Two tornadoes in southern Alberta that damaged homes and vehicles in July have been declared catastrophes by Catastrophe Indices and Quantification Inc. (CatIQ), Insurance Bureau of Canada (IBC) confirmed to Canadian Underwriter Monday. The July 7 tornado near Bergen and…
Environment and Climate Change Canada says hail ranging from the size of a pea to a softball fell in central Alberta on Monday. Sara Hoffman, who is a meteorologist with the agency, says although the storm that passed through the…
Once confined mostly to “hail alley” regions such as south and central Alberta, Texas and Colorado, hailstorms are now doing damage across North America in plenty of regions considered low-risk, says a new white paper from RIMS, the risk management…
An intense storm that swept through parts of Regina and elsewhere in Saskatchewan last week has resulted in more than 7,200 claims to date, the province’s government auto insurer said Tuesday. The Aug. 31-Sept. 1 storm brought golf ball-sized hail…
The 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…
The 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,…
Insurers 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…
Four 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…
The 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…
If 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…
The 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…
The 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…