Canada floods News

Floods Hit Canada’s Oil Sands Hub in Fort McMurray, Forcing Some Evacuations

Floods have forced mandatory evacuations in parts of Fort McMurray, the hub for Canada’s oil sands industry, even as the province of Alberta tries to stem the spread of the coronavirus. The Regional Municipality of Wood Buffalo, which includes Fort …

Canada Government Must Move Quickly to Map Flood Risks, Insurers Warn

Canada plans to focus its next budget on tackling climate change and its effects but the insurance industry, amid skyrocketing costs, is concerned the government will move too slowly on the key first step of mapping flood risks. Flood mapping …

The Co-Operators Offers Storm Surge Cover for Homeowners Across Canada

Montreal-based Co-operators is offering storm surge insurance for homeowners in Quebec and Manitoba, which completes the company’s product rollout to Canadian homeowners from coast to coast. Co-operators described its comprehensive water insurance as the only product of its kind in …

The Co-operators Offers Storm Surge Insurance to Homeowners in Atlantic Canada

The Co-operators Group Ltd. is offering storm surge insurance to homeowners in the provinces of Atlantic Canada: New Brunswick, Prince Edward Island, Nova Scotia, and Newfoundland and Labrador. Most recently released in Nova Scotia, The Co-operators Comprehensive Water insurance is …

PERILS Forms Alliance with CatIQ to Provide Industry Loss Data for Canada

PERILS, the independent Zurich-based organization that provides industry catastrophe insurance data, has announced that it has entered a strategic alliance with Toronto-based Catastrophe Indices & Quantification Inc. (CatIQ) to provide industry loss data for Canada via the PERILS Industry Loss …

Canada’s 2016 Nat Cats Bring Record Insured Damages of $3.7B

Insured damages from Canadian natural catastrophes during 2016 topped C$4.9 billion (US$3.7 billion) – smashing the previous annual record of C$3.2 billion (US$2.4 billion) set in 2013, according to the Insurance Bureau of Canada. “From the wildfires that swept through …

October Floods in Atlantic Canada Cost $100M-Plus in Insured Damage

A tropical moisture system resulting from Hurricane Matthew swept through Atlantic Canada last month, resulting in more than $100 million in insured damage, according to Insurance Bureau of Canada (IBC), which quoted a report from Catastrophe Indices and Quantification Inc. …

Canada ‘Needs to Do More’ to Mitigate Climate Disasters Such as Wildfires, Flood

The Canadian government needs to do more to mitigate climate disasters such as floods and wildfires, a top green watchdog said on Tuesday as the Alberta town of Fort McMurray struggled to recover from a huge inferno. Environment Commissioner Julie …

Aon Benfield Launches Canada Flood Model to Help Manage Exposures

Impact Forecasting, Aon Benfield’s catastrophe model development team, has developed a fully probabilistic flood model for Canada to help insurers and reinsurers better underwrite and manage their riverine and off-flood plain exposures. The model was developed in response to devastating …

Munich Re’s Review of 2013 Cat Losses Focuses on Weather-Related Events

In its annual review of loss events in the past year, Munich Re emphasized the “exceptionally high losses from weather-related catastrophes in Europe and Supertyphoon Haiyan,” which, the report said, “dominated the overall picture of natural catastrophes in 2013. “Floods …