Which insured perils are of most concern to your clients?
December 5, 2022 by David GambrillWinter storms and severe rain or flooding events top the list of insured perils concerning Canadians, according to a new Angus Reid poll commissioned by First Onsite Property Restoration. Nationally, concern about winter storms (67%) edged out worries about severe…
Flood policy education: What brokers are up against
November 30, 2022 by David GambrillHalf of Canadian homeowners have not purchased additional coverage for water damage, relying on a standard homeowner policy that does not cover risk of overland flood or water seepage into the home. Endorsements are available to extend coverage for water…
How much severe weather will cost the Canadian economy by 2050
August 29, 2022 by Jason ContantFloods, storms and droughts could result in a total loss of CAD$139 billion to Canada’s gross domestic product (GDP) between now and 2050, new research found. Total direct losses from 2022 to 2050 are expected to reach $88 billion in…
More B.C. heat records fall, conditions prompt flood watch
July 28, 2022 by Jason ContantVANCOUVER – Temperature records are melting across British Columbia as a prolonged heat spell grips the province but Emergency Management BC says it is not anticipating an extreme heat emergency. A statement from the agency says residents should monitor temperature…
Should Canada’s flood insurance program combine NFIP and Flood Re?
June 29, 2022 by Jason ContantCanada could benefit from a flood protection program combining the features of the U.S. National Flood Insurance Program (NFIP) and U.K.’s Flood Re, says credit rating agency DBRS Morningstar, but that view is not entirely shared by Insurance Bureau of…
Rain, impending heat wave prompt warning and raise flood potential in B.C.
June 22, 2022 The Canadian PressVANCOUVER – Environment Canada says the first hot spell of the year is about to settle over much of British Columbia, bringing temperatures in the low to mid-30s until at least early next week. Special weather statements now cover the…
Why recent Calgary storm is not like 2013 flooding
June 16, 2022 by Jason ContantAlthough home to many of the costliest natural disasters in Canada, Alberta appears to have dodged a bullet with the latest rainfall event in the Calgary area. The City of Calgary declared a local state of emergency earlier this week…
Flood of atmospheric rivers in B.C. cost $675 million in insured damage: CatIQ
June 16, 2022 The Canadian PressVANCOUVER – November’s floods in British Columbia that swamped homes and farms, swept away roads and bridges and killed five people are now the most costly weather event in provincial history. The Insurance Bureau of Canada made the statement as…
P&C industry must get better at modelling secondary perils: reinsurance exec
June 13, 2022 by Jason ContantThe property and casualty insurance industry in Canada and globally needs to improve its modelling and understanding of secondary perils, which have seen increased frequency over the past decade, says a speaker from Swiss Re during an industry event. “We…
Rebuild of Lytton, B.C., after devastating wildfire to begin by September: minister
June 13, 2022 Sarah Ritchie - THE CANADIAN PRESSOTTAWA – Rebuilding in the fire-ravaged village of Lytton, B.C., is likely to begin in September, according to the province’s minister of public safety. That would be 15 months after an out-of-control wildfire swept through and burned 90 per cent…
Vacancy permit doesn’t require daily attendance for eight months during repairs
June 10, 2022 by David GambrillBelair does not have to pay a condo claimant more than $1,500 in daily mileage costs accrued over almost eight months, during which time flood damage in the insured’s unit was being repaired. Belair Insurance Company insured a condominium owned…
Evacuations, local state of emergency in northwest B.C. as flood risk rises
June 6, 2022 The Canadian PressVANCOUVER – Evacuation orders have been issued for three small communities in northwestern British Columbia as the flood risk rises across the region. Residents of the Terrace-area communities of Old Remo, New Remo and Usk were ordered out of their…