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Guess who’s in the flood prevention business now

May 30, 2019 by David Gambrill

We’ve seen forensic engineering firms apply remediation methods to commercial and residential properties that were affected by flood damage. But now, as flooding has become more severe, they are in the vanguard of building comprehensive and tailored flood prevention and

News InsuranceTechnology

Why it’s hard for insurers to price cyber risk

May 1, 2019 by Greg Meckbach

It’s hard for an insurance company to price cyber because clients are reluctant to report losses, industry experts suggest. “You need historical incidents to understand the types of events out there,” Scott Stransky, assistant vice president and principal scientist in

News CatastrophesConstructionInsurance

Is wind “the new water” for Canada’s insurers?

April 25, 2019 by Jason Contant

High winds contributed in part to most catastrophes in Canada over the past few decades, prompting the need for a new national standard on wind resilience, the Institute for Catastrophic Loss Reduction (ICLR) said Thursday. A report released by ICLR

News AdjustersCatastrophesClaimsInsurance

Uber-style platform for expediting appraisals now in Canada

April 16, 2019 by David Gambrill

An Uber-style platform to expedite home and auto claims appraisals has made its way into Canada. Offered by WeGoLook, the online and mobile sharing-economy platform provides personalized, onsite data capture for inspections and low-complexity services across the United States. Now

News CatastrophesClimate Change

How climate change affects Canada’s hurricane risk

March 21, 2019 Ryan P. Mulligan, Associate Professor in Civil Engineering, Queen's University - THE CANADIAN PRESS

This article was originally published on The Conversation, an independent and nonprofit source of news, analysis and commentary from academic experts. Disclosure information is available on the original site.     When tropical cyclone Idai made landfall near Beira, Mozambique

News AdjustersClaimsInsurance

Ontario’s latest wind storm: is it as costly as last year’s wind cat?

February 25, 2019 by Jason Contant

The strong wind storm that continues across parts of Ontario Monday is being compared to the costliest insured loss event of 2018. Beginning on Sunday, Feb. 24, a powerful, sustained wind storm caused blizzard conditions and damaging winds across Ontario.

News ClaimsInsuranceMarkets / CoveragesReinsurance

One solution for non-damage business interruption

February 21, 2019 by Jason Contant

Parametric insurance can help fill a gap in some policies by covering non-damage business interruption, a speaker said Tuesday at AXA XL’s Fast Forward LIVE event in downtown Toronto. Caused by a variety of factors, including severe weather conditions, non-damage

News InsuranceMarkets / Coverages

The impact of hardening Lloyd’s market on Fairfax

February 20, 2019 by Greg Meckbach

A tough Lloyd’s market and California’s worst-ever wildfire led to an underwriting loss for Brit Plc, which Toronto-based Fairfax Financial Holdings Ltd. acquired in 2015. Fairfax officials faced pointed questions during its recent earnings call from one analyst who suggested

News InsuranceRisk

Why your clients will buy insurance only after a disaster

February 12, 2019 by Jason Contant

Due to six decision biases, consumers will typically not protect themselves against low-probability, high-consequence events until it is too late, a keynote speaker said recently at the CatIQ Connect conference in Toronto. When consumers decide not to purchase insurance or

News Insurance

Why the global protection gap is the lowest it’s been in 14 years

January 22, 2019 by David Gambrill

Globally, the protection gap in 2018 shrunk to 60% – the lowest level it has been in 14 years, according to a new report on global catastrophes by Aon plc. Extreme weather drove the majority of the globe’s $225-billion worth

News InsuranceProducts

These two provinces now have storm surge and overland flood coverage

January 7, 2019 by Jason Contant

Homeowners in Quebec now have storm surge coverage available, while homeowners in Manitoba are covered for overland flood damage, The Co-operators said Monday. Storm surge, which includes rising water levels and waves caused by storms, presents a significant flood risk,

News CatastrophesRestoration

Recent storm ‘most damaging’ in BC Hydro history

January 2, 2019 THE CANADIAN PRESS

VANCOUVER – BC Hydro says December’s massive windstorm was the most damaging in its history and demonstrates improvements are needed in order to be ready for future outages. A report from the Crown corporation says the Dec. 20 storm was