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…
P&C leaders fire back against no-fault portrayal
July 7, 2020 by Adam MalikBroker and insurer leaders in Alberta are speaking out against those who would paint the insurance industry as nefarious actors looking to line their pockets at the expense of auto policyholders. In particular, they dispute what they feel are negative…
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…
COVID-related fraud schemes that IBC has observed
June 2, 2020 by Greg MeckbachFour vehicles were reported stolen to separate insurers, from the same driveway, on the same night in Brampton, Ont. This is just one example of alleged fraud identified shortly after the onset of the COVID-19 pandemic, the Insurance Bureau of…
Where the federal government sits with its national flood insurance review
May 20, 2020 by Greg MeckbachSix years after the federal government promised to explore options for a national approach to home flood insurance, the feds are still thinking about it. About 13,000 were recently evacuated from Fort McMurray, Alta., because of flooding on the Athabasca…
Fort McMurray homeowners clean up as insurance questions linger after flooding
May 11, 2020 THE CANADIAN PRESSFORT MCMURRAY, Alta. – Cora Dion’s voice echoes as she films a video showing what’s left in the basement of her home in downtown Fort McMurray after several days of flood cleanup. The couch and chair are in the garbage.…
The impact of dire unemployment on P&C
April 15, 2020 by Adam MalikGeorge Hodgson was blunt in his observation of what would happen if fears of a 25% unemployment rate come true in his province. “It’ll be horrendous,” the CEO of the Insurance Brokers Association of Alberta told Canadian Underwriter of the…
How this city made basement flooding risk predictions more precise
October 17, 2019 by Greg MeckbachBrokers wanting to find out how likely their client’s basement will be flooded might want to ask whether the insurance companies are using data from the municipality in their flood maps. “A lot of residents have indicated concerns with purchasing…
Don’t count on Canada-wide, high-resolution flood modelling anytime soon
October 10, 2019 by Greg MeckbachFlood maps with a resolution of two metres would be ideal, but don’t expect anything like this Canada-wide anytime soon. The current standard for the spacing of a topographic grid for regional mapping and modelling is 30 metres, as the…
2018 ‘not a good year’ for Canadian P&C insurers: IBC
May 2, 2019 by Greg MeckbachWeak investment results and problems with auto insurance in most provinces were among the factors leading to a bad year for insurers in 2018, Insurance Bureau of Canada’s chairman suggests. “Last year was not a good year for the property…
What the industry paid out for severe weather in 2018
January 17, 2019 by Greg MeckbachThe 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.…