How one brokerage helped out a competitor during ‘biblical’ flooding
May 23, 2018 by Jason ContantRecent flooding in Grand Forks, B.C. has not only brought a community together, it has brought two local competing brokerages together as well. Sam Cowan, vice president of sales and marketing with RHC Insurance Brokers Ltd., said that the brokerage’s…
Do sophisticated water models select against smaller insurers?
May 22, 2018 by Jason ContantThe sophistication of technology for rating overland flood could conceivably lead to smaller insurers ending up with a disproportionate share of flood risks on their books in the event of a cat, which could spell trouble for consumers. Insurance Brokers…
Feds heed industry’s call for investment in disaster mitigation
May 19, 2018 by Jason ContantThe federal government will invest $2 billion over 10 years in projects to help communities better withstand natural hazards such as floods, wildfires, seismic events and droughts. The Disaster Mitigation and Adaptation Fund (DMAF) will support large-scale infrastructure projects with…
The latest home insurance product for brokers to figure out
May 19, 2018 by Greg MeckbachWith equipment breakdown and other new coverages available from homeowners’ insurance carriers, brokers need to make sure their clients or prospective clients are aware of their options, a Regina-based broker warns. “There are so many new products” available in homeowner…
About 10,000 homes were in N.B. flood areas, but damage still unclear
May 19, 2018 The Canadian PressFREDERICTON – New Brunswick’s environment minister has given a new sense of scale to the province’s record-setting floods, saying as many as 10,000 homes and businesses were within flood zones. Andrew Harvey said Thursday that precise figures have yet to…
Province offers compensation for flood-damaged cottages
May 16, 2018 The Canadian PressFREDERICTON – The New Brunswick government will compensate cottage owners whose properties were damaged by record-breaking flooding, while also requiring residents to develop plans to mitigate against future floods. Environment and Local Government Minister Andrew Harvey announced the special, one-time…
Report to government suggests hot opportunity for brokers right now
May 14, 2018 by Jason ContantBrokers in British Columbia looking to place overland flood cover should review a recent study that found polled respondents did not have access to overland flood insurance, did not know about it, or found it unaffordable. Even more alarming, most…
What could cause more flood woes in B.C.
May 14, 2018 The Canadian PressVANCOUVER – Torrential rains that pushed southern British Columbia waterways to flood stage have eased, but officials warn a new threat of unseasonably warm weather could rapidly melt snowpacks, adding to already swollen rivers. David Campbell, head of the B.C.…
‘Many more significant losses’ due to climate change: Economical execs
May 11, 2018 by Greg MeckbachClimate change was top of mind Monday for executives at Economical Insurance, which was hit with 11 weather catastrophes in 2017. “Climate change has resulted in many more significant losses from water and wind events,” said Gerald Hooper, a former…
What claims Crawford expects to see from New Brunswick flooding
May 10, 2018 by Jason ContantClaims adjuster Crawford & Company (Canada) Inc. is anticipating “numerous water damage claims to homes, business and automobiles” as a result of the flooding in New Brunswick. Shelley Landry, director of operations of Crawford Canada’s Atlantic region, told Canadian Underwriter…
CatIQ releases updated toll of April ice storm damage
May 10, 2018 by Jason ContantThe mid-April ice storm in southern Ontario and Quebec cost insurers more than $190 million, Catastrophe Indices and Quantification (CatIQ) said Thursday. CatIQ has reported more than 15,000 insurance claims, including 1,800 car collisions, due to the storm. Strong winds,…
Ontario, Quebec wind storm to test industry capacity: Crawford
May 8, 2018 by Jason ContantThe wind storm that struck Ontario and Quebec on May 4 and 5 will significantly test the capacity of insurers, independent adjusters, call centres and restoration contractors, Crawford and Company (Canada) Inc. told Canadian Underwriter Monday. Generally speaking, wind claims…