Look back, but not too far: Why some perils need a new approach
June 14, 2021 by Jason ContantThe insurance industry needs to look at the “more recent past” and take a shorter-term view of catastrophic perils to see their effects going forward, Swiss Re told Canadian Underwriter recently. “When we’re looking at recent events, including the 2020…
How COVID-19 has affected repair of vehicles from hail
February 12, 2021 by Greg MeckbachThe COVID-19 pandemic has created some barriers to repairing vehicle and property damage – including a shortage of auto body parts, and a labour shortage impacted by Canada Emergency Response Benefit (CERB) recipients who are reluctant to return to work,…
The Alberta hail cat has not stopped biting
November 23, 2020 by Greg MeckbachInsurers are still receiving new claims from the June 2020 Alberta hail storm that is estimated to have cost the industry more than $1 billion. “We are actually still seeing some new losses reported from the June storm today,” said…
How much these four Alberta cats cost insurers in 2020
September 10, 2020 by Greg MeckbachFour Alberta catastrophes this year have cost insurers a grand total of about $2 billion, the Insurance Bureau of Canada confirmed this week. A hailstorm June 13, affecting mainly northeast Calgary, topped the list as it caused about $1.2 billion…
How many claims the Calgary hail storm caused
July 16, 2020 by Greg MeckbachThe industry is dealing with more than 70,000 claims arising from last month’s hail storm in Alberta, but it’s not clear yet how much of the bill will get picked up by reinsurers, the Insurance Bureau of Canada reports. The…
How ‘actual cash value’ could be affecting some Alberta hail victims
June 26, 2020 by Greg MeckbachIf some Alberta homeowners are only getting a small fraction of the cost to repair properties damaged in the recent hail storm, that could be the result of choosing a policy that only covers actual cash value, Insurance Bureau of…
Auto total loss claims escalate after Calgary hail storm: IBC
June 24, 2020 by Greg MeckbachThe industry is expecting well over 20,000 claims from the recent Alberta hail storm, and some vehicles were wrecked badly enough that they have to be written off, the Insurance Bureau of Canada reports. “We are hearing from several consumers…
How pandemic could complicate claims adjusting after Alberta hail storm
June 22, 2020 by Greg MeckbachThe COVID-19 pandemic could complicate the movement of adjusters if help is needed from south of the border to deal with the aftermath of the recent southern Alberta storm. “I think customers by and large are recognizing that it’s complicated…
Calgary hail damage ‘pretty startling’ to this adjuster
June 19, 2020 by Greg MeckbachIf you have clients in the Calgary area who suffered property damage in the June 13 hail storm, they could be waiting a while to get their properties repaired, an executive for one independent adjusting firm suggests. “There are tens…
Why the latest Calgary hail storm could cost $1 billion
June 15, 2020 by Greg MeckbachThe thunderstorm that hit Calgary this past Saturday evening could be more expensive to the industry than the 2014 Airdrie, Alta., hail storm that cost P&C insurers more than $500 million, an industry watcher suggests. Hail the size of tennis…
What underwriters can learn from Cloudy with a Chance of Meatballs
February 6, 2020 by Greg MeckbachHail is a major driver of insured property damage in Canada, but testing resilience of roofing material by dropping steel balls on it has limited value, a CatIQ Connect speaker suggested Wednesday. Roy Wright, president and CEO of the Insurance…