Canadian floods News

Severe Weather in Canada Cost Insurers C$1.9 Billion in 2018: IBC

Insured damage from severe weather events across Canada reached C$1.9 billion (US$1.4 billion) in 2018, according to the Insurance Bureau of Canada (IBC), quoting statistics from Catastrophe Indices and Quantification Inc. Severe weather across Canada continues to highlight the financial …

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 …

June Storms in Canada Cost Insurers More Than C$34 Million

The storms that hit Saskatchewan, Manitoba and Ontario in Canada on June 24 and 25 caused more than C$34 million ($25.9 million) in insured damage, according to estimates from Catastrophe Indices and Quantification Inc. (CatIQ).* Wind, flash floods and hail …

Costly Alberta Wildfires to Hit Q2 Results; Insurers Are Resilient: Ratings Reports

While the wildfires raging through northern Alberta and the city of Fort McMurray could bring one of the largest catastrophe losses in Canadian history, property insurers are resilient, according to A.M. Best and Moody’s in separate reports. The fire has …

Alberta Wildfire Insured Losses Could Total $7.3B, Covering Area Bigger Than NYC

The wildfires ravaging Canada’s oil hub in northern Alberta have rapidly spread to an area bigger than New York city, prompting the air lift of more than 8,000 evacuees as firefighters seek to salvage critical infrastructure. The inferno around Fort …

Alberta Wildfire Could Become Canada’s Costliest Natural Catastrophe

A wildfire in the Alberta city of Fort McMurray is set to become the costliest ever Canadian natural disaster for insurers, with 1,600 buildings destroyed and another 19,000 under threat, analysts and industry sources say. The bill for insurers is …

Canadian Farm Flooding Seen Increasing Claims for Crop Insurance

Saskatchewan, Canada’s biggest producer of wheat and canola, expects insurance payouts on crops to increase after floods wiped out acreage. “It’s a very large area that’s impacted, so we expect to get a number of claims,” said Shawn Jaques, the …

Global 2013 Cat Losses at $40 Billion Were ‘Below Average’ – Guy Carpenter

Guy Carpenter & Company, LLC, the leading global risk and reinsurance specialist and member of Marsh & McLennan Companies, 2013 Catastrophe Review concludes that “natural catastrophes and man-made disasters in 2013 resulted in insured losses of approximately $40 billion. Following …

Swiss Re Reports 2013 Disaster Losses at $130 Billion; $44 Billion Insured

According to preliminary estimates from Swiss Re’s latest sigma report, insured losses from natural catastrophes and man-made disasters in 2013 are estimated to be around $44 billion, down from $81 billion in 2012. Insured losses from natural catastrophes are at …