Canadian flooding may leave homeowners paying out of pocket

canadian flooding overland insurance

Heavy rains soaked huge portions of Ontario and Quebec as well as British Columbia and New Brunswick. The Canadian flooding from last week’s record level rains caused water levels to rapidly rise and enter thousands of homes. The lack of flood insurance among homeowners now means that many Canadians will be paying for cleanup and repairs out of their own pockets. Residential flood insurance only recently became available to homeowners in the country. Only between 10 and 15 percent of insured homeowners have overland flood insurance, says Insurance Bureau of…

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Genetic testing practices to change among life insurance companies

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Insurers in Canada have stated that consumers will no longer be required to disclose their data when buying coverage. New genetic testing practices are on their way to life insurance companies in Canada. Canadians applying for new coverage had previously been required to disclose the results of any DNA tests they’d had. That regulation for consumers will be changing as of 2018 when buying policies for under $250,000. The Canadian Life and Health Insurance Association (CLHIA) stated that the change will apply to most individual policies sold to consumers every…

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Natural disaster damage is causing the insurance industry to struggle

Natural Disaster damage insurance trends

Insurers are facing growing challenges with the cost of environmental catastrophes from fire to flooding. A new statement from the Insurance Bureau of Canada has underscored the challenges caused by natural disaster damage to insurers. The insurance companies in Canada are struggling with a rising number of environmental catastrophes. The statement pointed out that the most at-risk property owners will likely find themselves paying more for coverage. This situation is hardly one that is exclusive to the country as insurance companies worldwide face costly challenges. The Insurance Bureau of Canada’s…

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Canadians wrongly feel they have flood insurance with their homeowners policies

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A recent study has found that 65 percent of people in that country believe they have protection they don’t. A recent survey conducted by Square One has determined that among the 1,500 Canadian participants, 65 percent erroneously believed that they had flood insurance included within their homeowners policies. This misconception about the coverage was more common in some provinces than it was in others. For instance, homeowners insurance customers living in Manitoba were the most likely to think they were protected against overland flooding. Equally, those in Saskatchewan were the…

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Life insurance won’t be impacted by doctor-assisted suicide ruling

life insurance industry canada

An industry association has said that the Canadian court decision won’t have a significant affect. An insurance industry association has released a statement with regards to the potential affect on life insurance of the very recent ruling by the Supreme Court of Canada that has overturned the previous ban that had prohibited doctor-assisted suicide. The association said that the impact that will occur on that industry will not be a significant one. The ruling from the top Canadian court was made on Friday, in a unanimous decision to strike down…

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Insurance industry in Canada sends warning to Uber

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The ride share program is entering into more cities, but standard auto coverage may not be enough. The top regulator in the Canadian insurance industry has now issued a warning to the popular ride share program, Uber, to warn the company, its drivers, and its customers that personal auto insurance will not be adequate for their purposes. The Insurance Bureau of Canada (IBC) has cautioned that personal auto won’t provide the needed coverage. The warning from this national insurance industry association has said that if an Uber driver is involved…

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Insurance industry steps into the Canada Pension Plan

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The Investment Board for that country’s largest pension fund manager has now made an important purchase. The recent news has now been announced, stating that the Canada Pension Plan Investment Board has agreed to make a $1.8 billion acquisition of Wilton Re Holdings Ltd. in order to take the largest pension fund manager in the nation into the life insurance industry. This reinsurer is being purchased by investors and represents the first foray of Canada Pension into this sector. Among the investors taking part in this acquisition in the insurance…

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