Canadian insurance industry is calling for a national flood insurance program

Homeowners flood Insurance

Insurers are warning of the disastrous impact of climate change and flooding The Canadian insurance industry is beginning to express serious concerns about climate change. Severe flooding struck Alberta in 2013, causing massive damage in many populated parts of the province. These floods were unusual for the time of year in which they occurred. The Alberta government has identified the floods as the worst natural disaster to befall the province, causing some $1.7 billion in financial damage. Insurers are warning that floods, as well as other natural disasters, will become…

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Homeowners insurance customers in Quebec lack an understanding of their coverage

Quebec homeowners insurance

This virtually universal problem was just demonstrated in a survey specific to that Canadian province. The results of a survey conducted by the Insurance Bureau of Canada (IBC) has shown that a strikingly large number of homeowners insurance policyholders in the province of Quebec do not have a solid understanding of the ways in which their homes and properties are protected. About half of the people surveyed erroneously felt that they had coverage against an overflowing body of water. As one in every two people in Quebec feel that their…

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Homeowners insurance rates likely to spike in Alberta

homeowners insurance rates

Alberta floods cause spike in insurance rates Homeowners in Alberta, Canada, are preparing to see higher insurance rates as insurers begin to feel the financial impact caused by recent floods. The Insurance Bureau of Canada notes that insurers have been weighing the impact of floods that struck Alberta in June of this year and many have found the need to raise rates in order to mitigate the financial blow of the disaster. Those that had fallen victim to flooding will likely see their homeowners insurance rates spike in the coming…

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Homeowners insurance rates skyrocketing following massive flooding

layoff employment Insurance Industry - Alberta, Canada

The June floods in Alberta are not only causing record level costs, but also spikes in premiums. Now that the flooding in Alberta has been labeled as the most costly natural disaster that Canada has ever faced, it has become clear that this massive expense will be reflected in future homeowners insurance rates. The damage is estimated to have reached $1.7 billion, so far, and claims continue to pour in. Regardless of whether or not they live in a flood zone, many property owners have already seen their homeowners insurance…

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Homeowners insurance claims in Canada primarily weather related

water damage insurance news

Board officials considering industry wide changes in that country. According to the Insurance Board of Canada, recent extreme weather events have caused damage leading to millions of dollars in auto and homeowners insurance claims this summer, alone. An industry analyst pointed out that this is a significant change in the insurance market. According to industry relations analyst Pete Karageorgos from the board, the most common homeowners insurance claims used to be related to fire and theft. He explained that “The majority of events back then were fires and theft and…

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