Flood risk training for home inspectors coming in September
February 28, 2018 by Greg MeckbachTraining home inspectors to assess properties for risk of basement flooding is the “most positive action” the industry can take to address the problem of flood-damaged homes, a conference speaker told insurance professionals Tuesday. A new course for home inspectors,…
Ontario flooding a “wakeup call” for homeowners to check their policies: IBC
February 27, 2018 by Greg MeckbachOngoing flooding issues in southern Ontario are a “wakeup call” that homeowners should be reviewing their water damage coverage, Insurance Bureau of Canada (IBC) cautions. Several communities, including Brantford, Chatham and London, experienced flooding due to mild temperatures and several…
“We really don’t need to buy another company:” Fairfax CEO
February 21, 2018 by Greg MeckbachSeven months after buying the majority of Allied World Assurance Company Holdings AG, Toronto-based Fairfax Financial Holdings Ltd. does not have any immediate plans to buy more insurance companies for the time being. “We really don’t need to buy another…
Insurers urged to play a role in rebuilding economies after disasters
February 9, 2018 by David GambrillInsurers should be giving more thought to planning how to rebuild economies in the aftermath of a crisis, a reinsurance executive urges. “To my mind, what is often seemingly forgotten is the piece of economic resilience,” says Alex Kaplan, head…
Disaster planning: How to get insurance funds to evacuees
February 5, 2018 by David GambrillInsurance professionals should be planning in advance how they will get emergency funds into the hands of their insured clients during a natural catastrophe, a senior Intact Insurance executive told the C4 2018 conference in Ottawa Friday. Finding alternative ways…
Why insurers aren’t rushing to offer earthquake insurance in Quebec
February 4, 2018 by David GambrillCanadian insurers are not rushing in to correct a gap in earthquake coverage in eastern Canada right now, primarily because they have a lot of risk on their plates already, an industry representative told the C4 2018 conference in Ottawa…
Is storm-ravaged Alberta insurable?
February 4, 2018 by David GambrillAlberta has experienced a disproportionate share of the extreme weather catastrophes in Canada over the past decade, causing insurers to question whether the province is a viable place to do business. The question was raised Friday at the C4 conference…
Industry seeks government help to deal with homes in high-risk flood areas
February 1, 2018 by David GambrillCanadian property and casualty insurers cannot be the sole financial backstop for homeowners who build their homes in high-risk flood areas, a senior industry executive told a catastrophe risk conference in Ottawa. “We have to resolve the issue of high-risk…
Insurers urged to share cat models to help map flood risk
February 1, 2018 by David GambrillCatastrophe models that Canadian insurers use to predict flood damage should be open-sourced, free and accessible to everyone, says the chief executive of an open source cat modelling platform. A common theme at the C4 conference in Ottawa, organized by…
Natural disaster recovery: Who owns the risk?
January 31, 2018 by David GambrillCanadians 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…
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…
What if the Alaskan earthquake happened in Canada?
January 24, 2018 by Jason ContantA recent earthquake off the coast of Alaska, which prompted a brief tsunami warning for British Columbia, resulted in no immediate reports of damage — but what if it did strike Canada’s westernmost province? A 2013 study by catastrophe modelling…