Tag: canada insurance industry

Insurance industry in Canada facing increase in water damage claims

Julie Campbell
Canada flood insurance industry

A spokesperson from a nationwide group has released a statement on behalf of insurers to encourage people to do their part. The Insurance Bureau of Canada (IBC), an organization that represents the insurance industry in the country, has made a statement through its Atlantic vice president, Amanda Dean, to help to encourage policyholders to do their part to prevent water damage in an environment that appears to be facing a rapidly growing number of claims. Severe weather appears to be on the rise and natural disasters are becoming more common…

Read More

Insurance industry to study U.S. and Canada’s “new normal”

Julie Campbell
Insurance Industry Hail, tornado, wind research

New research has now been funded to help to quantify the risk associated with hail, tornadoes and wind. Verisk Analytics company, Atmospheric Environmental Research (AER), has announced that it has received funding from the insurance industry and financial sector companies for a new emerging risk program being run by its scientists, called Climate Change: Tornado and Hail, in order to help to quantify any shifts that have occurred in the severe thunderstorm hazard patterns in Canada and the United States. It is believed that the result will be a “new…

Read More

Flash floods in Canada put pressure on insurance industry

S.Vagus
Canada flood insurance industry

Insurance industry sees spat of floods in Canada Toronto, Canada’s largest city and the provincial capital of Ontario, has fallen victim to devastating flash floods that could have a prominent impact on the insurance industry. Catastrophe modeling firm AIR Worldwide has released a new report concerning the flash floods and the impact that have had on the city. The report notes that in a matter of hours, powerful storms produced more than 4 inches of rainfall on July 8th, leading to unexpected flooding in many parts of the city. Flood…

Read More

Insurance news from Canada shows Insurers among “best corporate citizens”

Julie Campbell
Insurance News - corporate citizens

Several companies were ranked among the leaders on a list of the top corporate citizens in the country. The official insurance news list of the fifty companies that made the 2013 Best Corporate Citizens in Canada has now been released by Corporate Knights magazine, which looks at a number of different factors as it establishes its ranks every year. This year, the ranks included a number of insurers for their high performances in the various areas. In order to make this insurance news 12 different sustainability metrics are scored on…

Read More

Insurance industry feeling pressure of more frequent natural disasters

Nordstrom
layoff employment Insurance Industry - Alberta, Canada

Severe natural disasters are causing problems for the insurance industry Severe natural disasters have been being reported in greater frequency around the world. Recent storms in the U.S. have put major strain on the insurance industry, but this is not a trend unique to the country. The Insurance Bureau of Canada has taken note of the increasing severity of weather-related disasters and has announced that it believes such disasters will become significantly more frequent in the coming years. Whether the insurance industry is capable of withstanding a high frequency of…

Read More