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…

Read More

Executives call for focus on flood insurance in Canada

Canadian insurers draw attention to issues concerning flood insurance coverage Insurance executives from 13 firms in Canada claim that access to comprehensive flood insurance protection in the country is inadequate. Executives recorded their opinions on the matter as part of a survey focused on the impact of devastating floods that recently struck Alberta and Toronto earlier this year. Flood disasters are becoming more common throughout Canada and executives believe that appropriate flood insurance coverage will not be available to consumers unless major action is taken on the matter. Alberta and…

Read More

Flash floods in Canada put pressure on insurance industry

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

Homeowners insurance claims to be revisited in wake of Calgary floods

Calgary alberta flood insurance

Homeowners insurance sector sees harsh criticism come from consumers Over the past week, floods have become a major issue for the city of Calgary in Alberta, Canada. The city has fallen victim to flash floods that were caused by heavy rainfall earlier in the week. Heavy rains caused the Bow and Elbow rivers to overflow, flooding nearby neighborhoods and causing mandatory evacuations in some parts of the city. These floods became even more problematic due to sewage backups that exasperated the issue. The disaster has put a great deal of…

Read More

Insurance industry feeling pressure of more frequent natural disasters

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

Canada introduces new insurance regulations framework

Toronto Ontario Canada Auto Insurance News

New framework will guide the development of insurance regulations Canada lawmakers have revealed a new framework that will dictate changes being made to the country’s insurance regulations. The initiative is part of a global financial services overhaul of which Canada is a significant part. The global endeavor aims to impose stricter capital and liquidity regulations on banks and will have an impact on the insurance industry as well. By announcing the new regulatory framework, Canada officials are offering insurance industry officials with the opportunity to provide insight that could shape…

Read More

Canada to make changes to unemployment insurance regulations

Unemployment insurance

Unemployment regulations targeted by Conservative government Employment insurance in Canada is undergoing some major changes. The government has announced changes to employment insurance regulations that are meant to address the high unemployment rates the country is facing currently. This unemployment rate is leading to a high payouts, which has put the government under a degree of financial stress. The government believes that these changes to insurance regulations will encourage the unemployed to accept lower-paying jobs or commute to more distant locations, which could get the unemployed back to work and…

Read More