How the feds can help insurers prevent annual $2-billion Cat losses
January 21, 2022 by Alyssa DiSabatinoInsured damage for severe weather events across Canada reached $2.1 billion again last year, and $2-billion annual Cat losses are quickly becoming the new normal, according to Catastrophe Indices and Quantification Inc. (CatIQ). This is a steep incline compared…
More than one way to define a Cat
September 3, 2020 by Greg MeckbachIf you disagree with a co-worker on exactly what a catastrophe is, both of you could be right. There is no single standard definition of a “Cat,” with the industry’s loss costs — and even media coverage — among the…
This restoration contracting acquisition should close by summer
May 24, 2019 by Greg MeckbachFirstOnSite and Paul Davis will have the same corporate owner if a deal announced Thursday goes through but will operate separately from one another. FirstOnSite Restoration Limited announced May 23 that its corporate parent, Global Restoration Holdings LLC, agreed to…
How Chuckegg Creek Wildfire could affect Canadian insurers
May 23, 2019 by Greg MeckbachThe wildfire affecting northern Alberta is much larger than the one that devastated Slave Lake in 2011 but property losses seemed minimal on Thursday afternoon. “At this point we are hearing there are no major structures that have been lost,”…
Provinces asking feds for $138 million to help buy out flooded properties
May 16, 2019 Jordan Press - THE CANADIAN PRESSOTTAWA – Flood-ravaged provinces are asking the federal government to provide almost $138 million to move or buy out homeowners affected by previous years’ inundations, according to new data that gives a glimpse into the national costs of helping residents…
An explainer on the Ontario government’s move to review highway speed limits
May 6, 2019 Adam Burns - THE CANADIAN PRESSTORONTO – Ontario’s government plans to launch a review of speed limits on provincial highways, with the transportation minister musing that some of those roads can safely handle traffic at 120 kilometres per hour. Here’s a look at the context…
‘It’s triage now’: Cottage Country brokers deal with flood fallout
May 6, 2019 by Adam MalikBrokers in Ontario’s Muskoka region are calling the recent flooding event the worst disaster they’ve ever seen. Both Stephen Darling, president at A.W. Shiers Insurance Brokers, and Adam Caswell, owner of Hutcheson Reynolds & Caswell, said damage is greater and…
Health and safety inspection teams head to flood affected zones in New Brunswick
May 3, 2019 Kevin Bissett - THE CANADIAN PRESSFREDERICTON – Health and safety inspection teams are fanning out across flood-affected regions of New Brunswick, assessing homes and businesses that are still drying out amid receding floodwaters. New Brunswick’s Emergency Measures Organization says the teams will inspect electrical systems…
How brokers personally assist during floods
May 2, 2019 by Jason ContantThe flooding last year in Grand Forks, B.C. was a prime example of how an insurance broker provides more than just policy advice and advocacy when disaster strikes. A broker could provide money upfront for additional living expenses, emotional support…
Best incentives to get homeowners to move out of floodplains
April 29, 2019 by Jason ContantMassive flooding in Quebec has shined the spotlight on suitable incentives that may get homeowners to move out of floodplains. Quebec Premier François Legault said recently that the province will offer a maximum of $100,000 to homeowners dealing with flood…
Is wind “the new water” for Canada’s insurers?
April 25, 2019 by Jason ContantHigh winds contributed in part to most catastrophes in Canada over the past few decades, prompting the need for a new national standard on wind resilience, the Institute for Catastrophic Loss Reduction (ICLR) said Thursday. A report released by ICLR…
The change to disaster mitigation funding that IBC is looking for
April 10, 2019 by Greg MeckbachThe insurance industry needs to ensure its own flood risk maps are widely available and the federal government needs to make it easier to spend money on disaster mitigation projects, says Insurance Bureau of Canada CEO Don Forgeron. The federal…