Fort Mac
March 15, 2018 Kris Rzesnoski, vice-president, business development, EncircleOn May 3, 2016 a massive wildfire swept through the remote Alberta community of Fort McMurray, necessitating the largest wildfire evacuation in Canadian history, with upwards of 88,000 people fleeing their homes. May 3rd was a turning point as well…
Albertans felt “re-victimized” by Fort Mac claims process: NICC 2017
October 5, 2017 byConfusion about coverage persists among policyholders
Beyond Fort Mac
January 1, 2017 Tom Johansmeyer, Assistant Vice President, PCS Strategy and Development; and Ted Gregory, Director of PCS Operations, Verisk Insurance SolutionsProperty Claim Services Canada has designated nine catastrophe events in Canada in 2016. Though most of the $4.9 billion insured loss arose from the Alberta wildfires, the data indicates hail and thunderstorms events are becoming more severe.
Cat bond issuance so far in 2016 down 15% compared to same period in 2015, Fort Mac reviving talk about unmodelled risks: PCS
October 5, 2016 by Canadian UnderwriterYear-to-date Cat bond issuance was down more than 15% compared to the prior-year period as a result of a usually light third quarter and a less usual quiet second quarter, notes a new report from Property Claim Services (PCS). The…
Fort Mac wildfire more than an “earnings event” for some insurers, domestic market posts $1 billion underwriting loss in H1: MSA
September 28, 2016 by Canadian UnderwriterThe Fort McMurray wildfire may have been an “earnings event” for the largest insurers in Canada’s property and casualty industry, but that was not the case for some smaller regional writers, notes the newly released MSA Quarterly Outlook Report for…
Impact of Fort Mac wildfire adds to Alberta’s economic challenges, increases deficit: province
August 24, 2016 by Angela StelmakowichCosts associated with the wildfire that ravaged parts of Alberta’s Wood Buffalo region this past May, coupled with the impact of ongoing low oil prices, has set the provincial government on a continuing cautious course to its finances. “In the…
Homes more resistant to ignition by embers had improved survival in Fort Mac wildfire, “luck” not a factor: ICLR report
August 22, 2016 by Canadian UnderwriterSurviving homes in otherwise decimated neighbourhoods of Fort McMurray hit by this spring’s massive wildfire were more resistant to ignition by embers, notes a preliminary report issued by the Institute for Catastrophic Loss Reduction (ICLR). Home survival is not random…