Five years after massive flooding caused more than $4 billion in uninsured losses in Alberta, more than a dozen insurers representing about three-fourths of Canada’s property insurance market are now covering overland flood. Sixteen insurers representing 77% of the market…
BRANDON, Man. – A blaze that Premier Brian Pallister called “massive” has burned through several buildings in downtown Brandon, Man., including one with dozens of apartments managed by community groups. “It’s just devastating. We’re thinking of all the families that…
Claims adjuster Crawford & Company (Canada) Inc. is anticipating “numerous water damage claims to homes, business and automobiles” as a result of the flooding in New Brunswick. Shelley Landry, director of operations of Crawford Canada’s Atlantic region, told Canadian Underwriter…
Insurance carriers could dramatically improve cycle time, profitability and improve customer service if they abandon misinformation about restorative drying. It has been nine years since one of the world’s leading restoration minds wrote the article “The three-day drying myth.” By…
The Co-operators announced Monday that homeowners in British Columbia and Nova Scotia can now be insured for storm surge damage, calling the coverage the first and only of its kind in Canada. Storm surges are waves caused by storms and…
The historic ice storm in Ontario and Quebec in mid-April could cost the insurance industry more than $150 million in damage claims, Verisk Analytics Inc.’s Property Claim Services unit reported Thursday. PCS’s preliminary estimate of a catastrophe event April 14-16…
Insurance professionals fresh to Canada’s property and casualty insurance market from Europe may notice how much of Canada’s commercial business is underwritten by Lloyd’s of London. “Lloyd’s (as a market) is again the largest commercial writer in Canada [in 2017],…
A windstorm in early April is estimated to have cost insurers more than $85 million, mostly from home insurance claims in Ontario, according to Catastrophe Indices and Quantification Inc. (CatIQ). The April 4-5 storm brought severe rain and freezing rain,…
Recent severe weather in Ontario, with six inches of ice pellets and winds exceeding gale force in some areas, will most likely be a CAT event, insurance companies report. But with rainfall warnings persisting Monday, one insurer reported more than…
Is smart automation a boon or bane?
Aon Benfield’s catastrophe model development team, Impact Forecasting, is estimating total economic and insured losses in the tens of millions (U.S. dollars) for the recent flooding in southern Ontario. Catastrophe Indices and Quantification Inc. (CatIQ) told Canadian Underwriter in late…
Allstate Insurance Company of Canada has launched a water protection package that “differentiates itself from others on the market” by offering service line coverage as well as sewer backup, overland water and sewer backup mitigation coverage. On Thursday, Allstate Canada…