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Why it’s taking so long for a Canadian national flood program

February 6, 2019 by David Gambrill

Canada’s insurers are optimistic that a national flood program will be in place to protect high-risk properties sometime in the not-so-distant future, although it doesn’t appear to be likely before the next federal election scheduled for Oct. 21, 2019. “We’ve

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The “perfect storm” conditions for commercial rate increases

February 4, 2019 by Jason Contant

The past few years have created a perfect storm leading to an increase in commercial insurance rates, Signature Risk Partners Inc. says in a white paper released last week, entitled Hard Commercial Insurance Market on the Way. One factor is

News AdjustersBrokersClimate ChangeConstructionRisk

Online basement flood course coming soon

January 30, 2019 by Greg Meckbach

An online version of the Home Flood Risk Assessment Training will be available Canada-wide this March, Blair Feltmate, head of the Intact Centre on Climate Adaptation, said in a recent interview. The course is geared towards insurance brokers, home inspectors,

News CatastrophesClaimsConstruction

The ‘tough decision’ Alberta made to reduce flood risk

January 30, 2019 Lauren Krugel - THE CANADIAN PRESS

CALGARY – The Alberta government has now acquired one fifth of the land it needs for a controversial reservoir west of Calgary that would help protect the city from another massive flood. Transportation Minister Brian Mason said Tuesday the province

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Signs of progress on national flood program for Canada

January 29, 2019 by Jason Contant

Canada is making good progress on a national flood program, pending a final decision by federal, provincial and territorial (FPT) ministers responsible for emergency management. “What they are looking at is one national insurance solution to improve outcomes for high-risk

News CatastrophesInsuranceMarkets / CoveragesRisk

Private flood insurance cited in new emergency management plan

January 28, 2019 by Jason Contant

Federal, provincial and territorial (FPT) governments could “engage the private sector to develop an affordable private flood insurance model for the entire population, including clear incentives for mitigation of flood risks,” says a newly released emergency management strategy. Ministers have

News ClaimsClimate ChangeInsurance

Flood risk guidance for commercial brokers coming soon

January 25, 2019 by Greg Meckbach

A standard on flood resiliency for commercial real estate could be coming out this year. The Intact Centre for Climate Adaptation is working on a document intended to help commercial insurance brokers and real estate companies reduce flood risk for

News ClaimsInsurance

Heavy rains, wind cause flash flooding and evacuations in Sussex, N.B.

January 25, 2019 The Canadian Press

SUSSEX, N.B. – Dozens of people had to be evacuated from almost 30 homes late Thursday because of flash flooding in riverfront areas around Sussex, N.B., in the wake of torrential rains and strong winds. The Canadian Red Cross said

News Climate ChangeConstructionInsurance

Insurer involvement urged in the building code process

January 24, 2019 by Jason Contant

The Institute for Catastrophic Loss Reduction (ICLR) and Insurance Bureau of Canada (IBC) want to restore direct insurance industry involvement in the building code process. “At some point in the distant past, perhaps four decades ago or more, the Canadian

News CatastrophesInsurance

Flooding in New Brunswick results from winter storm

January 21, 2019 Kevin Bissett - THE CANADIAN PRESS

A powerful winter storm that brought heavy rain and snow to much of Eastern and Central Canada closed schools, flooded streets, knocked out power and forced school buses to stay off the roads in many areas Monday as temperatures began

News Catastrophes

What the industry paid out for severe weather in 2018

January 17, 2019 by Greg Meckbach

The industry lost nearly $2 billion last year in Canada alone from the combined effect of several weather catastrophes. “No single event caused the high amount paid out for losses,” the Insurance Bureau of Canada said Wednesday in a release.

News CatastrophesClimate ChangeInsurance

Number of homes uninsurable for flood risk growing: study

January 17, 2019 The Canadian Press

A coast-to-coast study finds Canadians aren’t keeping up with the need to protect their homes against catastrophic events made more common by climate change. The study from the University of Waterloo points out that insurance claims from weather-driven problems like