Four 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…
Six 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, 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.…
George 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…
Brokers 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…
Flood 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…
Weak 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…
The 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.…
When it comes to market conduct in the property and casualty industry, the regulations should recognize that brokers are independent, an Insurance Bureau of Canada spokesperson says. A guidance paper explaining regulators’ “overarching expectations” on market conduct for brokers, agents…
A small earthquake that struck Nova Scotia’s western shore Saturday has again highlighted the lack of uptake of earthquake coverage in Atlantic Canada. At about 10:30 a.m. on the morning of Sept. 29, a magnitude-3.1 quake struck off the coast…
Britain’s Flood Re program provides an “analogy for Canada” in insuring high-risk flood zones, while more research is needed to fully understand the economic impact of climate change, speakers suggested at Insurance Bureau of Canada’s recent Financial Affairs Symposium. Balz…
No country offering flood protection has got things “100% right,” but Insurance Bureau of Canada (IBC) will continue to refine its proposal for a national flood strategy that ensures all areas, even high-risk areas, are covered and that works for…